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Doesn't matter what they paid. They lost. Trading is done. WSP pipe mill owned by someone else
Don't forget umw paid $7 x 4.600.000 = 32.200.000.
Give me a little bit more time, now it's a
Its over man. We lost this one.
I asked if UMW wanted to buy my shares in a private transaction.
Good-day Mr.
We regret to inform you that we would not be buying any additional shares in WSP.
Thank you.
Best regards,
Then I asked why?
We are unable to provide any reasons for our decision.
Thank you.
They have a legal team monitoring the situation, but he can't give any info??? So the only thing we can do is WAIT.
Information we already know.
Dear,
WSP ADSs were delisted from the NYSE in September 2014. The ADR Facility was terminated by JPM effective June 13, 2016. The ADSs no longer trade.
The Company has been unreachable for quite some time. We were recently in contact with the Share Registrar, however, they were in no position to comment on the share price.
Thank you and regards,
Interesting. Not too surprising.
It says the ADRs will not be cancelled, but it also sounds like they are no longer transferable. I think this means that you retain your legal ownership rights. But that has no value unless shareholders hire a law firm to pursue a case. UMW needs to pursue this in the Cayman Islands.
He doesn't seem to care. Sorry man. We lost
Maybe he now will contact them, or is Longhau Piao dead?
I own 351.168 shares for $29.200 so I want some answers.
There are less than 21 million shares, so they can do a lot with WSHLY. (Empty shell)
They did end it. UMW does not hold majority, so they have no control. JPM tried to contact Longhau Piao and he is nowhere to be found. Even the new shareholders TIPO, said the shares were thought to be canceled. Unfortunately, I never received the May 12th notice. Probably why the share priced dropped the past month. Accept it......it's over.
Do you think they can end this, with 2 shareholders who have more than 73%?
I will send Emails to UMW till I get answers.
I wasn't warned a delisting was possible
Did you read the link I sent you? Its done.
Still no news from
Investor, Media Relations & Sustainability
UMW Corporation Sdn. Bhd.
Thank you and found the answer:
https://www.adr.com/Site/LoadPDF?CMSID=640306b4a56444d5be09248d78912552
I don't own any. I suggest contacting the depository to find out what happened to the ADRs and what happens to your ownership interest. I think JPM was the agent for WSHLY.
Contact info from:
https://www.adr.com/Investors/Markets
If you own DRs in a J.P. Morgan administered program, please contact:
General+1 800 990 1135
From outside the U.S.+1 651 453 2128
Global Invest Direct+1 800 428 4267
What's extremely frustrating about this is investors are supposed to receive notice 30 days before termination of ADRs.
"Owners of ADRs are typically notified in writing at least thirty days prior to a termination."
At this point, I don't care if shares have been canceled and it's over or there is a merger/acquisition, but I want some sort of damn communication.
I've also sent them an email. if I receive something I let you know.
I've sent them an email. They usually respond to me but probably will not get a response until tomorrow.
I've sent them an email. They usually respond to me but probably will not get a response until tomorrow.
If i can get my money back I even want to sell them on mars.
Problem is, who we have to contact.
Lets all sent a mail to UMW.
The challenge will be if this returns trading in a foreign market.....Say China. We will have much difficulty trading there
The challenge will be if this returns trading in a foreign market.....Say China. We will have much difficulty trading there
I own 351.168 shares (1.71%) and I haven't received anything from my bank.
I invested a lot in this company so I'm shocked and hope we get soon information.
I hope this is a new beginning for the stockholders.
or it may not all be over....
ADR termination
Most ADR programs are subject to possible termination. Termination of the ADR agreement will result in cancellation of all the depositary receipts, and a subsequent delisting from all exchanges where they trade. The termination can be at the discretion of the foreign issuer or the depositary bank, but is typically at the request of the issuer. There may be a number of reasons why ADRs terminate, but in most cases the foreign issuer is undergoing some type of reorganization or merger.
Owners of ADRs are typically notified in writing at least thirty days prior to a termination. Once notified, an owner can surrender their ADRs and take delivery of the foreign securities represented by the Receipt, or do nothing. If an ADR holder elects to take possession of the underlying foreign shares, there is no guarantee the shares will trade on any U.S. exchange. The holder of the foreign shares would have to find a broker who has trading authority in the foreign market where those shares trade. If the owner continues to hold the ADR past the effective date of termination, the depositary bank will continue to hold the foreign deposited securities and collect dividends, but will cease distributions to ADR owners.
Usually up to one year after the effective date of the termination, the depositary bank will liquidate and allocate the proceeds to those respective clients. Many US brokerages can continue to hold foreign stock, but may lack the ability to trade it overseas.
http://www.otcmarkets.com/market-activity/deleted-symbols
Look at the top one. "ADR/GDR Program Terminated"
I guess it's over.
http://www.otcmarkets.com/market-activity/deleted-symbols
Look at the top one. "ADR/GDR Program Terminated"
I guess it's over.
Thanks for the update.
I received this reply from UMW in regards to new statements:
"It's encouraging to note that WSP is gettng new orders from CNPC. However, we do not have any new updates from our legal team"
So, good things are happening with Wuxi pipeline, but we still don't know what effect it has on the stock, or where Longhua Piao is in all of this.
There are new statements on the website. Still not sure what any of this means for the stock.
http://www.wsphl.com/egsxw.asp
BOOM!
Just seeing if anyone is watching this anymore.
Good thoughts. I keep hoping SHTIPO would want to use WSHLY as vehicle to go public in states. They are a multi billion dollar corporation. Problem is, the owner of the shell, Piao Longhua, is nowhere to be found. UWM and SHTIPO have no contact with him.
Interesting. I have no position here. It looks to me like the most promising path would be for UMW to go to court in the Cayman Islands claiming that the parent company has been abandoned and seeking the appointment of an independent trustee to resolve its affairs. If successful then the trustee could take control of the operating subsidiaries outside China (especially WSP Pipe thailand) and any other assets which can be traced. The onshore Chinese business (Wuxi Seamless Pipe) is probably a total loss.
I received a mail from UMW.
Good-day,
You may be aware that WSP has been delisted from the New York Stock Exchange on 13 September 2014. The Company's ADSs are now being traded on the OTC Pink® Marketplace under the symbol "WSHLY."
We no longer have board representation at the company. We have a legal team monitoring the situation and as such, we are unable to comment.
Thank you.
Best regards,
S Vikneshwaaran
Head Investor, Media Relations & Sustainability
UMW Corporation Sdn. Bhd.
I received this response from UMW holdings in regards to TIPO taking over WSP wuxi pipe mill.
"The Company's ADSs are now being traded on the OTC Pink® Marketplace under the symbol "WSHLY."
We no longer have board representation at the company. We have a legal team monitoring the situation and as such, we are unable to comment."
So, something is going on.
Thank you.
Best regards,
S Vikneshwaaran
He hasn't been the director of WSP holdings since 2013. He was replaced.
WUXI, China, April 17, 2013 /PRNewswire/ -- WSP Holdings Limited (NYSE: WH) ("WSP Holdings" or the "Company"), a leading Chinese manufacturer of API ("American Petroleum Institute") and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), today announced that its board of directors appointed Mr. Badrul Feisal bin Abdul Rahim as a director of the Company effective April 10, 2013 to replace Mr. Syed Hisham bin Syed Wazir who had resigned from the board. Mr. Syed Hisham confirmed that there were no disagreements between him and the Company. Mr. Badrul Feisal will serve on WSP Holdings' board as vice chairman.
And what about their directors at WSP HOLDINGS?
Syed Hisham bin Syed Wazir
has been our director and vice chairman since November 18, 2010. he is currently the president and group chief executive officer and director of UMW Holdings Berhad
I can't believe a vice chairman doesn't have the number of the chairman.
The only thing we can do is wait.
They purchased those millions of shares when WSP was a viable and not bankrupt company. I've been told by UMW Holdings Berhad they have no contact with Mr. Piao Longhua.
Here are the new investors/owners of Wuxi Seamless Oil pipeline.
http://www.shtipo.com/English/Index.asp
UMW Holdings Berhand corporate profile is outdated.
Here is the email I received from Tipo business development manager:
"We are now discussing with some investors for join the pipe mill. and as far as I know, the pipe mill has nothing to do with the stocks in US. I do not have Mr. PIAO's email but however, if you are interested in investing in the pipe mill itself, now is a good time and you are more than welcome.
By the way, the statement after bankrupcy is confidencial with WSP."
So, from all the DD I have done and email above....WSHLY is an empty shell. Mr. Piao Longhua is the one with answers that nobody can contact.
Don't you think if they don't have any info they would remove it from there website?
They paid millions for that 22,5% and they don't know what the company is doing??
And? We already knew UWM is a WSP shareholder and they have oil and gas division. I talked to IR at UWM.....they still hold shares but in the dark just as much as we are. No conact with Mr Piao Longhua.
http://www.umw.com.my/corporateprofile.php --> group structure.
Oil & Gas
I know, I paid $3000 6 weeks ago to buy 200.000 extra shares.
But with only 20.44 Million shares I still believe we can see 0.05 - 0.1, when they give one PR.
A whole $90 worth!
Any new DD? Any contact with Mr. Longhua?
Who's buying/selling 93 shares in this range?
I hate my bank that I don't can buy pinksheets stocks.
In Belgium they do everything so you don't buy these kind of stocks.
I also have a bankacount in Holland and there they ask
Verenigde Staten € 0,50 + USD 0,004 per aandeel
So If you buy wshly you pay 0.0035 + 0.004 (to buy) + 0.004 (to sell) = 0.0115.
Like I said. Not much interested. Someone willing to part with their shares at .0035
ask 0.0090, but somebody sold at 0.0035???
This company went bankrupt more than a year ago and no PR since. Somebody bought 200k at .027 the same reason You and I bought.....lottery ticket. Nobody interested in .008 today.
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