OCEANUS GOING TO BREAK THE 0.47 RESISTANCE SOON

Tonight\'s news: The Board is pleased to announce that the Company has received approvals from the TSE and the Taiwan Central Bank for the conversion of 150,000,000 existing ordinary shares of the Company into TDRs pursuant to the 2nd TDR Programme. The Company is currently awaiting the necessary approvals from the Taiwan Financial Supervisory Commission, Executive Yuan and the Securities and Futures Bureau.

---

Three more approvals needed??? Didnt know Taiwan so bureaucratic! Altogether 5 approvals... 2 I can understand. 3 wld be getting on my nerves. 4? 5? This is too f- much!

 
 
Oceanus up 4.5 cents! Singapore now realise what the value of the stock is....???

Second tranche TDRs to be sold from Aug 27 in Taiwan at 47.7 Spore cts.

(i) 7,500,000 TDRs (5%) will be allocated to the Underwriters, as required under Taiwanese
regulations; and
(ii) 142,500,000 TDRs (95%) will be allocated to subscribers who participated in the bookbuilding
process.
TDR Issue Price
Based on the bookbuilding results, the Company and the Joint Underwriters have agreed in the
Underwriting Agreement that the TDR Issue Price will be fixed at NT$11.25 (approximately S$0.477,
based on the exchange rate of S$1 – NT$23.601)
 
for each TDR.
 
 

WHY IS UNITED ENVIROTECH SHARES AGAIN THE TARGET OF MANIPULATION?


Dr Ng Cher Yew, Chief Executive Officer and Executive Chairman of the Group, had made clarifications on the Company’s relationship with Mr Zhong Wenzhi (“锺文智”), one of the Company’s Taiwan distributors who had reportedly been recently charged with allegations of manipulating the Taiwan Depository Receipt (“TDR”) price of United Envirotech Ltd (“新加坡联合环境技术有限公司”), a Singpaore Mainboard listed company with TDR issue in Taiwan.

The Board wishes to clarify that neither Dr Ng nor the Group had any involvement in any share trading activities of Mr Zhong Wenzhi or his Mo Tan Li International Company and Mr Zhong Wenzhi’s personal invovlement in the alleged TDR price manipulation through Mo Tan Li International Company is totally unrelated to the Group nor will it have any impacts on the Group’s underlying business.

Low Cze Soo - Thursday, 31 May 2012 23:11

As a concerned shareholder, I am surprised by the lack of attention to the operational demands of the business as well as the lack of good corporate governance and lack of segregation of duties and its accountability.

It is a business similar to the fish farming we see in Singapore and elsewhere. I urge the management to learn from them and adhere to strict security and farming matters. To me, a lot of common sense, hard work and dedication are required to make this business a continuing success.

Going forward, let us support and wish Dr Ng and his team success. Over time we should see shareholder value improving, as he has rightly pointed out.

source: [url=http://www.nextinsight.net
/story-archive-mainmenu-60/916-2012/5338-oceanus-]@ OCEANUS AGM: Rare case, ex-CEO voted out of board [/url]