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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » 07-Oct-2013 Touchwood - Clarification to a newspaper article

07-Oct-2013 Touchwood - Clarification to a newspaper article

+4
sandunj
moonwalk
Redbulls
sriranga
8 posters

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sriranga

sriranga
Co-Admin
By Duruthu Edirimuni Chandrasekera
Touchwood considering name-change


Controversial parliamentarian D_uminda Silva who resigned from Touchwood Investments PLC directorate a day after he was appointed, continues to be an advisor to the board, along with his father, Lal Silva.

Company Chairman Lanka Kiwulegedara told the Business Times that the junior Silva had resigned on the advice of his father, who thought it best for D_uminda to re-join when the company sorts its issues out.

“We’re currently facing a few issues and Mr. Lal thought it best for D_uminda to wait till these are ironed out,” he said.

He emphatically said he has ‘nothing’ to do with the earlier chairman Roscoe Maloney and his wife Swarna who was the CEO. The company, which has triggered a lot of controversy, after the capital infusion of US$21 million and Rs. 200 million and restructuring also plans to change its name. Mr. Kiwlegedera said Touchwood has had preliminary discussions with the Land Reform Commission, the Mahaveli Authority and the Divisional Secretariat in securing 2,000 hectares in areas like Girandurukotte and Polonnaruwa to plant Sandalwood and Cardamom.

“We’ll get investors from Britain, Taiwan, Belgium, Japan, etc, as they are also my trading partners in my personal business,” he said.

On Wednesday, the company was directed by the Colombo Commercial High Judge Chamath Morias, to submit to Court by 14 October its repayment plan to aggrieved customers. An investor has filed an application to wind up the company due to non-payments and on Wednesday submitted a list of 26 persons who had declared their intention to appear at the hearing of the same case.

Touchwood, in a Colombo Stock Exchange announcement on Friday, said that its lawyers objected to a request lawyers for the petitioner to appoint a Provisional Liquidator.

Touchwood lawyers said no notice of such application was served on the company. The Securities & Exchange Commission (SEC) informed Court that the company was under investigation by the SEC and the SEC has brought to the notice of Court relevant matters and was opposing any application to wind up the company at this point of time.

Shareholders, who attended the Touchwood AGM last week, criticized the SEC for lifting the temporary ban on trading in Touchwood shares without proper explanation. “When the suspension was announced, there was a long explanation about the company being probed but when the trading ban was lifted, there was no explanation to shareholders who were in the dark,” one shareholder said. He said the SEC at the time also put shareholders in great jeopardy by not suspending share trading after the winding up application as such transactions are void when there is a case unless the judge directs otherwise.
http://www.sundaytimes.lk/131006/business-times/deleted-and-dad-advisors-to-touchwood-board-64521.html

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
07-Oct-2013 Touchwood - Clarification to a newspaper article Twod10
http://www.cse.lk/cmt/upload_cse_announcements/481381143788_.pdf

moonwalk


Stock Analytic
Stock Analytic
buying at 4 levels..., collection collection collection..., looks like it's heading south but still lot of interested parties!!! big plans to be revealed soon? or just buckets full of crap!!!
New leadership to move forward...,

sandunj


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
How newspapers publishing such irresponsible articles?
I don't know why...
I guess TWOD will come down further and interesting to see to which way it will direct in coming days. Case will be on 14th ... will see

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
NP is against TWOD. He is controlling papers

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Highly risk takers would touch TWOD at this level.

Also, new suckers must be born for the existing ones to unload..

sriranga

sriranga
Co-Admin
@sandunj wrote:How newspapers publishing such irresponsible articles?
Touchwood says deleted and his father are not advisors

Controversial Touchwood Investments on Tuesday informed the Colombo Stock Exchange that deleted Silva, who resigned as director, is not an advisor to the board. His father, Lal Silva is also not an advisor, company chairman L.W. Kiwlegedera said.

The company was responding to a report in the Business Times which said Mr. deleted and his father were advisors to the board.

Business Times Editor says: Ironically this information was provided to us by the chairman himself who is now denying what he told us. Mr. Lal Silva has informed us separately that he is not an advisor to Touchwood.
http://sundaytimes.lk/news/news/38377-touchwood-says-deleted-and-his-father-are-not-advisors.html

http://sharemarket-srilanka.blogspot.co.uk/

moonwalk


Stock Analytic
Stock Analytic
It's a real buy, this what happening in the mkt..., twod moves up with all these adverse reports. lotsof buy at 4 y'day 4.5 today shld get to stable level soon, collection is happening by 5 to 6 brokers... mgt shows good improvement by changing n' negotiating lotsof internal issues by friday work process starts again (I think)...

Backstage

Backstage
Moderator
Moderator
@moonwalk wrote:It's a real buy, this what happening in the mkt..., twod moves up with all these adverse reports. lots of buy at 4 y'day 4.5 today shld get to stable level soon, collection is happening by 5 to 6 brokers... mgt shows good improvement by changing n' negotiating lotsof internal issues by friday work process starts again (I think)...


Dear moonbeam, I am relived that you think, I was beginning to have my doubts.

moonwalk


Stock Analytic
Stock Analytic
It's moonwalk.., u seams to get things wrong!!! hehe!!! wait till Friday yr doubts vl be cleared

player

player
Moderator
Moderator
There is a big manipulation going which supported by media and players. so 10 is possible in short term. See how they collect slowly.

The liquidity getting weaker day by day if you see trading figures closely.


But this is bad manipulation, Sec cant help.

please be patient, watch and play. many announcements to cme

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Yes.. so many guys moon walking these days cuz of TWOD.. Might do wonders in coming days..

moonwalk


Stock Analytic
Stock Analytic
guys this time twod looks good for along run as the retail doesn't wanna sell in panic n' steady buyin from main players if things go well all is well

player

player
Moderator
Moderator
no no, not good for long term. quit after making profit.

but remember you getting a huge risk.

who knows,

tomorow media wil say kiwule quit.. so you will start selling madly.. then day after kiwule will say "i need sometime, but i will come back after court case"

those fairy tales are not a magic to them.

Smile

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
I've felt suspicious over moonwalker's comments..

Out of the 15 posts he made 14 was about TWOD... He started with a 5.50 target on 2nd Oct.. And here are the TWOD prices in recent past;

07-Oct-2013 Touchwood - Clarification to a newspaper article Twod10

We've got an insider man like fella Laughing 



Last edited by smallville on Tue Oct 08, 2013 11:16 pm; edited 1 time in total

moonwalk


Stock Analytic
Stock Analytic
man what to suspect? I've few picks to watch vl reveal at the rite time Smile 'player' what I meant was there will be less down trend in coming days. as mkt price came down from 8 to 1.9 n' hope vl get there soon n' vl look fwd

moonwalk


Stock Analytic
Stock Analytic
5 levels ha!

moonwalk


Stock Analytic
Stock Analytic
Guys hope you-all holding atleast a small quantity (10k) don't be too greedy Smile Smile Smile

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
lol! 

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