Blumont

Turned blue black today. Negative 15.5% = $2.02
:evil:

$1.51 now !!!

Target price: $0?

Blumont Group has reached agreement on the commercial terms of a proposed takeover bid for the entire stake of a foreign-listed coal mining company for up to approximately S$145.9m. The consideration is to be satisfied by issue of up to approximately 72.2m new shares at an issue price of S$2.02 per share.

-- Haha. What happens now that the stock price has crashed to below S$1? Overnight, deal is unravelled?

Take a look at the chart of Blumont. It's eye-popping if you imagine that there are parties tightly managing the upward movement. Cool!

Blumont has an answer to my Question 2 postings above:


The Company wishes to inform Shareholders that the coal mining company in question is Cokal Limited
(“Cokal”), a company listed on the Australian Securities Exchange (ASX: CKA).

The Company’s share trading prices this morning have materially and adversely affected the commercial terms discussed with Cokal. In light thereof, the Company and Cokal have agreed not to proceed with the Transactions for the time being. The Company and Cokal continue to believe in the strategic merit underpinning the proposed Transactions, and are continuing to explore opportunities for similarly mutually beneficial transactions with each other.

Singapore Exchange (SGX) will lift the suspension of securities in Blumont Group Ltd (Blumont) on Monday, 7 October 2013, at 8.30am.

SGX concurrently declares Blumont and its related securities as Designated Security with the following trading restrictions:-
(i) Prohibited sale of shares unless the seller holds the Designated Securities in the quantity to be sold; and
(ii) Prohibited purchase of shares unless the buyer makes cash payment at the time of order execution.

SGX will continue to monitor the trading of Blumont and review the circumstances in due course to end the declaration.


Does anyone know how to make cash payment at the time of order execution? U have to be at the broker and hand over the cash???

With restrictions like this, Blumont will resume diving into the deep pool. Hit bottom @ 20 cents?