ALUF inform serious loss of capital

xhora · 1 ALUF Disclosure : Reduction in Stated capital Tue May 10, 2011 12:01 pm

xhora

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Just in. ALUF going to reduce stated capital because massive losses reduced it's net asset value more than half the stated capital

http://www.cse.lk/cmt/upload_cse_announcements/4241305001909_.pdf

Thank god this in 10% price band otherwise there could have been a massive loss to peak buyers

Quibit · 2 ALUF inform serious loss of capital Tue May 10, 2011 12:01 pm

Quibit

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Directors ALUF through the CSE had made an announcement to its shareholders regarding serious loss of capital and financial constrains the company is currently facing. This is information has been brought to the notice of the shareholder in order to comply with the Section 220 of the Companies Act of 2007.

According to last traded price of Rs 190/= per share, ALUF market Capitalization exceeded Rs 1 bn. According to the Directors the Net Asset Value (NAV) is negative Rs 40mn. This clearly manifest how illiquid shares have been manipulated by selected investors.

Please find below the announcement
http://www.cse.lk/cmt/upload_cse_announcements/4241305001909_.pdf

kuk83 · 3 Re: ALUF inform serious loss of capital Tue May 10, 2011 12:34 pm

kuk83

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Think this is a good lesson to who follows illiquid shares blindly. cyclops

But i wont be surprise if it run beyond 200 again as this is sri lanaka Exclamation

gd lck

Monster · 4 Re: ALUF inform serious loss of capital Tue May 10, 2011 12:37 pm

Monster

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kuk83 wrote:Think this is a good lesson to who follows illiquid shares blindly. But i wont be surprise if it run beyond 200 again as this is sri lanaka

gd lck

Yes, kuk83. That's what I mentioned the same in a another thread.