Posted by freeman > 2019-11-01 10:18 | Report Abuse

what i understand from what is going on

1. auditor has issued a modified opinion with regard to going concern of the "GROUP". scomies is part of the GROUP. as we all know SCOMI GROUP (SGB) is having financial problem regarding bond settlement due on 14 December 2019. Since SGB own more than 50% of SCOMIES share, & the sahre was held as collateral. this will directly affect Scomies going concern status. it could be scomies will be taken over by creditor or SGB will find a JV partner to liquidate some its share in scomies, could Petronas or whatever. or SGB could negotiate for a new financing with bank.

2. the auditor had opinion that financial statement of SCOMIES give a "true & Fair" view (unqualified = tanpa syarat).

3. Scomies financial status is OK, SGB is the one not so OK.

4. let say scomies was taken over by PETRONAS, PNB or otherss.. that will be very good for scomies share price


Dont panic

Posted by T800Terminator > 2019-11-01 10:22 | Report Abuse

Tempting at 0.035 only

Posted by freeman > 2019-11-01 10:23 | Report Abuse

management recent effort to do CR and CS is a sign that they want to make scomies prospect look good and attractive for potential investor... new investor coming in will give good potential for scomies..

harga murah sapu.. beli masa org takut.. jual masa org excited

Posted by cumcumshot > 2019-11-01 10:28 | Report Abuse

3.5c could be very2 hard, quite impossible to me. In the late 2018, nobody knew what could have happened to the OG sector, many were at their lows then. Now white knight has appeared for the Scomi Group, I believe they have done the study. You look at the panic vol for Scomies at the opening, after 1 hr basically panic selling has subsided. Those kena chop have been chopped, another few more days weak holders will be chopped also. The price should remain at least 5c & above.

Posted by freeman > 2019-11-01 10:29 | Report Abuse

price move up or down not solely depend on Calvin recommendation.. dont be so naive
i myself has some at .009 .. suppose to let go yesterday but cancel at last minute.. had some q at .085.. unlucky i m not aware of the announcement.. and end up with historical price at .085 and 0.09..
bought some at 0.07 this morning.. hope could do some averaging

Posted by freeman > 2019-11-01 10:35 | Report Abuse

last time some one call me joker just because my view go againts calvin recommendation... it is funny now

Posted by freeman > 2019-11-01 10:55 | Report Abuse

problem mother share price is at 0.07
potential like scomies also at same price 0.07?
kemon..
now i recommend buy call.. not like calvin buy call recommend like hell at 0.12

kemon mukhriz... 0.085 letgo.. .07 x mau ka

Posted by KAQ4468 > 2019-11-01 11:11 | Report Abuse

gosh ....from 0.12 become 0.065

promoter @ 0.12 mana ???

Posted by KAQ4468 > 2019-11-01 11:12 | Report Abuse

if kira from 0.12 ....wowwwwww ... almost 50% loss

Posted by KAQ4468 > 2019-11-01 11:13 | Report Abuse

research house apa kejadah ni .... terus terjun longkang

Posted by KAQ4468 > 2019-11-01 11:23 | Report Abuse

hang main counter ni ka mukhriz ??

Posted by KAQ4468 > 2019-11-01 11:23 | Report Abuse

siapa tokey jaga reban ni woiii ?

Posted by samyew1234 > 2019-11-01 11:26 | Report Abuse

mati lo, where is calvin?

Posted by Wallabie > 2019-11-01 12:34 | Report Abuse

next week should touch bottom.. look at london biscuits :((((((

Posted by tumbler > 2019-11-01 12:54 | Report Abuse

Dont blame calvin lah , u all need to study the company financial punya , not to say calvin ask u to jump KLCC u also jump mah.

Posted by calvintaneng > 2019-11-01 13:56 | Report Abuse

Scomies fundamental far better than London biscuit

Scomies Ceo still holding Scomies at 10.5 sen

Posted by calvintaneng > 2019-11-01 13:57 | Report Abuse

Scomies is backed by net net assets of value

Can sell to settle all debt yet in the black

Now can buy in fear

Posted by lam > 2019-11-01 14:02 | Report Abuse

SCOMI ENERGY SERVICES BHD ("SESB" OR "THE COMPANY")
- SESB TRIGGERS PARAGRAPH 2.1(E) OF THE PRACTICE NOTE 17 ("PN17") OF THE MAIN MARKET LISTING REQUIREMENTS ("LISTING REQUIREMENTS") OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES")
Pursuant to Paragraph 8.04 and Paragraph 2.1(e) of the PN17 of the Listing Requirements of Bursa Securities, the Board of Directors of SESB wishes to announce that the Company has triggered Paragraph 2.1(e) of PN17 of Listing Requirements.

The external auditors of the Company, Messrs KPMG PLT, have expressed material uncertainty related to the going concern of SESB in the audited financial statements for the financial year ended 30 June 2019 of SESB and the shareholders’ equity of SESB on a consolidated basis is 50% or less of its issued share capital calculated based on the audited financial results of SESB as at 30 June 2019.

We wish to inform that the Company will submit an application for a waiver from being classified as an affected listed issuer to Bursa Securities.

We will make the necessary announcement on further development in accordance with the requirements under the Listing Requirements.

The announcement is dated 31 October 2019.

Posted by T800Terminator > 2019-11-01 14:08 | Report Abuse

GAme over la. Wait for 0.035

Posted by andychay6124 > 2019-11-01 14:17 | Report Abuse

I think 7 sen is good entry point. Just buy little bit little bit. If down buy again. Cannot all in

Posted by calvintaneng > 2019-11-01 14:34 | Report Abuse

Yes should submit for waiver as scomies still got rm50 millions cash from scomi as well as oil tools assets worth over Rm300 millions to Rm500 millions

Just get Petchem to pump in 50/50 for Scomi oil tool as they already in 2 jv contract already

Problem is no big deal as this cash flow problem is nothing compared to perdana which also solved by capital exercise

Posted by jeffngws > 2019-11-01 14:40 | Report Abuse

Last paragraph of announcement please refer to iv,

In relation to the above, the Company wishes to update as follows:
i. The Independent Auditors have expressed an unqualified opinion on the Financial
Statements and their opinion is not modified in respect of the Statement on that matter.
ii. The Company has secured a conditional letter of offer for a bridging facility to meet the
shortfall for the repayment of the guaranteed serial bond due on 14 December 2019.
iii. The Company is in discussion with its financial advisors to implement a holistic
refinancing plan including raising new working capital for the Company’s immediate and
future financing requirements. As part of its plan, the Company has also announced a
capital reduction and share consolidation exercise to rationalize the financial position of
the Company by reducing its accumulated losses and the number of shares issued.



iv. With the realization of the above, the Group will be in a stronger financial position to
participate in the improving oil and gas prospects globally pursuant to which the Group’s
financial position is expected to improve and address the going concern issue.


The Company will continue to make the necessary announcements on further developments in
accordance with the requirements under the Listing Requirements.
This announcement is dated 31 October 2019.


I believe Scomies management will work very hard to solve this issue

Posted by KAQ4468 > 2019-11-01 14:45 | Report Abuse

gosh ....from 0.12 become 0.065

promoter @ 0.12 mana ???

from 0.12 ....wowwwwww ... almost 50% loss


research house apa kejadah ni .... terus terjun longkang

Posted by wellness > 2019-11-01 15:04 | Report Abuse

Now is sale time and can accumulate more now before rebound once the cash position sorted out internally

Posted by luckyman > 2019-11-01 15:08 | Report Abuse

The company had RM68 mil as of 30/6/19 based on its quarterly report. Its cash flow position may not be as bad as it's being perceived now. The share price may rebound sharply once there is more clarity on how its bonds can be repaid.

Posted by Will76 > 2019-11-01 15:30 | Report Abuse

Calvintaneng, kindly show us the "screen shot" of how many million shares of Scomies that you buy today considering your overwhelming confidence in Scomies.

I am sure today 0.07 is very good opportunity for you to buy.

That will be more convincing in your promoting job

Posted by freeman > 2019-11-01 15:39 | Report Abuse

indeed this is the last sale
for those who not take this opportunity will regret later on
because the threat of pn17 is not because of scomies bad financial position.. scomies is fundamentally strong as before

please understand of what is pn17 triggered by para 2.1 (e)
this is not about default of payment, not about going to be bankrupt

i post it here of what it is

(e) ​the auditors have expressed an emphasis of matter on the listed issuer's ability to continue as a going concern in the listed issuer's latest audited financial statements and the shareholders' equity of the listed issuer on a consolidated basis is 50% or less of the issued and paid-up capital (excluding treasury shares) of the listed issuer; or FAQ 8.18, FAQ 8.20

it just a matter of auditor opinion with regard to unclear direction of the company


http://customer.bursamalaysia.com:8080/MainLR/Pages/MainPracticeNote17.aspx

Posted by calvintaneng > 2019-11-01 15:39 | Report Abuse

Will76

You can come to jb and whataspp me at 0146101668 to know more about scomies

Posted by calvintaneng > 2019-11-01 15:59 | Report Abuse

Freeman correct

Nothing wrong with scomies

It is fundamentally sound

Posted by freeman > 2019-11-01 16:07 | Report Abuse

after announcement
scomi counter was halt at the early trade session. when open the effect is only down 0.005
scomies counter was not halted by bursa... because the announcement was not directly related to scomies.. when open the effect is down 0.02 , more severe

when people realize and wake up from panic.. the price will rebound

Posted by simon > 2019-11-01 16:18 | Report Abuse

that mean shareholders equity more than share paid up capital there is no issue ?

Posted by ikenduit > 2019-11-01 16:26 | Report Abuse

slowly rebound. buy when people fear

Posted by ikenduit > 2019-11-01 16:31 | Report Abuse

i will sell my house, dog and cats to sialang this counter. huat arrr..

Posted by freeman > 2019-11-01 17:36 | Report Abuse

simon , i think that will relate with proposed Capital Reduction ( when they will reduce shareholder equity to set off with retained loss). not on current financial status

Posted by freeman > 2019-11-01 17:39 | Report Abuse

or on consolidated basis as a GROUP with SGB..
maybe somebody can clarify

Posted by rsim03 > 2019-11-01 19:35 | Report Abuse

So sorry la you calvin tan...never follow your promotion next time....hongah

Posted by calvintaneng > 2019-11-01 21:39 | Report Abuse

Rsim03

I see you also in pantech forum praising pantech which Calvin also promoted

OK I have been posting buy and sell calls for 6 years already.

So I can understand your temperament at this moment

I remember promoting Karambunai at 6 sen 3 years ago.

There were strangers who bought and later regretted following my buy call for kbunai at 6 sen because kbunai dropped half sen to 5.5 sen

They cry father cry mother just because kbunai dropped half sen?

As if the end of the world for them?

Today kbunai is being taken private at 11 sen for a chun chun 100% upside from 5.5 sen or 33% profit for each of the three years they could have waited.

So I say again as I say before

THE net net value of scomies is more than its liabilities

Scomies is not utusan, London biscuit or barakah

Scomies will emerge stronger and prevail

Posted by Macrullen > 2019-11-01 23:03 | Report Abuse

Seriously Calvin, are u really that confident about scomies? Speak truth truth 1, don’t con me. Bcoz I have ady bought 2mil units, now thinking average down with 2mils. It’s huge amounts.

Posted by Shootup > 2019-11-02 09:24 | Report Abuse

calvintaneng Scomies fundamental far better than London biscuit

haha start comparing scomies with london biscuit

Posted by calvintaneng > 2019-11-02 11:45 | Report Abuse

Scomies facing rm30 millions from bond payment. But scomies has rm50 millions lent to scomi mother. So there is margin of safety

Another margin of safety is in scomies oil tool assets worth Rm300 millions to Rm500 millions

Scomies could do these things

1. Get loan for Scomies oil tools business and use that as bank collateral

2. Get interested party to take 50% stake which will be more than Rm150 millions

3. Get sukuk loans like dayang and Uzma to roll over temporal debt

4. Other avenues

Posted by chinaman > 2019-11-02 13:48 | Report Abuse

Parent co. scomi drag down son. if scomi sell out son, scomies will rise up again. wakaka

Posted by chinaman > 2019-11-02 14:12 | Report Abuse

5:1 capital reduction:- pls vote down this proposition. Parent who SOHAI son has no right to decide on its future anymore. wakaka

Posted by Miz Raya Bloom > 2019-11-02 14:19 | Report Abuse

ku dah jual, risau pulok dengan capital reduction, kalau ok, future ku masuk

Posted by Michael Kwok > 2019-11-02 17:55 | Report Abuse

One thing,the one who forecast scomies must have made mistakes.One weekly chart hooking down.People always careless in there.Daily chart hooking up and weekly chart hooking down no use.

Posted by freeman > 2019-11-02 18:42 | Report Abuse

I think it would be no problemo for scomies to secure the bridging loan..
When announcement of the loan was made it will give a positive push.. if u dont buy now, by then it is already too late..

Posted by Michael Kwok > 2019-11-02 18:51 | Report Abuse

Its share consolidation.Maybe it may touch 5-6 cent.Before share consolidation.

Posted by Yam13 > 2019-11-03 10:09 | Report Abuse

Look... the company has options not limited to one exit route. Rich in assets could be the saving grace for scomies

Posted by Superb99 > 2019-11-03 14:23 | Report Abuse

Not easy to close the gap once gap down

Posted by chinaman > 2019-11-03 15:00 | Report Abuse

Can vote, kick out sohai parent?after 5:1 consolidation, peanut MGO by scomi??? pls leave the son who live better as independent entity

Posted by chinaman > 2019-11-03 15:21 | Report Abuse

65.65%-owned Scomi Energy. so, close to 35% with minority pls vote NO to stupid selfish parent's own agenda fo peanut MGO plan. wakaka