China Stationeries Ltd (CSL) expects only a "temporary" suspension in the trading of its shares, for the period July 9 to 31, according to Chief Financial Officer, Chin Siew Weng.
Chin said that the temporary suspension could even be shorter, as the company was confident of submitting its FY13 audited accounts before July 31.
Speaking at a press briefing today, Chin said: “We are trying our best to talk to our auditor, to pass us the FY13 audited report soon.”
He noted, however, that a suspension of the stock would still be inevitable, come July 9.
CSL has yet to submit its audited financial statements for the 2013 financial year, on the extended deadline of June 30, prompting Bursa to announce that failure to do so by July 8, would lead to a suspension in trading of CSL's shares on July 9.
According to Chin, CSL was not aware of Bursa's requirement that companies seeking an extension, had to apply two weeks before the submission due date.
CSL fell 1 sen or 11.76% today, to close at 7.5 sen, with a market capitalisation of RM92.46 million.
I suspect CLS may just surprise everyone by producing the Financial Statement on the proposed date. He mentioned this today and if its just another con job, then you have to give the man credit because he has balls of steel!!
Chief Financial Officer, Chin Siew Weng. What a position? Giving all kind of excuses is not the right for him to say. When CSL are in mess, can't they read and find out the consequences.
Basically, he ignores and pretends not knowing the requirement is like giving an excuses of being an idiot. Not a very responsible person. We, the investors losing money in this counter, can we give an excuse like we sell high price to low price buyer and how come we still lose money? Duh! I didn't know.
Cipapo, you sound like you are already had been assimilated. Resistance is Futile.
Ha ha ha, INSTEAD OF TRADING CSL NOW/ TOMORROW, IT IS BETTER THAT YOU GO BUY RM 2 jackpot from TOTO/MAGNIUM/DAI MA CAI LOR.............., You may stand a better chance to make millions lor.... hihihiii
Chief Financial Officer, Chin Siew Weng said "we will try to persuade the auditors to release the accounts" post suspension. Problem is the auditor could of course release a set of bad financial reports with many disclaimers as to its accuracy. So just to maintain its listing, will the price eventually increase with an inaccurate report and already pre fire there were doubts over the accuracy of its previous financials.
if i am the management and obviously i should know the business inside-out and the cash is real:
I) I won't sold the share below RM0.30 and until losing the controlling stake;
there are many options to borrow money in open market and no need to pledge the share to the bankers.
if I want to pledge to the bank not until the level I loss the controlling stake when the company is a printing money machine
ii) For the benefit of doubt, let's I am desperate for money due to personal issue, I shall buy back at current price.
it doesn't make sense at all......CF and other directors never buyback the share at current price range if the company performance is real and need not to mention the net cash!!
think and ponder deeply...lu chai wa chai...kikikiki
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....
masterkevin212
1,850 posts
Posted by masterkevin212 > 2014-07-03 17:27 | Report Abuse
yup...be careful..will do