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Monday, December 06, 2010

My Waterfalls

Evergreen : Not added and do nothing yet. Still at my cost price of 1.38. Wait.



Alam : Added her today tho support at 0.92. TBT(tak boleh tahan) syndrome as the FEAR factor is there. Thanks to the recent Vastalux's debt restructuring news.

Type : Announcement


Subject : ARTICLE APPEARING IN FINANCIAL DAILY, FRIDAY, 3 DECEMBER 2010 ENTITLED: "ALAM MARITIM TO RESOLVE DEBT EXPOSURE IN VASTALUX TODAY"


Contents : Reference is made to the article appearing in Financial Daily, Friday, 3 December 2010, and in particular to the statement appearing therein which is reproduced as follows:-

“…According to Bursa Malaysia filings, Alam Maritim’s wholly owned subsidiary Alam Maritim (M) Sdn Bhd is one of the creditors listed in VSB’s proposed debt restructuring scheme (PDRS). Under the PDRS, Alam Maritim is part of the group called “unsecured scheme creditors class 2” with RM146.81 million in total debts owed by VSB.

Of this amount, VSB has proposed that 20% be settled through issuance of 117.5 million new shares in VEB, 50% to be settled through issuance of 293.62 million redeemable cumulative unsecured loan stocks (RCULS) while the remaining 30% to be waivered. Alam Maritim (M) Sdn Bhd will emerge as a substantial shareholder in VEB if it fully converts its portion of the proposed RCULS.”

In relation to this, the Company wishes to update that it had attended the Meeting of Creditors Summoned Pursuant to an Order of the High Court of Malaya under Section 176(1) of the Companies Act 1965 which was held at 10.00 a.m. on 3 December 2010. The Company was not in favour of the PDRS.

However, the Company is still pursuing to recover the amount owing by VSB through discussions with several relevant parties including the end-client.

This announcement is dated 3 December 2010.

http://www.alam-maritim.com.my/



JCY : RSI in extreme low region (19.7 on Friday) and I mentioned her as I like waterfalls. Added her today at 0.77-0.79. RSI at 25, can still move in if you are 'late'.



Kinsteel : Two huge volumes seen and need to wait for another trading day to see the reversal. I have positions in her and will continue to add ... perhaps at 0.79 or below. RSI at 24.4 after today's selling. No more waiting long ... buying on Wed or Thu.

TEH

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