Co just thrown a Bombshell...very little money left to share.
The Company sold off its biz recently...and said it wanted to wind up the co voluntarily.
Mkt must have miscalculated the money co would received.
It turns out now that co has only S$11.4m to distribute to all shareholders. Need to minus lawyer fees, etc..
Ok co has 135m shares issued and dividing $11m among so many shareholders, each would get approx $0.08 or 8 cents ONLY.
Stock was changing hands at $0.26 yesterday....so this bomshell revelation of so little money caused the stock prices to crashed!
Now trading at $0.093...
and there are still people chasing the stock up to 11cents today... even at 9cents, it doesn't make sense to buy since SGX has already rejected their application for extension of time to acquire new business and hence the most shareholders could receive is the remaining cash left in the Company after deducting winding down expenses which is about 8cents only...
