TWOD Announcement

sriranga · 1 TWOD Announcement Wed Sep 04, 2013 10:42 am

sriranga

Co-Admin

Posts : 6822
Equity Stars : 23228
Reputation : 2855
Join date : 2011-02-01
Location : London

http://www.cse.lk/cmt/upload_cse_announcements/9791378270185_.pdf

Last edited by sriranga on Wed Sep 04, 2013 10:46 am; edited 1 time in total

K.Haputantri · 2 Re: TWOD Announcement Wed Sep 04, 2013 10:44 am

K.Haputantri

Co-Admin

Posts : 2274
Equity Stars : 9078
Reputation : 390
Join date : 2011-12-06
Age : 75
Location : Moratuwa

?When was the case filled. Vital info with-held.

Slstock · 3 Re: TWOD Announcement Wed Sep 04, 2013 10:49 am

Slstock

Director - Equity Analytics

Posts : 6610
Equity Stars : 13570
Reputation : 1158
Join date : 2011-01-22

Yes Until .....

K.Haputantri wrote:?When was the case filled. Vital info with-held.

sriranga · 4 Re: TWOD Announcement Wed Sep 04, 2013 10:54 am

sriranga

Co-Admin

Posts : 6822
Equity Stars : 23228
Reputation : 2855
Join date : 2011-02-01
Location : London

https://i.servimg.com/u/f76/18/50/18/25/touchw10.jpg

Source:Daily News 30/08/2013
The above image uploaded by Lord Toad in the following thread.
http://forum.srilankaequity.com/t29571-touchwood-good-share?highlight=touchwood

K.Haputantri · 5 Re: TWOD Announcement Wed Sep 04, 2013 11:07 am

K.Haputantri

Co-Admin

Posts : 2274
Equity Stars : 9078
Reputation : 390
Join date : 2011-12-06
Age : 75
Location : Moratuwa

Thanks Shri. Accordinly, the case was filled on 24th July, 2013. The company did not declare this info even after the SEC directed them to do so. ?What action SEC intend to take on this "delay and also intentional with-holding vital info".

hariesha · 6 Re: TWOD Announcement Wed Sep 04, 2013 12:38 pm

hariesha

Vice President - Equity Analytics

Posts : 1058
Equity Stars : 7479
Reputation : 34
Join date : 2011-03-14

K.Haputantri wrote:Thanks Shri. Accordinly, the case was filled on 24th July, 2013. The company did not declare this info even after the SEC directed them to do so. ?What action SEC intend to take on this "delay and also intentional with-holding vital info".

Suspend..

Redbulls

Redbulls

Director - Equity Analytics

Posts : 6053
Equity Stars : 16263
Reputation : 770
Join date : 2012-02-14

Sri Lanka’s Touchwood Investments, which has seen its share price slump following attempts to wind up the company, said on Wednesday that it would vigorously defend a ‘winding up’ petition.

In a notice to the Colombo Stock Exchange, the company’s deputy chairperson S. Maloney, said a petition has been filed in the High Court to wind up the company in respect of a sum of Rs. 3 million that the company allegedly owes the petitioner D.L.R. Nanayakkara. She said the company has already filed an affidavit of objection against the petition.

Stock market analysts said that due to its background, Touchwood – which is in the business of managing forestry - has always been a touchy stock in the market. The share price hit an all-time low of Rs.180 per share this week. The company which initially drew issues over accounting procedures raised by regulators, was later absorbed under the umbrella of the LOLC group but subsequently returned to Ross Maloney, the founder of the firm. The company also promised to invest foreign cash in the troubled Central Investments & Finance Ltd (CIFL) in a deal agreed with the Central Bank. But that transaction also was not fulfilled and now several police complaints against cheating depositors have been filed against the directors of the company, which are now before court.
http://sundaytimes.lk/news/news/37199-troubled-touchwood-vows-to-defend-winding-up-petition.html

kasun333 · 8 Re: TWOD Announcement Wed Sep 04, 2013 7:02 pm

kasun333

Senior Manager - Equity Analytics

Posts : 308
Equity Stars : 5480
Reputation : 2
Join date : 2011-03-04

surely TWOD sheare price tomorrow will come to below 1 ruppes.

hariesha · 9 Re: TWOD Announcement Wed Sep 04, 2013 8:52 pm

hariesha

Vice President - Equity Analytics

Posts : 1058
Equity Stars : 7479
Reputation : 34
Join date : 2011-03-14

If the company is worth, why directors are shedding their holdings? I think now non of the directors are shareholders of the company.

sadikeen · 10 Re: TWOD Announcement Wed Sep 04, 2013 11:13 pm

sadikeen

Stock Analytic

Posts : 14
Equity Stars : 4316
Reputation : 0
Join date : 2013-02-09

Touchwood published their annual report on 02nd September 2013 with their financials for the year ended 31/03/2013 which was prepared on GOING CONCERN basis and approved by the Board of Directors on 16/08/2013 despite the winding up petition filed on 24/07/2013.

The directors have failed to disclose the existence a petition for winding up in the annual report and also failed in their fiduciary duties towards the shareholders by withholding such vital information for more than a month.

Now their AGM is scheduled for 26/09/2013 and it will be interesting to see how shareholders react to above failures.