Have you ever seen another cuntry in which the Emperor claimed it was in a Golden Period like it was yesterday and $ no enough the very next day?
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Sun East's bond issue falls through
</TR><!-- headline one : end --><TR>Beauty and cosmetics firm seeks legal advice after ABN Amro ends deal to raise $11m </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Chua Hian Hou
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->AN ARRANGEMENT by beauty and cosmetics firm Sun East Group to raise US$8 million ($11.3 million) in a convertible bond issue through ABN Amro Bank has collapsed.
In a statement to the Singapore Exchange yesterday, Sun East announced that ABN Amro had on July 29 terminated an agreement to subscribe to or procure subscriptions for US$8 million in zero coupon convertible bonds.
Sun East said ABN Amro did not 'specify the exact grounds for the termination, and no indication of any intention to terminate the subscription agreement has ever been communicated' to it.
The original agreement was inked in April, and approved by Sun East's shareholders at a special general meeting on this issue on July 23.
ABN Amro's grounds for termination, Sun East charged, are unjustified and it is now seeking legal advice on how it should proceed.
The funds that Sun East would have raised had been intended to fund the purchase of the remaining 49 per cent stake in its subsidiary NuXD and the acquisition of another company, the ChinaWine Group.
NuXD holds the exclusive distribution rights to the Cruiser brand of drinks in China and Coors beer and Effen vodka drinks in Taiwan.
Sun East will now 'use internal sources of funds and evaluate alternative sources of funding' to raise the money, the company said.
Yesterday, it also reported a 33 per cent fall in net profit to HK$68.6 million (S$12.4 million) for the year ended June 30. This, said the company, was due primarily to higher impairment losses.
Sun East executive chairman Philip Chung said in a statement that despite the impairment loss, 'we would like to emphasise that our fundamentals remain sound and this has no negative impact on our cash flow'.
Revenue was up 31 per cent at HK$408.1 million, earnings per share was 14 HK cents, down from 21.1 HK cents, and net asset value was 97.9 HK cents per share, up from 82.4 HK cents as at June 30 last year.
The company hopes to 'capitalise on the growing demand for branded alcoholic beverages in the Greater China market'. [email protected]
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Sun East's bond issue falls through
</TR><!-- headline one : end --><TR>Beauty and cosmetics firm seeks legal advice after ABN Amro ends deal to raise $11m </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Chua Hian Hou
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->AN ARRANGEMENT by beauty and cosmetics firm Sun East Group to raise US$8 million ($11.3 million) in a convertible bond issue through ABN Amro Bank has collapsed.
In a statement to the Singapore Exchange yesterday, Sun East announced that ABN Amro had on July 29 terminated an agreement to subscribe to or procure subscriptions for US$8 million in zero coupon convertible bonds.
Sun East said ABN Amro did not 'specify the exact grounds for the termination, and no indication of any intention to terminate the subscription agreement has ever been communicated' to it.
The original agreement was inked in April, and approved by Sun East's shareholders at a special general meeting on this issue on July 23.
ABN Amro's grounds for termination, Sun East charged, are unjustified and it is now seeking legal advice on how it should proceed.
The funds that Sun East would have raised had been intended to fund the purchase of the remaining 49 per cent stake in its subsidiary NuXD and the acquisition of another company, the ChinaWine Group.
NuXD holds the exclusive distribution rights to the Cruiser brand of drinks in China and Coors beer and Effen vodka drinks in Taiwan.
Sun East will now 'use internal sources of funds and evaluate alternative sources of funding' to raise the money, the company said.
Yesterday, it also reported a 33 per cent fall in net profit to HK$68.6 million (S$12.4 million) for the year ended June 30. This, said the company, was due primarily to higher impairment losses.
Sun East executive chairman Philip Chung said in a statement that despite the impairment loss, 'we would like to emphasise that our fundamentals remain sound and this has no negative impact on our cash flow'.
Revenue was up 31 per cent at HK$408.1 million, earnings per share was 14 HK cents, down from 21.1 HK cents, and net asset value was 97.9 HK cents per share, up from 82.4 HK cents as at June 30 last year.
The company hopes to 'capitalise on the growing demand for branded alcoholic beverages in the Greater China market'. [email protected]
