"China’s Shaanxi Gas to start up Xi’an LNG plant in 2014
25 April 2012 10:02 Source:ICIS News
SINGAPORE (ICIS)--Chinese firm Shaanxi Gas Group is expected to start up a 2m cubic metre (cbm)/day liquefied natural gas (LNG) plant at Xi’an in northwest China’s Shaanxi province in 2014, a source familiar with the matter said on Wednesday.
The yuan (CNY) 1.5bn ($238m) project will also include two 30,000 cbm storage tanks, according to the source from Shaanxi Provincial Natural Gas, a subsidiary of Shaanxi Gas Group."
if these boys were serious about an LNG plant, a new plant, why wouldn't they just purchase the plant at JingBian that Abax holds security for? It does seem like LNG is a growing part of the future.
I believe that the state of Delaware, where the corporate charter for CHNG resides, requires all sorts of shareholder friendly rights like financial information and the rights to atttend annual board meetings and the right to vote directors out. None of these seem to have been observed.
I looked at the plaintiff case where Kousa seeks to recover $600K. He is suing CHNG and also he sues Quinan Ji, "Fast-times" Don Yang, Lawrence Leighton, and others. If CHNG can feign BK and exit America in the hands of Abax, it still leaves Lawrence Leighton on the hook for a horrendous judgement, ouch. These boys were in it together. Ji and Yang have made their exits from Board members. Their vulnerability from American judgements puts some big questions into their future business dealings via financial institutions.
you miss the whole point of filing for deregistration. If CHNG were to sell the vre that owns Jingbian plant, CHNG remains a going concern and would not have to file for deregistration. So the question at hand is why the deregistration filing? Do you have any answers for that specific question?
I think we are all in agreement with what you state. Missing the deadline is especially touchy for this firm that has been a SEC 'bad-boy' from the beginning.
The delay must come from legal advice, otherwise it would be suicide to fail. The only way this makes any sense is that a reorganization offer looms, that will require no-contest with current plaintiff litigants... and that is in its final days for consummation at the biz level.
"Given the economic conditions experienced globally over the last several years, the costs related to being a public company and the ever increasing regulatory requirements applicable to public companies, many small and mid-size public companies, as well as foreign private issuers, are considering ways to eliminate the costs and regulatory burdens of being a public company through a deregistration, or “going dark” process, or through privatization.
A deregistration or “going dark” transaction involves a deregistration of the Company from the reporting requirements of the Securities and Exchange Commission (“SEC”), pursuant to Section 12 of Securities Exchange Act of 1934 (the “1934 Act”), and the delisting of the company’s securities from any trading exchange or quotation system if applicable, such that the company becomes a private company. In order to deregister from the 1934 Act, a company must meet one of the following: (i) have less than 300 holders of record of its common stock; or (ii) less than 500 holders of record of its common stock and have less than $10 million in assets in each of the last three fiscal years. Options are a separate class of securities for this purpose.
The privatization of a public company occurs when a third party, either a stockholder group, the company’s management, or an unaffiliated third party such as a private equity fund, effects the buyout of all shares of the public company’s publicly traded stock held by its existing shareholders and then deregisters the Company."
rbt is the board shilll or ignoramus. The reall issue is the margin for the LNG sales. When and if the lng margin equals the cng margin, this is a stellar stock. The improvement to lng margins has been promised, but not yet delivered.
that if there is an offer for the company, it comes from the group backed by "fast-times" Don Yang, prior director, conveniently now gone with a resignation letter that would make George Bush blush. He could not attain the chap 11 swap of debt for equity, so now someone will appear. If you recall, it was Yang who was behind the funding for the Ji bid at $4.25. In my opinion, what we have seen here is a skam to steal from American investors (firstly with short gagns). It will be interesting to watch this depart the country.
from what I can discern, the deregistration is for one of two purposes: a) going private or merging into another reporting company b) going out of business.
The timing seems to put the horse before the cart, but my surmise is that some reorganization plan in front of a BK court is likely to emerge in the short term.
taken from form 15-12g
"Approximate number of holders of record as of the certification or notice date: 27'
27 owners of record for this stock is hard for me to believe.
you should pay a little attention to the way things work in the USA. Firstly, the offer would have to be approved by the Board of directors, and then submitted to the shareholders for a vote. If the control approves a "steal", the minority shareholders can avail themselves of a lawsuit for breach of fiduciary duty. The $4.25 offer of Ji (from a few years back) was so contested. If you and rbt think the company is worth only $2 then the control have you exactly where they want you. And as I have stated several times, I believe that rbt is either a shill or an ignoramus.
so rbt... you may not understand this, but the board of directors have a fiduciary duty to the shareholders to maximize the share value! There is no future for a stock market that permits the controlling interest to steal from the minority. Do you really fail to grasp this notion?
so... the price of the takeover has nothing to do with what it is worth. I'd say that sums up your logic in a single sentence.
rbt, take a look at the display of your intellect and common sense on the SGAS board. Your track record at guessing value is dismal. SGAS is a company that posts eps of 11 cents, yet they are selling for 80% of book value. And at this price, they are being pursued by Levi & Korskiski for bidding too low a price and harming current shareholders. 80% of book value for CHNG is $8 per share. What, rbt, was your estimate of value for SGAS, 40 cents? Yet the low-ball bid comes in for $1.30... tripling you guess at value.
Yong Hui Li controls 15.1% of shares outstanding...or some 3,236,000 shares. If he were to make an offer to buy the company, he needs only to purchase the remaining 18,192,000 shares. An offer of $10 per share outright, is an effective $8.50 per share to him. $10 per share for Abax, is no small plus when they have been arguing "insolvency."
I know this sounds optimistic, but it is consistent with the ongoing takeover of SGAS, and the question remains about Li, why would he purchase 15,1% of an insolvent company? (he likely know that it is not insolvent)
I believe that if the company provides for reorganization plan in BK court that is accepted by the judge, the class-action claimants are clucked, they are left at the station as the train departs. I am not certain that it works this way, but it seems we should soon find out.
The timeframe is being forced by BK court for company debt resolution or for some NY judge or trustee plan. This should happen within the next couple of months.
You have to ask yourself, why Honest Best company would acquire greater than 15% of shares outstanding if there were no upside at this point. Has rbt been here to trickle low priced shares into their coffers or have they, Honest Best, acqiored sjares pf Ji or Yang?
In my opinion, the debt has always beed one of several red herring to deceive the public. The company wants this ownership back in China, the question remains, what will their exit price from America be?
if you click on the sec tab you will see the filings, however, if you click just to the bottom so that you can see all filings on edgar, then you will see a couple of things, one being an extension til the 15th and also you will see that Honest Best has increased their ownership of total shares outstanding.
the offer for sgas 'pursuant to which Parent will acquire the Company for US$1.30 per share ' over a book value of 1.64 amounts to .79 of book value. 79% of CHNG book val at $10.21 amounts to $8 per share.