Not bankrupt but probably cash raising exercise due to high current ratio and that is was adversely impacted by Covid-19. Share price will dip due to this.
I agree as shareholder of TAE it makes sense to buy TAGB as it is such a steal at 28cts per share vs the RNAV of between 110cts to 117cts.
You can’t lose at that bargain price Covid or non Covid as markets will recover eventually as can be seen right now as countries are opening up and the TAE Group has more than RM1bn cash to weather this through.
However even that there is deep values in both TAE and TAGB Tony Tiah does not have a good reputation in treating minority shareholders so it is best to get out as he will continue to try to squeeze them.
This is very sad and perhaps the MSWG should look into and attend the EGM of TAE to speak out on their behalf.
Hotel is a long term bizness and no doubt will face better times. As minority shareholder shall we hold it for long term knowing that Tony Tiah doesn’t treat us with respect. As a seasoned broker her can always manipulate the price downwards unlike Robert Kuok where Shangri la Asia is traded highly. He is always trying to squeeze us and even don’t want to pay any dividends for last year. After holding TAGB shares for nearly 10 years I am fed up as he TT is a leapard that won’t change his stripes. When he tried to take over TAE he triggered a GO also for TAG but that time 2 years ago price was 31ct. He doesn’t even have decency to offer 31ct but knock down by 10%!
Don’t trust him that over next 10 years things will change.
TA Hotel Management Ltd Partnership (TAHMLP), a unit of Malaysia-based TA Global Bhd, said the temporary closure since March due to COVID-19 impacted the hotel's business
VANCOUVER: A unit of Malaysian based TA Global Bhd that operates the Trump International Hotel in Vancouver said on Friday it has filed for bankruptcy, blaming the coronavirus pandemic for lost revenue and financial hardship.
TA Hotel Management Ltd Partnership (TAHMLP), a unit of Malaysia-based TA Global Bhd, said the temporary closure since March due to COVID-19 impacted the hotel's business.
Vancouver-based developer Holborn Group, which owns the tower, licensed the Trump name for the project under a 2013 agreement. The 69-story luxury hotel in downtown Vancouver opened in 2017 amid protests against U.S. President Donald Trump.
"Its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed TAHMLP into a position of insolvency," a statement on the company website said.
Documents filed in Canada on Thursday showed that TA Hotel Management Ltd Partnership owes C$4.79 million ($3.66 million) and has total assets of C$1.1 million. TA Hotel Management leased the hotel premises and operated it, according to the statement.
In 2019, the hotel's revenue dropped 4% due to a decline in food and beverage sales, according to TA Hotel Management's annual report.
TA Global Bhd and Holborn Group did not respond to requests for comment.
Grant Thornton Ltd has been appointed as the trustee. A meeting of creditors will take place on Sept. 16.
The Trump International Hotel in Vancouver is closing due to the operator filing for bankruptcy, only three years after the establishment opened amid widespread opposition.
The operator TA Hotel Management Ltd. Partnership filed for bankruptcy late last week, owing $4.79 million and holding total assets of $1.1 million, according to records from the Office of the Superintendent of Bankruptcy Canada.
“Its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed TAHMLP into a position of insolvency,” the operator said in its website, as quoted by Reuters.
The 69-storey hotel was initially shut down on April 4 due to the COVID-19 pandemic, but staff said that the business is no longer accepting bookings due to permanent closure.
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....
mbge7clt
755 posts
Posted by mbge7clt > 2020-06-02 12:57 | Report Abuse
offeror wants to pull back his offer. so cunning.