On Feb 25, 2010, when Ramunia makes the announcement that it is being categorized under PN17, the market probably still in the dark except for some people in Ramunia.
On that day, Ramunia opens at 0.395, goes up to 0.40 and comes down to 0.39 and finally closes at 0.395. There are 873,000 shares traded on that day.
On Monday, many people were informed of Ramunia's PN17 status, therefore, many people started to liquidate this stock. It opens at 0.30 and comes down to as low as 0.18 because many people wanted just to get out of this stock. At closing, it is priced at 0.205. There are 59 million 958,700 shares traded.
On the same day, it comes out with another statement saying that the group's NTA remain positive.
It says that the diposal of the Teluk Ramunia Fabrication Yard is ongoing and is expected to be completed by April and upon completion, the group's NTA is expected to remain positive and will improve to a net cash position.
It is selling to Sime Darby Engineering Sdn Bhd for a final disposal consideration of RM 530 million cash.
A statement brings down the counter and another statement injects life into it.
The March 1's announcement is listed below:
General Announcement
Reference No CS-100301-8163B
Company Name : RAMUNIA HOLDINGS BERHAD
Stock Name : RAMUNIA
Date Announced : 01/03/2010
Type : Announcement
Subject : RAMUNIA HOLDINGS BERHAD ("RAMUNIA")
Contents : On 25 February 2010, Ramunia Holdings Berhad (“Ramunia”) made an announcement that it was an affected issuer under Practice Note No. 17 (PN17) of Bursa Malaysia’s Main Market Listing Requirement. (Reference No. CS-100225-5AB34)
The company would like to draw attention to the technical reason that Ramunia was classified under PN17. The PN17 criteria was triggered resulting from Ramunia's auditors expressing a modified opinion with emphasis on Ramunia's going concern in the Company's latest audited consolidated financial statements for the financial year ended 31 October 2009 and Ramunia's shareholders’ equity on a consolidated basis is less than 50% of the issued and paid-up share capital of Ramunia. However, the group’s NTA remain positive.
Notwithstanding Ramunia’s current PN 17 status, the disposal of the Teluk Ramunia Fabrication Yard is ongoing and is expected to be completed by April 2010.
Upon completion of their disposal, the group’s NTA is expected to remain positive and improve to a net cash position. The group has started exploring and considering options to revive and reorganize its core businesses and as part of its regularation plan to address its PN 17 status.
This announcement is dated 1 March 2010.
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