After share consolidation, shareholders need to dig pocket if want to subscribe for rights shares with free warrants
Basis : 10 Rights Shares and 5 Warrants D for every 2 Consolidated Share
Issue price for Rights Shares : RM0.070 per Rights Share (illustrative price)
=================== The Proposed Rights Issue with Warrants which involves the issuance of up to 1,190,746,395 new Rights Shares together with up to 595,373,197 Warrants D is proposed to be implemented on a basis of 10 Rights Shares together with 5 Warrants D for every 2 Consolidated Shares held by the Entitled Shareholders on the Rights Entitlement Date. (extracted from Circular to shareholders) https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3311193
==================== After completion of share consolidation and rights issue, NOSH is about 1,190,746,395 + 228,434,777 which will be more than the NOSH before shares consolidation !!!
=================== Be aware that the stock will remain as a High NOSH BILLION shares penny stock after the exercise.
CONSOLIDATION OF EVERY 4 EXISTING ORDINARY SHARES IN MERIDIAN ("MERIDIAN SHARES") ("SHARES") HELD AT 5.00 P.M. ON 21 FEBRUARY 2023 ("SHARE CONSOLIDATION ENTITLEMENT DATE") INTO 1 MERIDIAN CONSOLIDATED SHARE ("CONSOLIDATED SHARE") ("SHARE CONSOLIDATION")
On behalf of the Board, Malacca Securities wishes to announce that the Share Consolidation has been completed following the listing and quotation of the 228,434,743 Consolidated Shares (including 2,390,850 consolidated treasury shares) and 12,105,271 Consolidated Warrants C on the Main Market of Bursa Securities on 22 February 2023.
This announcement is dated 22 February 2023. https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3329657
================= Next step is for shareholders to pay money to directors fund raising exercise via Rights Issue with free warrants
Profit/(loss) for the period -2,498,000 https://www.klsescreener.com/v2/announcements/view/4903385
Another quarterly loss No problem !!! Directors can raise more money for company fund via share issuance to RI, PP or ESOS
Retail investors will see dilution in shareholding equity % and EPS, if any
===================== Continue to monitor quarterly results directors plan for utilisation of company funds directors plan for more fund raising via shares issuance
Share consolidation and warrant C consolidation completed on 23 Feb 2023
Next step is for directors to raise quick easy fund from shareholders via Rights Issue with free warrant =================== The Proposed Rights Issue with Warrants which involves the issuance of up to 1,190,746,395 new Rights Shares together with up to 595,373,197 Warrants D is proposed to be implemented on a basis of 10 Rights Shares together with 5 Warrants D for every 2 Consolidated Shares held by the Entitled Shareholders on the Rights Entitlement Date. (extracted from Circular to shareholders)
Several investors already lodged report with sc for INTENTIONAL negligence of director, IN SINGAPORE IT IS A CRIME TO PURPOSELY DEFAULT TO SUBMIT REPORT AND PRESS PRICE DOWN, RECOLLECT THEN GORENG.IF EVERY COMPANY DO THE SAME TACTIC TO BUY BACK CHEAP, NO INVESTOR WILLEVER INVEST IN BURSA. SIMILAR TO THE FRAUD JOHN SOH WHO IS NOW IN CHANGI JAIL FOR MANIPULAYING SHARE PRICE
If i am the major shareholder and to buy back share cheaply, i juz need to use the same tactic used by meridien purposely fail to submit annual report.
A major fraudulent case... all directors should be sent to jail to strengthen corporate governance in Malaysia. :( "We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.
Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.
THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 2022 (BASED ON RECORD OF DEPOSITORS) No. Name of Shareholders No. of Shares Percentage (%) 1. AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 190,000,000 21.01 EXEMPT AN FOR LAZARUS SECURITIES PTY LTD 2. LIM KON LIAN 150,695,909 16.67 3. UOBM NOMINEES (TEMPATAN) SDN BHD 32,500,000 3.59 EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED 4. LEE KOON WENG 31,130,000 3.44 5. PASUKHAS PROPERTIES SDN BHD 29,941,600 3.31 6. KONG KOK KEONG 28,000,000 3.10 7. HSBC NOMINEES (ASING) SDN BHD 26,246,900 2.90 EXEMPT AN FOR MORGAN STANLEY & CO. INTERNATIONAL PLC (IPB CLIENT ACCT) 8. CGS-CIMB NOMINEES (ASING) SDN BHD 25,769,200 2.85 EXEMPT AN FOR CGS-CIMB SECURITIES (HONG KONG) LIMITED (FOREIGN CLIENT) 9. MIDF AMANAH INVESTMENT NOMINEES (TEMPATAN) SDN BHD 22,389,624 2.48 PLEDGED SECURITIES ACCOUNT FOR TEOH SENG KIAN (MGN-TSK0015M) 10. AMSEC NOMINEES (TEMPATAN) SDN BHD 22,336,692 2.47 PLEDGED SECURITIES ACCOUNT- AMBANK (M) BERHAD FOR YAP TING HAU (SMART) 11. AFFIN HWANG NOMINEES (ASING) SDN BHD 20,805,800 2.30 EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED (ACCOUNT CLIENT) 146 MERIDIAN BERHAD [Registration No. 200001005180 (507785-P)] THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 202
if SC and Bursa are not taking immediate to drag the directors to jail/court, malaysia would go to the Dogs hehe
Meridian's auditor raises doubts over company's ability to go on as a business entity NST Wed, Apr 10, 2024 12:32pm - 1 hour
KUALA LUMPUR: Meridian Bhd's auditor have raised concerns regarding the continued viability of Meridian Bhd as a business entity.
In its recent filing with Bursa Malaysia, the property developer's external auditor, Messrs Jamal, Amin & Partners, issued a disclaimer of opinion on the group's annual audited financial statements for the period spanning from July 1, 2022, to Nov 30, 2023.
The auditors pointed out a lack of compelling evidence to support the directors' claim that it can sustain its operations.
Despite Meridian's financial statements assuming ongoing operations, a range of significant uncertainties, such as recurring losses, inadequate cash reserves, legal proceedings, and regulatory hurdles, cast doubt on the validity of this assumption.
The auditors highlighted that over the past three financial years, both the group and the company have incurred substantial net losses. Meridian reported a net loss of RM17.27 million, while the company's net loss reached RM90.98 million, raising concerns about the company's financial health and sustainability.
Negative indicators such as current liabilities exceeding current assets by RM4.935 million were also highlighted in the financial statements.
Furthermore, the group's cash reserves are alarmingly low, with bank overdrafts exceeding the credit limits granted by financial institutions.
Significant tax liabilities totaling RM4.56 million, along with RM4.89 million in tax penalties from the previous financial year, have also been noted. Legal action has been initiated by tax authorities to recover these balances, but the proceedings remain ongoing and unresolved.
"We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.
Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.
The transfer of titles for these properties to the group has not been completed, complicating matters further due to the former subsidiary's winding-up process, the auditors said.
"Included in the term loans of the group is an amount of RM2.974 million, where we were unable to confirm the amount and the existence of the term loan, and we were unable to obtain any other audit evidence relating to the accuracy and the existence of the term loan.
"Accordingly, we are unable to determine whether potential adjustments are necessary, if any, and whether the group is obliged to settle the term loan," they said.
The auditors added that the combined impact of these factors casts significant uncertainties regarding Meridian's ability to continue operating.
Meridian has been classified as a Practice Note 17 (PN17) company, having triggered the PN17 criteria of the Main Market of Bursa Malaysia due to its minimal operational activity.
The developer has expressed its intention to formulate a regularisation plan to address its PN17 status, while Bursa Malaysia said it will continue monitoring the company's progress in complying with the Main Market listing requirements.
