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Hey guys, anyone got any information on whats going on. Ivy said auditors are still on site Friday but gave no indication of timelines. Anyone hear anything else. Someone said last week that theres an announcement coming with a timeline.
Having said that any company who gets suspended from now will be removed from the exchange after 12 months. It was this part that got me.
Cheers Scot.. no idea how i missed it in the RNS. Also well dont for reading upto page 23. Iv i had searched thr dame document better it would have come up. Cheers to you all.
and on page 23 within the table on point 59 it states sept 2022 for CNEL.
and 0308966 we were suspended in april so its been less than 12 months for the new rule changes which means we still have 18 months as described in part 5c.
im hoping that we wont even come close to that date and be listed again in next few weeks.
its always been 18months even detailed in previous RNS
https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0507/2021050701339.pdf
lets hope your right topm, and we see some news this week and finally are a step closer to returning back to market.
Cheers top for posting this. If you look at the document i uploaded on sun at 11pm you will see under point 5c (when rules were changed to 12 months - used to be 18 months- the final part is relevant to those already beyond 12 months when the regulation was changed) that it does state 12 months. Now im not suggesting for a second i know better than Ivy who has most likely been told this from the exchange / advisors. Im just posting this as from all my research a few months ago that was the conclusion i came too... Looks like i was wrong! Has anyone got anything to show it is 18months? Hopefully wont be bear that as the sooner this gets the better.
Also had confirmation from our helpful board member that they are well underway with the audited results and are looking to put out exact dates in an announcement soon!! Here we go… Hopefully!
Hey guys. Ivy Xu told me that suspension can be up to 18 months. Not this 12 months described earlier. We should finally have audited results within the next 7 days. I am super excited.
Compared to market cap we have a mountain of profit and future prospects but this is not the issue, it has and always has been the way the board have operated the company as a mini fiefdom. We have forced upon the company oversight and auditors and Hkex are on to them closely so for me one of the biggest positive steps is the forced change of behaviour of directors. This alone could be worth a big boost followed by dividend. We live and hope. the same company operated by a transparent management we would be 2-4x todays market valuation at least.
Cheers Topmoney- So it all ties up with the company wanting to get back before the 12 months are up. Early days right now but will be interesting to see the markets response when it does get back. All depends on the full and half year results still to come out as hopefully theyv made a nice amount of profits.
Ivy xu messaged me saying that the next step is to get fy20 results and H1 results published with a deadline of end of February. This will hopefully open door for resumption of trading at the start of March. Now they never stick to there deadlines and this email was at least a month ago.
Nope was 18 months but now is 12 months.. prior to the 18 months there was no time period at all but HKSE got its act together.
Technically i suspect CNEL must sign off draft 2020 accounts and final shareholder report, half yearly interims and then the final year to 31st December 2021 as that is normally expected end of March. Whether they can relist just on audited 2020 and interims i am not sure about as that might imply they need to relist soon. As i have said i want all good news released prior to relisting so we have a good restart but we will see. A double bumper profit would be nice and a dividend. we should have a big war chest and as long as we dont throw all that cash away of buying mates businesses and get proper oversight on deals we should be in a much better place.
Believe its 18 months before delist, which is September 2022.
Hi Topmoney... Not getting that information from a company source its just my take on it as will have then been 12 months come end of April and if not been relisted by then it will be a case of being delisted off the HKSE. Now that you have mentioned it where did you come qcross the company saying it will be back by march 2022 if you dont mind me asking?
Where are you getting the resumption of trading in end of April? We were told end of March?
Oops should have clarified the last post by saying price of ethanol before anyone thinks i meant the share price (which if they hold will know it cant have been as weve been suspended over 9 months!)
Regarding the price although theres been abit of a drop/correction over the last 3 months its still trading at way above the last 5 year average so still happy days. Hope the suspension hasnt caused anyone too much pain! The ends in sight....
Been popping my head in and out since suspension. Have had this in the back drawer for awhilst but investigated further today. Looks like provided everything goes tickety boo then at latest we will be back by end of april this year. IF it doesnt which i dont think will be the case at all we will be kicked off the HKSE... Think this may end up being a blessing in disguise for us holders. Ethanol prices doing well too!
Great news. It does look like we are coming back. We should have already sorted these requirements, so it can only be a matter of time now.
Looks like the hkex board are happy with the DLA piper review. Otherwise they wouldn't be making this recommendation. Also I would imagine that the 3 NEDs have been screaming for this since last April so I imagine this should be a quick process. Also its something completely achievable. I think we can take from this we are very close to resumption of trading.
Glad HKex are going to hold the board to make good on audit requirements and i am sure one of the requirements for relisting is open and transparent reporting. The quarterly updates must have dismayed them as it said nothing so they have more work to do. As you say the audit made recommendations so they must deliver the basics of independent review to reign in the cosy side deals of the Chairman with his mates at trumped up prices with on deliverables of note. We will see i guess in the financial report how wonderful all his PR deals were in generating sales in India and elsewhere. Hopefully the last of the cosy side deals are going to be closed down.
And.... this was part of the recommendations from the audit so hopefully has already been happening.
To engage an independent third party with relevant internal control experience to conduct
a comprehensive review of the Company’s internal control policies, and consider to adopt
appropriate remedial actions recommended by the reviewer thereafter;