Concern: Dynamic Energy crisis facing liquidation – Dynamic Energy, liquidation crisis – Electrical industry
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Had a combined fixed interest Energy (00578.HK) life on the line still does not ease the situation, the company urgently needed funds for 1.2 billion Hong Kong dollar debt and the acquisition of new projects. To this end, the company submitted an application to the Hong Kong Stock Exchange. But with the May 10 deadline approaching, the Hong Kong Stock Exchange had been slow to no result, these valuable "life-saving blood," is hard to inject the company; the same time, some small investors are ready to exit Rights.
Public information, co-moving energy demands by creditors on May 30 due to repay the bonds issued prior to 150 million Hong Kong dollars. As early as March 15 this year, Dynamic Energy announced and Shilong District Pingdingshan City in Henan Province People's Government and the development and utilization of CBM Limited entered into a framework agreement Cooperation Integrating acquired 22 coal mines in Henan Province. Under the agreement, the company must pay 10 May 30 billion integrated financial. Clearly, cooperation is imperative to move energy to raise funds, according to joint managing director of fixed energy description of the red witch family, the company has invested 1.2 billion Hong Kong dollars to find someone willing to buy convertible bonds in the purchaser.
Dynamic Energy said that if the second issue of bonds by the shareholders of the General Assembly, the company not only can solve the urgent needs of the current debt distress, while integration can raise capital in Henan coal resources, and to seek more long-term development. However, according to newspaper reporter, co-moving energy is related to bond issues in March and will hold a special shareholders meeting to submit an application to the Hong Kong Stock Exchange-related sectors, but as of press time, the Hong Kong Stock Exchange has been pending with the application. It goes on, Dynamic Energy will embark on winding up dead end.
Investment targets or will be liquidated, as the Dynamic Energy's minority shareholders and the company's management at this time also, like pins and needles. "We are hard-earned money, to do is to wait for the winding up of investment Is it?" A name shareholder Rao told reporters. Information, the shareholders Dynamic Energy shares up more than 300 million shares.
"The company is facing such a major storm, the shareholders are looking forward to seeing the results of the special shareholders meeting, whatever the outcome is good or bad, should give you an answer!" One shareholder said excitedly, "Stock Exchange up to now refused to hold a special shareholders meeting approved, we, the shareholders can not vote, how to protect the interests of investors? "
According to report, recently, some shareholders have regard to the Hong Kong Stock Exchange submitted a written complaint, but the Hong Kong Stock Exchange still does not respect any response. The Rao family name investors he has contacted a number of Dynamic Energy's shareholders, will soon come to Hong Kong, for his hands held Dynamic Energy for defenders.
News link? Dynamic Energy three independent non-executive directors resigned
PRC Dynamic Energy (00578.HK) yesterday announced that Patrick Ng & Company, Choi Man Chau, and Heath has resigned as Independent Non-Bank executive director and audit, remuneration and nomination committee's duties. Disclosure of the resignation of the book, co-action of a number of serious differences between the Executive Board to make an independent non-executive director is unable to perform due diligence, and part of the transaction last year was deeply worried about whether the relevant Ordinance, including the major shareholder without the approval of repayment of 32 million Hong Kong dollars and made two of its subsidiaries guarantees.
Shares fall yesterday disk 100 and 50-day moving average, the share price hitting a 3-month low, closing at 0.32 Hong Kong dollars, fell 12.3%.
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