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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » GREG.. Can we hear some good news from GREG

GREG.. Can we hear some good news from GREG

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seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@wiki wrote:does any one know whether they have paid the fine already or are they planning to pay it..
If they have paid it why there is a delay in the so called announcement...

As per the broker source GREG has paid the fines imposed and the Compounding announcement will come on the SEC website in coming days.

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Technical Analytical and Economic/Political Outlook

Popular Stocks Go Berserk Taking The Market Out Of The Rut!!!

Popular stocks BLUE, HVA, BLUE.X, ECL, etc. helped the market to extricate itself from the consolidation rut despite generous imposition of Price Bands which has now been reduced to just an annoyance. Price bands or not ECL, BLUE and BLUE.X are most likely to continue their gravity defying rise right up to the EGM at BLUE on 15th September and probably for a few weeks more thereafter. Popular stock bashing shall continue throughout this week with more and more stocks getting promoted to the ‘popular stock’ rank. Small finance companies with a limited public float are the most likely candidates.

Continuous and desperate mudslinging by opposition wags and their supporting media on GREG and GREG group shares continued as the announcement on the compounding of the GREG case is probably getting delayed till tomorrow’s SEC meeting. From Thursday GREG group is likely to pick up sharply bringing prosperity and immense happiness to the market that withstood a long painful consolidation phase during the past 12 months. REEF and CLND with a plenty of good news up their sleeves are likely to accompany GREG & the satellites in their triumphant victory rally.


Source - Capital Trust

swan03


Vice President - Equity Analytics
Vice President - Equity Analytics
Still NO news?

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The long standing issue related to compounding offense is over now by just paying 10Mn Fine

Sri Lanka listed ERI fined for misleading information
Sept 08, 2011 (LBO) – Sri Lanka’s Securities and Exchange Commission has fined Environmental Resources Investments and three directors for giving misleading information and not revealing material information about the firm in time.
SEC said it started a probe on stock exchange filings made by ERI and found that the firm and its directors had broken securities rules through “non-disclosures and dissemination of misleading information”.

The firm claimed to own stock in platinum mines and was engaged in several transactions with related parties.

The non-disclosure and misleading information concerned related party transactions and cross border investments. The information was eventually disclosed one year later, the SEC said.

The SEC ‘compounded’ the offence where the firm and directors made a payment without going to court as permitted by Sri Lanka’s securities laws. The SEC said if the firm was taken to court it would have resulted in a fine of 10 million rupees.

ERI has been asked to pay 3.3 million rupees, executive directors Kosala Heengama and Gregory Scott Newsome 3.3 million rupees each and chairman Lalith Heengama 500,000 rupees.

Independent directors G S Munasinghe and H B Dissanayake have been warned.

http://www.lbo.lk/fullstory.php?nid=213449170

swan03


Vice President - Equity Analytics
Vice President - Equity Analytics
Is this the news we have been waiting for weeks seyon?

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@swan03 wrote:Is this the news we have been waiting for weeks seyon?

Yes Swan03, We can argue in both side, One side, this compounding offense badly affected ERI reputation in business industry. Every stakeholders ( even investor too) think twice rather reluctant to deal with ERI, so this would affect the future prosperous of the company.

However other side, this issue has been dragging for long term ( nearly 12 months),Today this had been resolved bu just paying 10Mn fine ( Just 3.3Mn to ERI, balance for the directors). this is not a substantial amount for the company even for the directors as well. My understanding is ending up of the long standing issue will enable the company to go for new investment program with sale of foreign investment and CLPL warrant conversion.

so we will wait for other 12 hours to watch the trend of GREG....... Upward trend?????........ Downward trend?....

Auther

Auther
Senior Equity Analytic
Senior Equity Analytic
@seyon wrote:
@swan03 wrote:Is this the news we have been waiting for weeks seyon?

Yes Swan03, We can argue in both side, One side, this compounding offense badly affected ERI reputation in business industry. Every stakeholders ( even investor too) think twice rather reluctant to deal with ERI, so this would affect the future prosperous of the company.

However other side, this issue has been dragging for long term ( nearly 12 months),Today this had been resolved bu just paying 10Mn fine ( Just 3.3Mn to ERI, balance for the directors). this is not a substantial amount for the company even for the directors as well. My understanding is ending up of the long standing issue will enable the company to go for new investment program with sale of foreign investment and CLPL warrant conversion.

so we will wait for other 12 hours to watch the trend of GREG....... Upward trend?????........ Downward trend?....

Seyon,
You have been with GREG for more than one month time. Now it's result out.
So what's your prediction about the market reaction on this matter tomorrow..?

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
SEC sets the record straight on ERI case

The Securities and Exchange Commission (SEC) yesterday set the record straight with regard to its action against Environmental Resources Investments Plc (ERI), which drew some flak from the main Opposition United National Party.

SEC said that the offence by ERI was relating to non-disclosure of related party transactions and release of misleading information and not securities fraud as alleged by UNP MP and Consultant Economist Dr. Harsha de Silva. The SEC also said that the parties concerned had admitted the offence and the matter compounded along with imposition of maximum fine as provided for in the SEC’s Act.

MP de Silva previously charged that the SEC fine was a pittance over an alleged offence related to securities trading. In a statement prior to SEC’s statement yesterday he also recalled that in 2005 ADB wrote in its Sri Lanka: Financial Sector Assessment Report that “compounding of charges is only compounding the problem of insider dealing. The SEC should cease the practice of compounding charges.”

Following is the full statement of the SEC:

SEC by virtue of the powers vested in it under the provisions of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 as amended, conducted an investigation pertaining to certain corporate disclosures made to the Colombo Stock Exchange (CSE) by Environmental Resources Investments PLC (ERI PLC) and the Board of Directors thereof.

The evidence elicited during the above investigation suggested that ERI PLC and the Board of Directors thereof have contravened the Listing Rules of the CSE as well as the SEC Rules published in the Gazette Extraordinary No. 1215/2 dated 18 December 2001 through certain non-disclosures and dissemination of misleading information to the CSE relating to certain material information concerning the company. The said non-disclosures and dissemination of misleading information were particularly important in respect of certain related party transactions as well as cross border investments of ERI PLC. However, subsequent disclosures have been made to the CSE by the company pertaining to the aforesaid material information approximately a year after the said disclosures should originally have been made.

The members of the Commission at its 283rd meeting, held on 10 August 2011, having considered the matters pleaded by ERI PLC and the circumstances surrounding the commission of the offences referred to above, decided to compound the said offences against the company, the Chairman and the two Executive Directors thereof in terms of Section 51A of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 as amended, upon payment of sums of money to be credited to the Compensation Fund of the SEC by the said parties.
It is provided in Section 51A of the Act that the ‘Commission may with regard to the circumstances in which the offence under this Act was committed, compound such offence for a sum of money not exceeding one-third of the maximum fine imposable for such offence’, and in terms of Section 51(2) of the Act the maximum fine imposable by a magistrate on conviction after a summary trial for an offence (for which no penalty is expressly provided in the Act) is Rupees 10 million (Rs. 10 million).
Consequently, the following payments were effected on behalf of ERI PLC, the Chairman and the two Executive Directors.

A sum of Rupees Three million and Three Hundred Thousand (Rs. 3.3 million) on behalf of ERI PLC

A sum of Rupees Three million and Three Hundred Thousand (Rs. 3.3 million) on behalf of Dr. Kosala Heengama, the Executive Director

A sum of Rupees Three million and Three Hundred Thousand (Rs. 3.3 million) on behalf of Gregory Scott Newsome, the Executive Director

A sum of Rupees Five Hundred Thousand (Rs. 500,000) on behalf of Lalith Heengama, Chairman

Having considered the circumstances of this matter, the two Independent Directors namely G. S. Munasinghe and H. B. Dissanayake were warned by the Commission.

The above mentioned sums of money were credited to the Compensation Fund of the SEC, and thereafter the offences against the company, the Chairman and the two Executive Directors thereof were compounded.

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Friends

SEC confirmed that, the issue is not security fraud, merely non-disclosure of related party transaction in correct time.

So probably we can see the positive trend on GREG prices.

This is not a buy recommendation, do ur own analysis before u make the decision

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@seyon wrote:Friends

SEC confirmed that, the issue is not security fraud, merely non-disclosure of related party transaction in correct time.

So probably we can see the positive trend on GREG prices.

This is not a buy recommendation, do ur own analysis before u make the decision

But all depend on investors attitude towards GREG.... Now GREG is not that attractive as earlier

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@wiki wrote:
@seyon wrote:Friends

SEC confirmed that, the issue is not security fraud, merely non-disclosure of related party transaction in correct time.

So probably we can see the positive trend on GREG prices.

This is not a buy recommendation, do ur own analysis before u make the decision

But all depend on investors attitude towards GREG.... Now GREG is not that attractive as earlier

Retailers like u and i will not be main driver to for the GREG trend, there are HNWI and Professional traders are taking up the shares to certain level. We just only join with the party. So all depends on those traders.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
crossings reported on normal shares as well on Warr, also at PCH

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@seyon wrote:
@wiki wrote:
@seyon wrote:Friends

SEC confirmed that, the issue is not security fraud, merely non-disclosure of related party transaction in correct time.

So probably we can see the positive trend on GREG prices.

This is not a buy recommendation, do ur own analysis before u make the decision

But all depend on investors attitude towards GREG.... Now GREG is not that attractive as earlier

Retailers like u and i will not be main driver to for the GREG trend, there are HNWI and Professional traders are taking up the shares to certain level. We just only join with the party. So all depends on those traders.


100% agree with u seyon.But some still can not understand this reality.

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Gaja wrote:crossings reported on normal shares as well on Warr, also at PCH


GREG.N0000:-4.5mn shares at Rs68/=

W2:-5mn at 32.60/=

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@rijayasooriya wrote:
@Gaja wrote:crossings reported on normal shares as well on Warr, also at PCH


GREG.N0000:-4.5mn shares at Rs68/=

W2:-5mn at 32.60/=

As at 31.06.2011 only one party having more than this no of shares if i am not mistaken?

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Gaja wrote:
@rijayasooriya wrote:
@Gaja wrote:crossings reported on normal shares as well on Warr, also at PCH


GREG.N0000:-4.5mn shares at Rs68/=

W2:-5mn at 32.60/=

As at 31.06.2011 only one party having more than this no of shares if i am not mistaken?

Yes it is their major share holder.But who is buyer?

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Gaja wrote:
@rijayasooriya wrote:
@Gaja wrote:crossings reported on normal shares as well on Warr, also at PCH


GREG.N0000:-4.5mn shares at Rs68/=

W2:-5mn at 32.60/=

As at 31.06.2011 only one party having more than this no of shares if i am not mistaken?

Yes Gaja As u said the lionheart is sellers of GREG and warrants and the buyer was not confirmed ( maybe related party). Further lionheart bought PCH today ( broker source)


seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I guess this might be strategic deal between both parties ,Both parries are major shareholder in respective companies. Lionheart & PCH planning to dump to some of their stake to our innocent retailers. If these parties dumping directly, then confidence of these two shares is question among the investors. So this transaction would be the tool to dump of their shares easily.

So be careful with these two shares.

FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@seyon wrote: I guess this might be strategic deal between both parties ,Both parries are major shareholder in respective companies. Lionheart & PCH planning to dump to some of their stake to our innocent retailers. If these parties dumping directly, then confidence of these two shares is question among the investors. So this transaction would be the tool to dump of their shares easily.

So be careful with these two shares.

ERI’s controlling shareholder Lionhart shed 1.5% stake or 4.5 million shares in ERI at Rs. 68 each as well as 5 million warrants at Rs. 32.60 each to PC House for Rs. 469 million. In turn PCH House major shareholder M. Rishan sold 9.6% stake or 22 million shares in the company to Lionhart at Rs. 22 each in a deal worth Rs. 486 million.

The question is why did Rishan purchase these share through PCH ? if he want to pump and dump then we can see GREG price movement in the coming week

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@seyon wrote:
@wiki wrote:
@seyon wrote:Friends

SEC confirmed that, the issue is not security fraud, merely non-disclosure of related party transaction in correct time.

So probably we can see the positive trend on GREG prices.

This is not a buy recommendation, do ur own analysis before u make the decision

But all depend on investors attitude towards GREG.... Now GREG is not that attractive as earlier

Retailers like u and i will not be main driver to for the GREG trend, there are HNWI and Professional traders are taking up the shares to certain level. We just only join with the party. So all depends on those traders.

Ok agreed but retails and brokers do have an influence.. I know few brokers they aggressively promoted this share earlier but now they dont ( scenario can change ).




aloma.fernando


Stock Trader
I have greg,woo14(6) for Rs.50.Can I wait or sell??

ranjanie


Manager - Equity Analytics
Manager - Equity Analytics
I have 5000 LION @210/- seeking experts ideas. WILL it move?

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@FXX wrote:
@seyon wrote: I guess this might be strategic deal between both parties ,Both parries are major shareholder in respective companies. Lionheart & PCH planning to dump to some of their stake to our innocent retailers. If these parties dumping directly, then confidence of these two shares is question among the investors. So this transaction would be the tool to dump of their shares easily.

So be careful with these two shares.

ERI’s controlling shareholder Lionhart shed 1.5% stake or 4.5 million shares in ERI at Rs. 68 each as well as 5 million warrants at Rs. 32.60 each to PC House for Rs. 469 million. In turn PCH House major shareholder M. Rishan sold 9.6% stake or 22 million shares in the company to Lionhart at Rs. 22 each in a deal worth Rs. 486 million.

The question is why did Rishan purchase these share through PCH ? if he want to pump and dump then we can see GREG price movement in the coming week

I am bit confused, Who bought GREG, Whether PC House or Rishan, If Rishan bought no issue for the settlement, Just setting off transaction. If PCH bought, Actually does company have money Rs. 469Mn?

FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@seyon wrote:
@FXX wrote:
@seyon wrote: I guess this might be strategic deal between both parties ,Both parries are major shareholder in respective companies. Lionheart & PCH planning to dump to some of their stake to our innocent retailers. If these parties dumping directly, then confidence of these two shares is question among the investors. So this transaction would be the tool to dump of their shares easily.

So be careful with these two shares.

ERI’s controlling shareholder Lionhart shed 1.5% stake or 4.5 million shares in ERI at Rs. 68 each as well as 5 million warrants at Rs. 32.60 each to PC House for Rs. 469 million. In turn PCH House major shareholder M. Rishan sold 9.6% stake or 22 million shares in the company to Lionhart at Rs. 22 each in a deal worth Rs. 486 million.

The question is why did Rishan purchase these share through PCH ? if he want to pump and dump then we can see GREG price movement in the coming week

I am bit confused, Who bought GREG, Whether PC House or Rishan, If Rishan bought no issue for the settlement, Just setting off transaction. If PCH bought, Actually does company have money Rs. 469Mn?

Its not under Rishans Account and today i confirm that with my broker, i think this is a smart move by Rishan cus when the crossing went everyone expected GREG price to shoot up and people knew its another pump and dump but now we dont know what will happen, like u said does PCH have that kind of money ? if so how long they going to hold ? is GREG planning to acquire the PCH ?

Millions of questions but no answers, on the same time most Brokers still advising to hold GREG

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The report on compounding offense of ERI is published in SEC website http://www.sec.gov.lk/. The report is published in section of Publication and press release.

Why this issue has not been taken to enforcement action....??????

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