The High Court today dismissed an application from Scan Associates Bhd ( Financial Dashboard) for an injunction to restrain market regulator Bursa Malaysia from classifying Scan Associates under the GN3 status.
Presiding judge Abu Bakar Jais delivered the judgement in chambers.
Scan Associates executive director Mak Siew Wei said the company's board of directors will discuss whether to appeal the High Court's decision.
"On our part, the company will consider to appeal against the (High Court's) decision in the interests of our shareholders," he told The Edge Financial Daily outside the court after the decision was delivered.
Under the listing rules, the criteria that triggers GN3 is that the shareholders’ equity of the listed company is 25% or less of the issued and paid-up capital of the listed corporation.
Mak had previously said that Scan Associates’ balance sheet as at Dec 31 last year showed that its shareholders’ fund of RM6.24 million was more than one quarter of its paid-up capital of RM20 million.
Also, the company recently changed its financial year-end to June 30, 2015, from Dec 31, 2015.
Haha ! Actually in share market win or lose is normal , but horrible things is the director mr Mak dare to talk lie in the special interview of the edge reporter ! Actually u all can sue him .
tomorrow will surely be a panicky day, but this time Director if has faith will support price and buy cheap, if no faith will surely throw and run. If Bursa not satisfied this company can be de listed .
Also remember this company shares is 200 Million so if drop to 2 cents the company worth 4 Million RM, if drop to 3 cents company worth 6 Million. Current Shareholder capital is 6.24 Million so 3 cents should be supported but market emotion is impossible to predict tomorrow might have panic throw might also have support at 4-4.5 cents.
No issues divine. Today its all about risk management and how the market reacts. I expect some serious swings up and down, but critical to observe is the new support levels and how SCN reacts and the plan they come up with.
With reference to the Company’s announcement dated 11.5.2015. The Company wishes to announce that the High Court has dismissed the Company’s application for an interlocutory injunction with costs in the cause.
Bad if you bought above 7 cents, Average if you bought above 5 cents. All now depends on the restructure plan, if not acceptable then can de list as well. But I don't think this will happen as the directors reputation at stake and some of the share holders are not small boys in the industry so wait and see and if above 7 cents buy pray also
Surely Calvin Tan research didn't recommend this stock? hahaha if you can take any money out of this stock, you had better do so now. Looks like its going to fold.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
darkxfs
2,121 posts
Posted by darkxfs > 2015-05-13 10:20 | Report Abuse
they trying to sell at 0.050