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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » PCHH - Is there anything left to dispose?

PCHH - Is there anything left to dispose?

+2
SHARK aka TAH
Sstar
6 posters

Go down  Message [Page 1 of 1]

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics

Finally PCHH assets are secured! Will there be change with the new ownership? Is it the time to buy?

Adam Investments gets Court order to stop PCH Holdings from selling assets
http://www.ft.lk/2014/07/05/adam-investments-gets-court-order-to-stop-pch-holdings-from-selling-assets/

Adam Investments Ltd., yesterday got an interim order from the Commercial High Court restraining PCH Holdings Plc from selling any of its assets.

The move follows PCHH yesterday disclosing to the Colombo Stock Exchange that its Board has resolved to sell 100% stake of Beico Link Carbons Ltd (BCL) amounting to 5.7 million shares to M.M.D. Ventures Lanka Ltd for Rs.180 million to safeguard the business of BCL as a going concern business which has to settle dues to top urgent creditors.

To restrain this impending move in suspect of asset stripping, Adam Investments which this week triggered the SEC Takeovers and Mergers Code on PCHH by increasing the stake to 43%, prayed for interim order before Commercial High Court Judge L.T.B. Dehideniya.

The Judge considered submissions made by Adam Investments’ lawyers Harsha Amarasekera PC with Kanchana Peiris, the plaint, affidavit and the documents tendered that he was satisfied that unless interim orders were issued, the assets of PCHH will not be safe.

Therefore the Court intervened to take action to safeguard the assets of PCHH.
PCHH in its filing to the CSE said that its lawyers Nithi Murugesu and Associates had advised due to certain deficiencies in the application made by PC House Plc (founding shareholder of PCHH) to stop parate execution of the sale of several of the properties of PC House Plc and likelihood of not succeeding before the Supreme Court and thereupon banks foreclosing and this having effects on the entire Group (PC House, PC Pharma and PCHH), that it is important to dispose of assets within the PCHH Group to safeguard the business of Beico Link Carbon, as a going concern business which has to settle dues to top urgent creditors who had filed legal action and create sever hardships to the business of BCP and its employees.

PCHH said since DFCC Vardhana Bank has already sent Letters of Demand to BLC and the next cause of action is going to be the Parate Execution on the property mortgaged of BLC. “This action will have serious repercussions on the welfare of the company and its long standing staff. Since the Group has no financial stability to service the loans of BLC, the most appropriate option is to dispose BLC,” PCHH said in its filing to the CSE.

SHARK aka TAH

SHARK aka TAH
Expert
Expert

Will this trigger further moves on PCHH and PCP .....

Market is now slowly changing gear and becoming News driven....

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics

in these days craps are playing big role in cse.. No one talking about gain of COMB.. SAMP.. Oh sad

SHARK aka TAH

SHARK aka TAH
Expert
Expert

The amount of Hefty Gains PCHH, PCP, CLPL W13 & W14 CIFL in recent past have overshadowed the Strong Caps

bandara 123


Manager - Equity Analytics
Manager - Equity Analytics

Court will not allowed to sell the assets of PCHH or PCP. Because ADAM has already announced the take over bid for both companies by the time PCH has decided to sell it to a third party. This is serious violation of ethics and I strongly feel that court will not allow it to happen. On that ground as shark mentioned we can have a big boom on Monday as well for these two shares. People now have the confident on ADAMS for turnaround of companies like OGL within a very short period of time. ADAMs has given back the much needed confidence about the mkt to the investors. Don't forget that after OGL run from Rs6.0 levels to Rs15.0 levels, AINV great success of its IPO, share price increase in PCP, PCHH, and PCH together with CLPL group has given the confident to the investor public and after that only fundamentally sound shares started to go up.

On that grounds we all OWE to AINV for the firing of guns for the BULL to run. Am I correct shark.?

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics

Agree with you bandara
i think In the future AINV will play a bigger role in cse..

BullvsBear

BullvsBear
Senior Equity Analytic
Senior Equity Analytic

SHARK wrote:The amount of Hefty Gains PCHH, PCP, CLPL W13 & W14 CIFL in recent past have overshadowed the Strong Caps

Yes...
Also still there is a big room to swing ahead for below two shares from Monday onwards.
-PCP
-CLPL-W14

I mean it for trading purpose... Very Happy

bandara 123


Manager - Equity Analytics
Manager - Equity Analytics

Can we expect some fire works from PCP & PCHH today?

UAEBOY

UAEBOY
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

bandara 123 wrote:Can we expect some fire works from PCP & PCHH today?

PCP

BullvsBear

BullvsBear
Senior Equity Analytic
Senior Equity Analytic

BullvsBear wrote:
SHARK wrote:The amount of Hefty Gains PCHH, PCP, CLPL W13 & W14 CIFL in recent past have overshadowed the Strong Caps

Yes...
Also still there is a big room to swing ahead for below two shares from Monday onwards.
-PCP
-CLPL-W14

I mean it for trading purpose... Very Happy

PCP Done
CLPL-W14 ---Pending Wink 

Enjoy the profit...

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