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Polarbear55 ( Date: 30-Aug-2013 18:44) Posted:
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Beware!
Heng Ah !!
C. MORTALITY IS NOT MATERIALLY ABNORMAL
Following its on-site verification and more detailed status update by the PRC management, the Board is pleased to report that approximately up to 97% of the earlier mortalities of about 48 million population reported to the Board which occurred between 31 July 2013 and 6 August 2013 (the "
These uncaged juveniles were earmarked for culling and would have been culled subsequently as part of the Group?s selection process for choosing first-tier top quality abalones for selective grow out to the premium " three-heads" abalones which are sought after by the market. These recently bred, uncaged and unselected juveniles have not been reflected in the books of the Company and have zero value ascribed to them. Accordingly, the Board would like to confirm that the death of these juveniles has no direct material adverse effect on the financials of the Company. In addition, there should be no material adverse effect in the future prospects of the Company, as the Group still has sufficient juveniles for selection to meet the caging and production plans of the Group from the 2012 batch of abalones bred.
In respect of larger abalones, although mortality was marginally higher than normal during the Relevant Period, this was in line with what was expected in light of seasonal changes due to increased water temperatures. An expert engaged to offer his preliminary view into the cause of mortality concurs that part of the reason for the death was due to the consistently high water temperatures which remained around 28 ? 29 degree Celsius for the period. The Group?s management has put in place measures to increase oxygen and water supply and with the timely change in weather, the mortality figures have now decreased. Total financial losses arising from the recent mortalities (since 31 July 2013) in the Relevant Period are estimated to be in the range of RMB 1.0 million to RMB 1.5 million, which is not financially significant to the Company. Relevant Period" ) were in respect of recently bred, uncaged and unselected juveniles (i.e. these are abalones which are less than 1 year old).
fyi:
LIFTING OF TRADING SUSPENSION AND
UPDATE ON THE 11 AUGUST 2013 ANNOUNCEMENTS
The board of directors (the ?Board? or ?Directors?) of Oceanus Group Limited (the ?Company?) would like to provide an update to the announcement of the Company dated 5 August 2013 on the request for trading halt (?5 August Announcement?) and the announcements of the Company on the request for trading suspension and the clarification on request for trading suspension dated 11 August 2013 (?11 August Announcements?).
A. LIFTING OF TRADING SUSPENSION
The Board is pleased to inform that the Company has applied for the trading suspension and the trading halt to be lifted. The expected date of lifting of the trading suspension is on or around 2 September 2013. In connection with the lifting of the trading suspension, the Board would like provide clarifications on the matters originally raised in the 11 August Announcements as set out below.
B. UPDATE BY THE BOARD OF DIRECTORS
The Board has, since the 11 August Announcements, come together to investigate and follow up on the matters raised in the 11 August Announcements using various approaches. During this period, the Board also held numerous internal meetings and engaged in discussions with the management team in the People?s Republic of China (?PRC?) and in Singapore to resolve the outstanding issues. In particular, four (4) members of the Board, including Dr. Ng Cher Yew, as the Executive Chairman of the Company and some of the newly appointed Directors, have, over the course of the last week, visited the farms and the operations in the PRC for on-site due diligence, and have held dialogues and meetings with the Group?s PRC management.
Based on the information obtained thus far, the Board is reassured that most of the operations of the Company are normal and the farms appear, in all respect, to be operating normally.
C. MORTALITY IS NOT MATERIALLY ABNORMAL
Following its on-site verification and more detailed status update by the PRC
management, the Board is pleased to report that approximately up to 97% of the earlier
mortalities of about 48 million population reported to the Board which occurred between
31 July 2013 and 6 August 2013 (the ?Relevant Period?) were in respect of recently bred,
uncaged and unselected juveniles (i.e. these are abalones which are less than 1 year
old).
These uncaged juveniles were earmarked for culling and would have been culled
subsequently as part of the Group?s selection process for choosing first-tier top quality
abalones for selective grow out to the premium ?three-heads? abalones which are sought
after by the market. These recently bred, uncaged and unselected juveniles have not
been reflected in the books of the Company and have zero value ascribed to them.
Accordingly, the Board would like to confirm that the death of these juveniles has no
direct material adverse effect on the financials of the Company. In addition, there should
be no material adverse effect in the future prospects of the Company, as the Group still
has sufficient juveniles for selection to meet the caging and production plans of the Group
from the 2012 batch of abalones bred.
In respect of larger abalones, although mortality was marginally higher than normal
during the Relevant Period, this was in line with what was expected in light of seasonal
changes due to increased water temperatures. An expert engaged to offer his preliminary
view into the cause of mortality concurs that part of the reason for the death was due to
the consistently high water temperatures which remained around 28 ? 29 degree Celsius
for the period. The Group?s management has put in place measures to increase oxygen
and water supply and with the timely change in weather, the mortality figures have now
decreased. Total financial losses arising from the recent mortalities (since 31 July 2013)
in the Relevant Period are estimated to be in the range of RMB 1.0 million to RMB 1.5
million, which is not financially significant to the Company.
D. NEED TO IMPROVE INFORMATION FLOW AND MANAGEMENT REPORTING
PROCEDURES
While the Board is pleased to be able to inform the shareholders of the Company
(?Shareholders?) of the normalized state of affairs in the Group?s farms, the recent
events have highlighted the breakdown in the internal reporting process of the Company,
and stressed the urgent need for the Company to improve its internal and management
reporting process. The Board views the matter very seriously and is looking to
progressively roll out changes to strengthen the internal control and management
structures.
Accordingly, the Board would like to highlight the key immediate steps which the
Company shall be taking:
(a) The Company?s existing Chief Financial Officer (?CFO?), Miss Yap Siew Khim,
has agreed to resign. She will continue to serve out her three (3) months notice,
or such other duration as the Company and Miss Yap otherwise agrees, while
she hands over her job to a new CFO.
(b) As earlier announced on by the Company 29 August 2013, Mr Wong Yew Ban
has been appointed as CFO and Chief Operating Officer (designate) effective as
of 29 August 2013, to handle the financial management and subsequently to take oversight of the day to day operations of the Company. Mr Wong shall report directly to the Board and the Executive Chairman.
The Board is looking into making additional appointments to the management team to improve its management reporting structure, risk management, sales and marketing, and upgrade its production methods as well as introducing modern aquaculture technology and methods to its production farms. Further announcements of the appointments will be made as and when such persons are appointed by the Group.
The Company will make timely announcements to update Shareholders as and when there are material developments. In the mean time, Shareholders are advised to exercise caution in trading in the Company?s shares.
BY ORDER OF THE BOARD
OCEANUS GROUP LIMITED
Dr. Ng Cher Yew
Executive Chairman
30 August 2013
The expected date of lifting of the trading suspension is on or around 2 September 2013.
LIFTING OF TRADING SUSPENSION AND
The board of directors (the " Board" or " Directors" ) of Oceanus Group Limited (the " Company" ) would like to provide an update to the announcement of the Company dated 5 August 2013 on the request for trading halt (" 5 August Announcement" ) and the announcements of the Company on the request for trading suspension and the clarification on request for trading suspension dated 11 August 2013 (" 11 August Announcements" ).
A. LIFTING OF TRADING SUSPENSION
The Board is pleased to inform that the Company has applied for the trading suspension and the trading halt to be lifted. The expected date of lifting of the trading suspension is on or around 2 September 2013. In connection with the lifting of the trading suspension, the Board would like provide clarifications on the matters originally raised in the 11 August Announcements as set out below.
B. UPDATE BY THE BOARD OF DIRECTORS
The Board has, since the 11 August Announcements, come together to investigate and follow up on the matters raised in the 11 August Announcements using various approaches. During this period, the Board also held numerous internal meetings and engaged in discussions with the management team in the People?s Republic of China (" PRC" ) and in Singapore to resolve the outstanding issues. In particular, four (4) members of the Board, including Dr. Ng Cher Yew, as the Executive Chairman of the Company and some of the newly appointed Directors, have, over the course of the last week, visited the farms and the operations in the PRC for on-site due diligence, and have held dialogues and meetings with the Group?s PRC management.
Based on the information obtained thus far, the Board is reassured that most of the operations of the Company are normal and the farms appear, in all respect, to be operating normally.
C. MORTALITY IS NOT MATERIALLY ABNORMAL
Following its on-site verification and more detailed status update by the PRC management, the Board is pleased to report that approximately up to 97% of the earlier mortalities of about 48 million population reported to the Board which occurred between 31 July 2013 and 6 August 2013 (the "
These uncaged juveniles were earmarked for culling and would have been culled subsequently as part of the Group?s selection process for choosing first-tier top quality abalones for selective grow out to the premium " three-heads" abalones which are sought after by the market. These recently bred, uncaged and unselected juveniles have not been reflected in the books of the Company and have zero value ascribed to them. Accordingly, the Board would like to confirm that the death of these juveniles has no direct material adverse effect on the financials of the Company. In addition, there should be no material adverse effect in the future prospects of the Company, as the Group still has sufficient juveniles for selection to meet the caging and production plans of the Group from the 2012 batch of abalones bred.
In respect of larger abalones, although mortality was marginally higher than normal during the Relevant Period, this was in line with what was expected in light of seasonal changes due to increased water temperatures. An expert engaged to offer his preliminary view into the cause of mortality concurs that part of the reason for the death was due to the consistently high water temperatures which remained around 28 ? 29 degree Celsius for the period. The Group?s management has put in place measures to increase oxygen and water supply and with the timely change in weather, the mortality figures have now decreased. Total financial losses arising from the recent mortalities (since 31 July 2013) in the Relevant Period are estimated to be in the range of RMB 1.0 million to RMB 1.5 million, which is not financially significant to the Company. Relevant Period" ) were in respect of recently bred, uncaged and unselected juveniles (i.e. these are abalones which are less than 1 year old).
D. NEED TO IMPROVE INFORMATION FLOW AND MANAGEMENT REPORTING PROCEDURES
While the Board is pleased to be able to inform the shareholders of the Company ("
Accordingly, the Board would like to highlight the key immediate steps which the Company shall be taking:
(a) The Company?s existing Chief Financial Officer ("
(b) As earlier announced on by the Company 29 August 2013, Mr Wong Yew Ban has been appointed as CFO and Chief Operating Officer (designate) effective as
of 29 August 2013, to handle the financial management and subsequently to take oversight of the day to day operations of the Company. Mr Wong shall report directly to the Board and the Executive Chairman.
The Board is looking into making additional appointments to the management team to improve its management reporting structure, risk management, sales and marketing, and upgrade its production methods as well as introducing modern aquaculture technology and methods to its production farms. Further announcements of the appointments will be made as and when such persons are appointed by the Group.
The Company will make timely announcements to update Shareholders as and when there are material developments. In the mean time, Shareholders are advised to exercise caution in trading in the Company?s shares.
BY ORDER OF THE BOARD Shareholders" ) of the normalized state of affairs in the Group?s farms, the recent events have highlighted the breakdown in the internal reporting process of the Company, and stressed the urgent need for the Company to improve its internal and management reporting process. The Board views the matter very seriously and is looking to progressively roll out changes to strengthen the internal control and management structures. CFO" ), Miss Yap Siew Khim, has agreed to resign. She will continue to serve out her three (3) months notice, or such other duration as the Company and Miss Yap otherwise agrees, while she hands over her job to a new CFO.
OCEANUS GROUP LIMITED
Dr. Ng Cher Yew
Executive Chairman
30 August 2013
UPDATE ON THE 11 AUGUST 2013 ANNOUNCEMENTS
WanSiTong ( Date: 29-Aug-2013 21:28) Posted:
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REQUEST FOR TRADING SUSPENSION
The Board has been unable to obtain a verification of the abnormal mortalities which started the day after the AGM from the Group's finance team. In view of the circumstances leading to receiving such a report, and the lack of verification of such mortality from the finance team, the Company decides to request for a trading suspension of the shares of the Company, to ensure that Shareholders and the public investors are not trading on incomplete set of information.
The Company is committed to making timely announcements to update shareholders on the above matter as and when appropriate by the end of August 2013. The Company will seek to lift the trading suspension as soon as it is appropriate to do so without compromising on the interests of Shareholders.
BY ORDER OF THE BOARD
OCEANUS GROUP LIMITED
Dr. Ng Cher Yew
Executive Chairman
11 August 2013
Suspension should be lifted up soon....
mrwise ( Date: 29-Aug-2013 21:16) Posted:
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veliscorin ( Date: 26-Aug-2013 13:40) Posted:
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hyruga ( Date: 26-Aug-2013 13:22) Posted:
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