Friday, December 30, 2011
Tuesday, December 20, 2011
Artificial Life (ALIF.PK) Sues KPMG Hong Kong for Damage Exceeding US$ 100 million
Press Release
Shareholders Prepare Additional Class-Action Lawsuit Against KPMG in the USA
The Company currently estimates and assesses the damage and potential damage caused to the Company by KPMG Hong Kong to exceed US$ 100 million due to -- amongst other factors -- the loss of substantial market value of its equity, the forced delisting of its shares from the US OTC market and the German Entry Standard Segment, its loss of major cash funding options, its loss of investment opportunities, its loss of revenues and profits and its general loss of business opportunities and general reputation damage caused directly and/or indirectly by KPMG Hong Kong's malpractice, breach of contract and breach of duty of care
Shareholders Prepare Additional Class-Action Lawsuit Against KPMG in the USA
The Company currently estimates and assesses the damage and potential damage caused to the Company by KPMG Hong Kong to exceed US$ 100 million due to -- amongst other factors -- the loss of substantial market value of its equity, the forced delisting of its shares from the US OTC market and the German Entry Standard Segment, its loss of major cash funding options, its loss of investment opportunities, its loss of revenues and profits and its general loss of business opportunities and general reputation damage caused directly and/or indirectly by KPMG Hong Kong's malpractice, breach of contract and breach of duty of care
Thursday, December 15, 2011
Friday, December 9, 2011
ChinaCast Education Corporation Releases Open Letter to Shareholders
Open Letter
The most important part of the letter is of course the topic below.
Unlocking Shareholder Value
On November 15, 2011 , ChinaCast Education Corporation announced that its Board of Directors had formed a special committee of independent directors to consider all strategic alternatives which would enhance shareholder value after receiving an unsolicited bid for the Company made by a qualified institutional investor at a significant premium to the current market price of the Company's common stock.
On December 8, 2011 , ChinaCast Education Corporation announced that the Special Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP to act as its independent legal counsel and Credit Suisse Securities ( USA ) LLC to act as its financial advisor in connection with the Special Committee's evaluation of strategic alternatives. The Special Committee, working with its advisors, intends to proceed in a timely and orderly manner, but has not set a definitive timetable for completion of its evaluation, and does not currently intend to announce developments unless and until a definitive transaction or strategic option has been approved. The Company cautions that there are no guarantees that the strategic alternative review process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.
The Board of Directors believes that this offer may represent the best opportunity to unlock shareholder value for all investors.
Personally I think a Private Equity Bid or MBO will unlock the value. Price could be around $11.
The most important part of the letter is of course the topic below.
Unlocking Shareholder Value
On November 15, 2011 , ChinaCast Education Corporation announced that its Board of Directors had formed a special committee of independent directors to consider all strategic alternatives which would enhance shareholder value after receiving an unsolicited bid for the Company made by a qualified institutional investor at a significant premium to the current market price of the Company's common stock.
On December 8, 2011 , ChinaCast Education Corporation announced that the Special Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP to act as its independent legal counsel and Credit Suisse Securities ( USA ) LLC to act as its financial advisor in connection with the Special Committee's evaluation of strategic alternatives. The Special Committee, working with its advisors, intends to proceed in a timely and orderly manner, but has not set a definitive timetable for completion of its evaluation, and does not currently intend to announce developments unless and until a definitive transaction or strategic option has been approved. The Company cautions that there are no guarantees that the strategic alternative review process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.
The Board of Directors believes that this offer may represent the best opportunity to unlock shareholder value for all investors.
Personally I think a Private Equity Bid or MBO will unlock the value. Price could be around $11.
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