Wait for January 2020

There is no 90m
Will be min 500m or 733m or reinstatement of contract with reduced value

Finally someone sees the announcement has very good news but i think only will react after a few days cos no one knows how bursa will react

If this was US Markets...........they will be sued, here Bolehland semua boleh

next 2 days will be crucial on what bursa's action will be
see whether people in bursa understands the announcements of the Company's Auditor

https://www.theedgemarkets.com/article/prestariang-drops-62-auditor-highlights-material-uncertainty

Now this article is creating false news

Independent auditor says material uncertainty & going concern issues but the company auditor says otherwise
Bursa will take the view of the company’s auditor as the independent auditor view is old news.

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=98699&name=EA_GA_ATTACHMENTS

If the company has a going concern issue, then PN17 is a certainty plus the share price will limit down.
This did not happen........WHY?????

No bad news was created by anybody

Its just that people cannot read & understand the bursa announcement especially the auditors statement that they have not given an adverse audit statement on the going concern issue ie they have agreed with the management's view.

Abu will wait for reinstatement of the SKIN project if it happens then sue the gomen for contract manipulation to get back what he lost. Its fair

There will be panic selling

Pls read the bursa announcement a few times

Our opinion is not modified in respect of this matter.

This is what that matters

As at the end of the reporting period and as at the date these financial statements were
authorised for issue, the directors believe that there is no material uncertainty exists over
the ability of the Group and the Company to continue on a going concern basis.
Accordingly, the financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or to the amounts and
classification of liabilities that may be necessary if the Group and the Company are unable
to continue as a going concern.
Our opinion is not modified in respect of this matter.

The wordings & English used in the bursa announcement is too good for the ordinary layman to understand. Don’t read the newspapers story but read the bursa announcement.
I read it many times to get the actual meaning.

In short the special auditor when he carried out the audit some months ago said presbhd is having some going concern issues due to cancellation of the Skin project & advancements of cash by a director .

The company’s auditors when carrying out the year end audit noted the issues & did extensive work, they mentioned the court case win & noted the management efforts. They said their view has not change even after the special audit & the company is a going concern & all is well.

So read it carefully

After doing extensive research, Presbhd will get the full RM733m compensation as the gomen case is so weak & practically no leg to stand.
Worst case is contract reinstatement at RM 3b
It's a win win situation. Insiders collecting for big run

Abu......can sue the gomen for share mkt manipulation by cancelling the contract thereby he lost everything. If the contract gets reinstated he got a good case. The company can as a gesture of goodwill allocate 10-30% of the share capital as esos if he can turn round the company

The longer it stays above 0.50 , the next upleg will come.
Just stay focused on the issues on hand
1. COMPENSATION RM733m
2. REINSTATEMENT OF CONTRACT with reduced value. Possibly RN2.5b or RM3b
Rumours will surface soon.
Stay tuned

Stupid Star newspaper did not correct the mistake

The Edge reported RM 541m

Stupid Star Newspaper incorrectly stated RM131m instead of USD$131m
They cannot check facts & want to depress the upside

First USD $131,000,000 million that means usd trillions
Then change to RM 131m
Finally the actual contract value USD$131m
Thank god they corrected it in time

Probably bursa made history

Guys it's final
It's USD 131 million translated to RM 550 million
Bursa made 2 mistakes

All the while there was speculation that Presbhd may get nothing, now the court told gomen no need to talk about contract, just settle compensation by mutual consent as the terms are laid out in the contract. The terms already worked out by presbhd as RM 733m . If gomen cannot settle then by July court will convene & 100% will follow the terms as per contract cos both has mutually agreed.

So gomen pay up 733m, beg for reduce amount, reinstate contract &/or try to reduce contract sum. They cancelled contract without thinking about repercussions. Presbhd already spend RM250m so minimum they will accept is RM500m cos the boss said shareholders have lost a lot of money & they have a fiduciary duty to fight.

Institutions own about 70% of this company & they are trading to recoup their investments. I believe they would have done their math & will average to reduce their cost. Don't be surprised if it limit up soon on speculation that the contract will be reinstated . Gomen will not pay compensation & lose face. They will reduce contract sum& call it a win. That's politics.
Insiders will accumulate with huge volumes soon. Stupid institutions will sell for insiders to make.

Wait & see soon

This is now a game changer
Next week onwards......many research houses will have a re-look & place bets on which way the gomen will decide. Stupidity or hero you decide

RM 733m is the contractual compensation sum
If gomen gets it reduced to RM500m, it will still translate to a bonus of RM 1.00 per share.
So if gomen smart, continue the project & reduce the price by 30%
If not smart just pay the compensation for its stupidity in the first place.
So my bet is they will continue the project with Presbhd & cut the contract sum so it will reflect that gomen did a good job.
Gomen waited for the outcome of the court case & the court decided wisely
If gomen don't settle then 100% the court will rule for RM 733m compensation as that follows the contract agreement so I rest my case
Target price min RM 1.50

It’s time

Haha

If u have this share u must be on top of the news flow. A few days ago there was off market transaction of 27m n later Amanah made the Bursa Announcement. This means Amanah did not sell it at open mkt. Hence open mkt volume on 27m not affected. This huge volume is done by big players excluding the top shareholders (5% or more) who have to disclose their trades.

Read Petronas news today on rig utilisation & demand. Velesto eventually have to move cos future quarterly results will be better based on their rig utilisations, higher charter rates, Petronas absorption of mobilisation & demobilisation costs, other equipment demand, wellhead decommissioning jobs etc.

That's why my target price is between 35-45 Sen by end Feb 2020 as next two quarterly results will be known provided oil and/or US markets don't crash.

Please keep abreast of latest news

Velesto sure move cos more well drillings to come fast
35-45 cents by end Feb 2020, next 2 qtrs profits will be between 20 to 40 m per qtr
Those can't wait pls sell tomorrow & go invest in FD.
No need to cry everyday why cannot move,
Time period is until end Feb 2020 . If cannot go there means world or oil markets have crashed.

Next week sure move up few cents.
Oil stocks to run

11.6m profit
Next qtr much better

today sure out
unlikely to be bad
still +/- 20m

It’s a greater fool theory
That’s the stock market
Some make some lose
But contract s & forward business profitability counts most
Short term players always there

More than 1B

10-30% return coming within 3-6 months.
If u need to ask why........ u should not be in this stock

Big ECRL contract coming

U can see all the off mkt trades on your trading platform everyday
Last few days for velesto it was shown. Hence u need to check everyday if there are any such trade for the shares that u own or for any share
Do yourself a favour, just ask your remisier if what I say is correct or not

Aiyoh........all the fund selling is via off mkt........u guys don't investigate one ah
Unnecessarily worry & come to wrong conclusion

u tolong gua, gua tolong u

Without drilling oil petronas wont get to sell oil in USD
Obviously foreign exchange will come in.
Velesto supplies the oi rigs
Common sense

Plenty of jobs to go around. Velesto will get more jobs soon

Based on stock pattern, it should move very soon

No one knows how low it will go.
Chart is only a guide. It's a money game now.
My take is buy on breakdown & sell on breakout.
From 1.20-60 Sen , my view is breakdown so most people won't buy.
They only will buy when breakout hence if they make, it will be small.
Most will lose & cry here by shouting like experts. It's human psychological behaviour.

Stay out of the mkt if u can’t take the heat. Don’t simply comment like God

Don’t fxckg buy

All full of shit

Then 5 then zero

Should touch 10 sen

Buy low
Sell when running up