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SEC Files Subpoena Enforcement Action Against Deloitte & Touche in Shanghai
This is RE: SEC investigation into Fraud at Longtop Financial Technoliges Limited, but wasn't Deloitte Touche Tohmatsu CCME's Independent Auditor...Are they looking into CCME???
FOR IMMEDIATE RELEASE
2011-180
http://www.sec.gov/news/press/2011/2011-180.htm
Washington, D.C., Sept. 8, 2011 – The Securities and Exchange Commission today filed a subpoena enforcement action against Deloitte Touche Tohmatsu CPA Ltd. for failing to produce documents related to the SEC’s investigation into possible fraud by the Shanghai-based public accounting firm’s longtime client Longtop Financial Technologies Limited....
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**The Complaint is here:
Additional Materials
SEC court filing
http://www.sec.gov/litigation/complaints/2011/comp-pr2011-180.pdf
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According to the SEC’s application and supporting papers filed in U.S. District Court for the District of Columbia, the SEC issued a subpoena on May 27, 2011, and D&T Shanghai was required to produce documents by July 8, 2011. Although D&T Shanghai is in possession of vast amounts of documents responsive to the subpoena, it has not produced any documents to the SEC to date. As a result, the Commission is unable to gain access to information that is critical to an investigation that has been authorized for the protection of public investors.
“Compliance with an SEC subpoena is not an option, it is a legal obligation,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “The ability of the SEC to conduct swift and thorough investigations requires that subpoena recipients promptly comply with that legal obligation. Subpoena recipients who refuse to comply should expect serious legal consequences.”
According to the court papers, D&T Shanghai was Longtop’s auditor since at least 2007, and the firm consented that its audit reports for Longtop could be filed annually with the SEC while knowing full well that they would be relied upon by U.S. investors. On May 22, D&T Shanghai resigned as Longtop’s auditor after discovering numerous improprieties during an audit for the year ended March 31, 2011. In its resignation letter, which was included in a Form 6-K furnished by Longtop on May 23, D&T Shanghai identified numerous indicia of financial fraud at Longtop and indicated that D&T Shanghai’s prior year audit reports for Longtop could no longer be relied upon by investors.
As part of the Longtop investigation, the SEC staff issued and served the subpoena on D&T Shanghai seeking production of documents related to the incomplete audit of Longtop for the year ended March 31 as well as prior year audits that D&T Shanghai completed. According to the court papers, these documents may reveal information about D&T Shanghai’s discovery of false financial records at Longtop, how any fraud schemes at Longtop were able to continue undetected, and basic information necessary to ferret out whether there was a fraud, who was behind it, how significant it was, and how it was conducted.
The SEC’s court papers note that Longtop is a foreign private issuer whose American depositary shares (ADSs) traded on the NYSE from the date of its initial public offering in October 2007 until May 17, 2011, when the NYSE halted trading prior to delisting Longtop’s securities in August 2011. When trading was halted, Longtop’s ADSs were priced at $18.93 per share with 57 million shares outstanding, resulting in a market capitalization of approximately $1.08 billion.
Pursuant to its application filed in court, the SEC is seeking a court order directing D&T Shanghai to show cause why the court should not enter an order requiring D&T Shanghai to produce documents responsive to the subpoena.
# # #
For more information about this enforcement action, contact:
Lisa Deitch
Assistant Director, SEC Division of Enforcement
202-551-4999
http://www.sec.gov/news/press/2011/2011-180.htm
Looks like CCME is still on the Reg SHO list...60days now...Still being published in any case...Verify...
Nasdaq ’Threshold’ Securities for May 24
By Michael J. Munoz - May 24, 2011 8:32 PM PT
http://www.bloomberg.com/news/2011-05-25/nasdaq-threshold-securities-for-may-24-table-.html?cmpid=yhoo
Attachment: Nasdaq 'Threshold' Securities (Table)
http://media.bloomberg.com/bb/avfile/rJLoXGGGT0VI
The following is a list of “threshold securities” from the Nasdaq Stock Market, published daily in compliance with the U.S. Securities and Exchange Commission’s Regulation SHO.
The list consists of stocks for which sellers failed to deliver 10,000 shares or more in the past five trading days and the level of “fails” is a minimum of 0.5 percent of the shares outstanding. Securities are listed alphabetically by ticker.
**List at link...Includes...
CCME CHINA MEDIAEXPRESS HOLDINGS IN 60 (*days on list)
NOTE: For more information on threshold securities, see:
http://www.sec.gov/spotlight/keyregshoissues.htm
SOURCE: Nasdaq
-----------------------------------
And this...
http://www.nasdaqtrader.com/trader.aspx?id=regshothreshold
seekingjustice2 makes some good observations RE: the rules...
The denial of the cure period may have occurred due to the fact that a hearing is upcoming...
The rules are available to sort through, but confusing & time consuming... (Not A Lawyer)
This is one I found that makes me think that CCME is still working this through...I may be wrong...Just Too Much Speculation Till The Facts Are Out...JMO...
----------------------------------
http://nasdaq.cchwallstreet.com/NASDAQTools/PlatformViewer.asp?selectednode=chp_1_1_4_2&manual=%2Fnasdaq%2Fmain%2Fnasdaq-equityrules%2F
(d) Additional Deficiencies
The Listing Qualifications Department continues to evaluate the compliance of Companies while they are under review by Adjudicatory Bodies and may identify additional deficiencies. Upon identification of an additional deficiency, Staff will issue an additional notification of deficiency to the Company and send a copy to the appropriate Adjudicatory Body.
(1) Staff's notification of the additional deficiency will conform to the requirements set forth in Rule 5810(a) if:
(A) the matter under review by an Adjudicatory Body is a Public Reprimand Letter; or
(B) the additional deficiency identified is one that has an automatic cure or compliance period.
(2) If the additional deficiency is one that would in the normal course result in immediate suspension and delisting, or one for which the Company may submit a compliance plan to Staff for review, Staff's notification will instruct the Company to address the issue to the Hearings Panel at its hearing, unless the hearing for the original deficiency has already taken place. If the hearing has already taken place, Staff's notification will instruct the Company to provide in writing, within a specified time period, a submission that addresses the deficiency to the Adjudicatory Body before which its matter is pending.
Adopted March 12, 2009 (SR-NASDAQ-2009-018); amended Jan. 29, 2010 (SR-NASDAQ-2009-077); amended Oct. 14, 2010 (SR-NASDAQ-2010-107).
I posted yesterday that there are similarities to CCME & that Jesse Glickenhaus should be commended for his efforts RE: CACG ... CCME needs a Glickenhaus. Much of this can be laid at the feet of the Short Sellers IMO.
Between J. Glickenhaus & Mitchell Nussbaum's recent letters/reports/commentary & related articles, there is a new Hornets Nest being stirred...
In CACG...It is evidenced in the exchanges at the YMB in at least these 2 threads...
Response to John Hempton's Post: facts and questions
by jesseglickenhaus [27-Apr-11 02:11 pm] 29 12 minutes ago
by tollfreelawyer
Nussbaum at Loebs can be a good resource...
by zen_me_zen [28-Apr-11 11:15 am] 4
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/forumview?bn=99140
JMO...
Could this turn out OK for CCME shareholders? Is there a reason the company is quiet?
We'll see how this turns out for CCME when future filings occur...
There seem to be a number of similarities to the CCME story.
Thanks For Posting
Jesse Glickenhus is to be commended for his efforts, visiting the company (China Agritech) and looking into the Company & the Short Sellers claims JMO.
The report he wrote (3/24/11) is here:
http://www.glickenhaus.com/cagc/cagc.pdf
includes:
"There is irony in opaque and fabricated attacks that accuse someone else of dishonesty.
This is a story of short sellers who have published libelous reports about a small Chinese company."
- JESSE GLICKENHAUS
**It's interesting to see the letter posted in the appendix p29 by the Short Seller John Hempton of Bronte Capital to recipients at the SEC, the (then) Auditor, Institutional Holders, et...
This may give some insight as to the kind of letters that have gone around in the background of the CCME story too... SEC, Nasdaq, Starr, Deloitte, BOD, et...
Still waiting for these stories to unfold...Fact & Filings...FWIW
Two things in todays filing..They have appealed & requested a hearing and this specifically mentions the failure to file 10K as the issue. Seems they should be able to build a case for more time to file...JMO...BWDIK...Wait & See...
http://www.sec.gov/Archives/edgar/data/1399067/000114420411020379/v217512_8k.htm
Includes:
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 4, 2011, China MediaExpress Holdings, Inc. (NASDA: CCME) (the “Company” or “CCME”), issued a press release, attached to this Current Report on Form 8–K as Exhibit 99.1, reporting that the Company received a letter on April 1, 2011 from The NASDAQ Stock Market indicating that it failed to satisfy the listing standard specified in NASDAQ Rule 5205(e) and, as such, its securities are therefore subject to being delisted from NASDAQ. Specifically, the Company has failed to file its Annual Report on Form 10-K with the Securities and Exchange Commission on a timely basis. The Company has appealed this determination and requested a hearing before a NASDAQ hearing panel. There can be no assurance CCME’s request for continued listing will be granted.
----------------------
Today's CCME SEC filing & attachment are here:
http://www.sec.gov/Archives/edgar/data/1399067/000114420411020379/0001144204-11-020379-index.htm
If it's like NEP, I think your right. We may not know right away. We may just have to sit on our hands as the facts come out. JMO...
GLTA
The NEP PR you posted was 7/15/10
7/15/2010
"China North East Petroleum Holdings Ltd. Seeks Additional Time to Implement Its Listing Compliance Plan Previously Accepted by NYSE Amex"
http://cneh.irpage.net/details.php?id=39326
*The first SEC doc that I see (and I may be wrong) is an 8K of May 27th, 2010 where they say they had submitted the plan of compliance which was due 4/29/10 and it was being evaluated...
http://www.sec.gov/Archives/edgar/data/787251/000121465910001535/c5271008k.htm
Included:
As the Company disclosed in its current report on From 8-K filed on April 16, 2010, AMEX required that the Company submit a plan of compliance by April 29, 2010 with the action the Company has taken, or will take, to file the 10-K for 2009 and bring the Company into compliance with the listing standards no later than July 14, 2010 (the “Plan”). As AMEX required, the Company submitted its Plan on April 29, 2010, which the Corporate Compliance Department of AMEX currently is evaluating. As stated in the current notice from AMEX, the Company may supplement its Plan until June 8, 2010. The Company intends to submit such supplement by June 8, 2010....
CCME distancing themselves from DTT
In today filing...Item 4.02 today "Item 4.02. Non-reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Review. "
...it also states "In light of DTT's previous resignation, no members of Company's Audit Committe or Board of Directors or any authorized officer has discussed the matters disclosed in this Item 4.02 with DTT ."
I see this as CCME distancing themselves from DTT.
At this, point DTT, STARR or STARR appointed (prior)reps do not appear to have the shareholders interest.
It's now up to CCME. Waiting for facts & filings from CCME. Hopefully CCME stays Halted till then...JMO
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7824803-969-11396&type=sect&dcn=0001144204-11-017875
MS on FMCN... Focus Media reported...I think this reflects well on the potential for Chinese Advertising Companies including CCME ...Yesterday I posted of Growth in Chinese Advertising...It's on this thread... CCME FMCN VISN
MS on FMCN today 3/9/11 comment included...Verify...
Sales Escalation on All
Fronts…
"In our view, Focus Media should benefit from
the robust advertising uptrend in China. Notably, 1) the
company raised the real adv selling price by 10% for its
entire LCD display network. Such sales growth from
price hike tends to boost earnings without incurring extra
costs. 2) Focus aims to double its LCD displays in tier-3
and tier-4 cities, while expanding its in-store adv network
from the current ~160 cities to over 300 cities. 3) Via its
investment on VisionChina, Focus may capture more
adv budgets from mass market and make its adv
network more interactive."
China to join top three global ad markets in 2012....
The latest report from WARC is positive on the China Advertising market...I don't have the report, but...
http://www.warc.com/Pages/ForecastsAndData/QuarterlyForecasts.aspx?Forecast=InternationalAdForecast
-----------------------------
Campaign Asia reported on this trend today 3/8/11: *Chart at link...
China to join top three global ad markets in 2012
by Campaign Asia, 08 March 2011, 11:53am
http://www.campaignlive.co.uk/news/1058783/China-join-top-three-global-ad-markets-2012/
CHINA - China will overtake the UK and Germany to become one of the top three global ad markets in 2012, according to the latest International Ad Forecast from Warc
China's advertising spend is forecast to grow 12.5 per cent at current prices in 2011 and 14.5 per cent in 2012. Next year, the total market value will exceed US$27 billion in value.
Following the strong performance of its television sector, expected to generated over US$10 billion in ad revenue in 2012, China will become the world's third largest advertising economy, behind the US and Japan.
"The Chinese economy is expected to grow by almost 10 per cent this year and rapidly-rising wages are boosting household consumption. As long as these fundamentals continue to be strong and the threat of inflation is kept at bay, Chinese advertising expenditure will forge ahead," said Suzy Young, Warc data editor.
The US remains the world's largest advertising market, accounting for 43 per cent of main media ad spend in 2011 acrorss the 12 countries covered in Warc's report. Ad spend in the country is expected to grow 3.5 per cent at current prices in 2011 and 4.5 per cent in 2012, marking the best start of any decade since the 1980s.
Japan remains the second largest advertising market behind the US. The country's ad spend is forecast to rise 1.2 percent in 2011 and 1.5 per cent in 2012, marking a return to positive growth after three years of flat or negative growth. Internet remains the key growth media in Japan with the market expected to account for 12.8 per cent of main media ad spend in 2011, followed by Germany (7.3 per cent), China (currently 7 per cent) and the UK (6.6 per cent).
China's internet sector is forecast to grow 33 per cent in 2011 and 26 per cent in 2012, when 16.7 per cent of ad spend in the country will happen online.
India, the smallest market featured in the report, is currently the fastest growing market with ad spend expected to grow 18.5 per cent in 2011 and 19 per cent in 2012. The second fastest growing market in 2011 is forecast to be Russia with 17 per cent, followed by China with 12.5 per cent, Brazil with 11 per cent and Australia with 5.8 per cent.
The report goes on to note that average growth in main media ad spend across the world's 12 major advertising markets featured in the report, will increase 4.6 per cent in 2011 and 5.5 per cent in 2012. The main drivers behind the recovery from the recession of 2009 have been the growth of emerging markets and the rise of internet advertising.
Globally, online advertising is due to grow twice as fast as any other mainstream medium this year with 12.7 per cent, followed by outdoor and television both with 4.8 per cent, cinema with 4.6 per cent and radio with 4.4 per cent. Newspapers and magazines continues on a downward trend with a 0.8 per cent and 0.4 per cent decline in ad spend forecast for this year.
----------------------------------
Also **On 3/6/11 the CNAnalist site posted Sunday, March 06, 2011
Top 10 Most Efficient Advertising Stocks: CCME, CMM, VCLK, CNYD, VCI, QNST, ARB, OMC, HHS, ECGI (Mar 06, 2011)
Below are the top 10 most efficient Advertising stocks, UPDATED TODAY before 4:30 AM ET, based on earnings per employee for the last 12 months. Three Chinese companies (CCME, CMM, CNYD) are on the list.
http://www.cnanalyst.com/2011/03/top-10-most-efficient-advertising-stocks-ccme-cmm-vclk-cnyd-vci-qnst-arb-omc-hhs-ecgi-mar-06-2011-.html
May need updating...verify..but of interest on Dual Listing US & HK issue...
Feb 2009...
FAQ: Dual-Listing in Hong Kong
File Format: PDF/Adobe Acrobat
FAQ: Dual-Listing in Hong Kong by Woon-Wah Siu, Louis Bevilacqua and Thomas Shoesmith. For companies listed on a U.S. stock exchange, a dual-listing in Hong ...
http://www.pillsburylaw.com/siteFiles/Publications/708B4C1146FEDFEA93D128B1BBCD707B.pdf
Decent post on NEP posted at the SA site today...
Some upcoming catalysts?
China North East Petroleum: An Opportunity for Short-Term Traders and Long-Term Investors
by: Atticvs Research January 10, 2011 | about: NEP
http://seekingalpha.com/article/245811-china-north-east-petroleum-an-opportunity-for-short-term-traders-and-long-term-investors
China North East Petroleum (NEP) is a low-cost, high-margin, cash generative oil producer in northeast China that experienced two very damaging events in 2010.
First, in early 2010 the company uncovered accounting errors that spanned 2008 and the first three quarters of 2009. The correction exercise lasted through to the end of August 2010, and the related lack of timely SEC filings led to a suspension of NEP’s stock quotation from May 26 to September 9, 2010.
NEP has taken appropriate steps to ensure that this issue remains a one-time event. On November 19, 2010 when the company released its Q3 earnings report Jingfu Li, NEP’s CEO commented:
… Management is actively working to improve the control environment and to implement procedures that will ensure the integrity, accuracy and timeliness of our financial statement preparation process going forward. We have utilized an outside consulting firm with specialized knowledge in financial accounting and specific knowledge of oil industry accounting …. We have also engaged Ernst & Young (China) Advisory Ltd. to assist us with SOX 404 compliance. Ernst & Young will also provide recommendations for instituting necessary additional controls to enhance the risk management capability of our internal controls over financial reporting …. We also implemented financial reporting training programs for specific staff members, particularly with respect to accounting for non-cash items. We are making the effort to support these endeavors to ensure that our previous reporting delays do not recur.
Against a media backdrop of considerable negativity towards all U.S.-quoted Chinese companies, this accounting issue proved to be very damaging to NEP’s share price. Ironically, NEP’s future operating profits are likely to be somewhat higher – not lower – than they would have been using the company's old methods. This arises because the company had to absorb large asset impairment costs during 2008 and 2009 by way of correction, and thus the related depreciation/amortization P&L charges going forward are actually reduced.
Second, spanning the months of May through August 2010, China suffered one of its worst floods of all time. Between floods and the associated landslides over 3,000 people lost their lives and 15 million people were evacuated from their homes. Total damage is estimated to be over $50 billion. Northeast China, including Jilin province where NEP operates, was one of the hardest hit regions. Floods and landslides washed away roads and caused major interruption to NEP’s oil operations, which rely upon trucks for collecting and delivering oil to PetroChina. The flood negatively impacted NEP’s oil output by about 15% during Q2 2010 and by about 40% during Q3 2010. The indications from the company are that production is returning to normalized levels during Q4 2010 and there is no real reason to expect any significant lingering impact into 2011.
On November 19, Jingfu Li, CEO advised: “We believe our fourth quarter production will operate at a more normalized rate."
The impact the two big 2010 events had on NEP’s stock price can clearly be seen on charts. NEP’s stock price was $9+ in early 2010 and at that time the company had total cash of $28 million, about $1 per share. During 2010 this cash balance has doubled to $2 per share, the company substantially grew its well-drilling business during the year, and NEP is now closer to boosting its future profitability via acquisitions. And yet the stock price currently sits at just $5.55.
Let’s look briefly at some appropriately conservative numbers.
Q4 2010: Assuming a legacy interruption effect of 15% from flood/landslide, on top of normal annual reservoir depletion of 10%, total oil output in Q4 would be 197,000 barrels. Using an average Q4 oil price of $80 per barrel, NEP would achieve basic EPS of 33 cents and fully diluted EPS of 31 cents. On December 31, 2010, NEP’s total cash was estimated at $57 million, just under $2 per share.
Full Year 2011: Assuming no significant lingering effect from flood/landslide, but incorporating a further 10% oil reservoir depletion, total oil output would be 850,000 barrels. Using average 2011 oil price of $80 per barrel, NEP would achieve basic EPS of $1.50 and fully diluted EPS of $1.42. On December 31, 2011, NEP’s total cash should be about $111 million, equivalent to $3.70 per share.
Note: In Q3 2010, NEP recommenced its drilling program once the effect of the floods waned and three new wells came into production in Q3. I assume eight new wells will come online Q4 2010 and a further 20 new wells in 2011. Oil output for new wells is higher than that of old wells because of natural reservoir depletion over time. Any positive effect of these new wells has been disregarded in the aforementioned Q4 2010 and 2011 numbers.
Short term trader or long term investor?
With NEP both approaches should be highly profitable. Currently the markets are displaying utter disbelief towards Chinese stocks, at least until these companies deliver proof of performance via strong earnings reports, at which time their stock prices are re-rated.
Many small companies, including NEP, are likely to report their Q4 2010 earnings in March or possibly early April.
However, NEP has a history of releasing its preliminary oil production data about a month following the end of each quarter – the exceptions being Q2 and Q3 2010 for reasons that are now clear. Around the end of January, NEP will likely publish its preliminary Q4 oil production data; if these numbers are in the region of 197,000 barrels, this will immediately validate the Q4 2010 and Full Year 2011 EPS numbers outlined above. Accordingly, NEP’s stock price should receive a nice boost in the next three weeks.
On January 7, NEP stock closed at $5.55, giving the company a market cap of $164 million. For a company about to deliver fully-diluted EPS in 2011 of $1.42, not to mention already having cash per share of $2.00, this is cheap, or more correctly, wonderfully cheap (the 2011 p/e is 3.9). Once the market has proof that the accounting and flood issues were indeed one-time events, we should see the stock price trade in the $8-10 range. An $8.50 share price is equivalent to six times 2011 EPS and leaves the $2 cash per share in for free, i.e. still cheap, leaving plenty on the table for other investors, and remain capable of moving significantly higher.
Long term investors can expect many catalysts to move the stock higher during 2011: (a) getting complete closure on the one-time flood and accounting issues of 2010; (b) winning new drilling contracts, which the company is known to be actively pursuing; (c) analysts updating their earnings estimates – currently published estimates have not been updated since about one year ago and are significantly understated; and (d) news of some accretive cash-acquisitions is also likely in the coming months. On this last topic, the words of the CEO on November 19 are instructive:
We continue to …. focus on potential acquisition opportunities. We have identified several potential targets and believe that if we are successful with our acquisition efforts, it could result in significant contributions to our overall operations.
By year-end 2011, NEP should be trading in the $12-$15 range. A $12 price is equivalent to a 2011 p/e of 8.5, and again this ignores the projected $3.70 cash per share at end 2011.
Summary
NEP’s stock price has been severely damaged by two very large one-time issues that came to light in 2010. The clear indication from the company is that these one-time events will be contained within 2010, and no spillover into 2011 is expected. Via the preliminary Q4 oil production report and the Q4 earnings report, the company will prove that this is the case. Once this occurs, the stock price will surely be much higher than at present.
Finding stocks that have been badly beaten down by genuine one-time events with no lasting damage to the underlying business on a forward looking basis is a highly profitable experience. I have been following and analyzing NEP since it was trading in the $2.00 range during late 2007 and early 2008, and have built up a reasonably thorough understanding of the company. I am confident that the current $5.55 stock price represents an excellent money making opportunity for both short-term traders and long-term investors.
Disclosure: I am long NEP.
China North East Petroleum Announces Results of its Annual Shareholder Meeting
http://www.prnewswire.com/news-releases/china-north-east-petroleum-announces-results-of-its-annual-shareholder-meeting-112863329.html
HARBIN, China and NEW YORK, N.Y., Jan. 4, 2011 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, announced today reported the results of its 2010 Annual General Meeting held on December 31, 2010 in Harbin, China.
At the meeting, the Company's shareholders elected Edward Rule, Hongjun Wang, Jingfu Li, Ruishi Hu and Yau-Sing Tang to the Company's board of directors for one year terms.
**They got the AGM done. That is what was expected. I wonder if the stock can begin to rise now that the BOD is in place for another year. Time for the company to communicate some Business News & Update. JMO.
Looks like NEP re-scheduled the AGM "in order to provide additional time to obtain a quorum."...I don't expect anything from this AGM other then procedural business, ie...No Company Update, et...Their AGM was not Webcast, et...and is probably just a few shareholders but in attendence...There is a chance for some additional news between now & then...JMO
China North East Petroleum Reschedules Annual Shareholder Meeting for December 29, 2010
http://finance.yahoo.com/news/China-North-East-Petroleum-prnews-2144898580.html?x=0&.
Press Release Source: China North East Petroleum Holdings Ltd. On Wednesday December 15, 2010, 8:30 am
HARBIN, China and NEW YORK, Dec. 15, 2010 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, announced today that its Annual Shareholders' Meeting was adjourned until 10:00 AM Beijing Time on Wednesday, December 29, 2010 in order to provide additional time to obtain a quorum. No business was transacted prior to the adjournment. Shareholders are encouraged to cast their vote by proxy prior to the rescheduled annual shareholders meeting. The meeting on December 29, 2010 will be held at the Company's offices at Foster Mansion, 85 Pu Jiang Road, Suite 1413, Nang Gang, Harbin, People's Republic of China 150010...
IMO Don't expect anything out of the AGM. The purpose is procedural, mainly to re-elect the Directors as stated in the recent Proxy Info Filing 11/19/10. If you believe in NEP, it's a buy on weakness & hold. When there is news of Acquisitions or New Drilling Contracts, et the company should notify shareholders. There is No Mention of a company Update in the Proxy Info Filing. So...Don't expect one...OTOH...If there is one it's a bonus, but not expected...JMO
*The most recent company Update is contained in the 11/19/10 filed 10Q
*The Proxy Info filing is of the same date
*Company SEC filings: from NEP website
http://cneh.irpage.net/SEC_Filings.html
To add...
I just sent an email to NEP IR that among other things included "I feel, from a US stockholder point of view, that NEP would benefit from an Updated Website and Improved Investor Relations including more frequent communications from the company and quick reply from dedicated IR persons.
Especially interested in New Acquisitions, Leases, Drilling Contracts, Outlook & Time Frame, et
*BOL & Thx For Working On This
OceanFreight Inc. Announces the Termination of the Standby Equity Purchase Agreement Program
ATHENS, GREECE -- (Marketwire) -- 05/21/09 -- OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services, today announced that it has agreed with YA Global Master SPV Ltd., an affiliate of Yorkville Advisors LLC, to terminate the Standby Equity Purchase Agreement (SEPA), pursuant to which the Company had the option to issue and sell shares worth up to approximately $147.9 million. As of today, the Company has raised approximately $111.6 million of gross proceeds and the total number of shares outstanding is 90,394,493.
Anthony Kandylidis, Chief Executive Officer of the Company, commented:
"Our actions so far have proven our ability to successfully tap the equity markets despite the status of the global economy. Raising approximately $112 million of primary equity has significantly improved our balance sheet and will enable us to take advantage of future growth opportunities. We would like to thank Yorkville Advisors for their assistance."
OceanFreight Inc. Reports Financial Results for the First Quarter 2009**$0.13 per common share
**Net Income of $2.6 million or $0.13 per common share.
http://finance.yahoo.com/news/OceanFreight-Inc-Reports-iw-15295111.html
* On Tuesday May 19, 2009, 4:05 pm EDT
Related:
* OceanFreight, Inc.
ATHENS, GREECE--(MARKET WIRE)--May 19, 2009 -- OceanFreight Inc. (NasdaqGM:OCNF - News), a global provider of marine transportation services, today announced its financial results for the quarter ended March 31, 2009.
Financial Highlights
-- For the three-month period ended March 31, 2009, the Company reported
Net Income of $2.6 million or $0.13 per common share.
Other Developments
-- In May 2009 the Company fully repaid the Sellers' Credit of $25
million in connection with the acquisition of the M/T Tamara and M/T Tigani
that was carrying an interest rate ranging from 9% to 9.5%.
-- As of May 19, 2009, the Company, under the Standby Equity Purchase
Agreement, or SEPA, entered into by and between the Company and YA Global
Master SPV Ltd., has raised approximately $111.6 million of gross proceeds.
Anthony Kandylidis, the Company's President and Chief Executive Officer, commented:
"We are pleased to report a profitable first quarter in 2009. During the last few months we have continued to execute on our business plan. We have secured our cash flow from a diversified client and sector base and we are in compliance with all our loan covenants. We have strengthened our balance sheet by infusing fresh equity of approximately $112 million while reducing the Company's debt obligations. OceanFreight is uniquely positioned to take advantage of the present challenging economic environment and go after opportunities as they arise."
OCNF Results to be released May 19th
Press Release Source: OceanFreight Inc.
OceanFreight Inc. Announces Date for the Release of First Quarter 2009 Results, Conference Call and Webcast
http://finance.yahoo.com/news/OceanFreight-Inc-Announces-iw-15234581.html
* On Wednesday May 13, 2009, 4:05 pm EDT
ATHENS, GREECE--(MARKET WIRE)--May 13, 2009 -- OceanFreight Inc. (NasdaqGM:OCNF - News), a global provider of seaborne transportation services, today announced that it will release its results for the first quarter ended March 31, 2009 after the close of the market in New York on Tuesday, May 19th, 2009. On Wednesday, May 20th, 2009 at 8:30 A.M. EDT, the Company's management will host a conference call to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0) 1452 542 301 (Standard International Dial In). Please quote "OceanFreight."
A telephonic replay of the conference call will be available until May 27th, 2009 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0) 1452 550 000 (Standard International Dial In). Access Code: 7445162#.
Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet through the OceanFreight Inc. website (www.oceanfreightinc.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About OceanFreight Inc.
OceanFreight Inc., is an owner and operator of both drybulk and tanker vessels that operate worldwide. As of the day of this release, OceanFreight owns a fleet of 13 vessels comprising of 9 drybulk vessels (1 Capesize, 8 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 1.2 million tons.
OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF."
Visit our website at www.oceanfreightinc.com.
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although OceanFreight Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, OceanFreight Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in OceanFreight Inc.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by OceanFreight Inc. with the US Securities and Exchange Commission.
Visit our website at www.oceanfreightinc.com.
Contact:
Investor Relations/Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel: +1-212-661-7566
E-mail: oceanfreightinc@capitallink.com
Call Volume Accelerates on OceanFreight Inc.
Noticed this from Schaeffers Research last Friday afternoon. Company should be reporting soon as well. In the meantime dilution has continued.
Call Volume Accelerates on OceanFreight Inc.
5/8/2009 2:08 PM
http://www.schaeffersresearch.com/commentary/content/call+volume+accelerates+on+oceanfreight+inc/trading_floor_blog.aspx??single=true&blogid=92867
Keywords:
OCNF
Option players are betting on a rebound for OceanFreight Inc. (OCNF), which has shed a whopping 94% of its value during the past 52 weeks. During the past five sessions, traders on the International Securities Exchange (ISE) have bought to open 1,876 calls, with zero puts crossing the tape.
OCNF SOIRAs you might expect for a stock trading below $2 per share, speculative investors have set their sights on OCNF's 2.50-strike calls. In the May series, this out-of-the-money option is home to peak call open interest of 4,052 contracts, while the June 2.50 call boasts open interest of 4,494 contracts.
As traders snap up the stock's calls, OCNF's Schaeffer's put/call open interest ratio (SOIR) has plummeted from its mid-April peak of 0.57 to its current perch at 0.12, indicating that calls are nearly 10 times more prevalent than puts among options set to expire within three months.
Elsewhere, many short sellers have hit the exits on OCNF. Short interest on the shares fell by 23.2% during the most recent reporting period, and now accounts for just 1.8% of the equity's available float.
Meanwhile, on the charts, OCNF is struggling to notch another weekly close above its 10-week moving average. The shares have finished two of the last three weeks above this resistant trendline.
-posted by Elizabeth Harrow
5/8/2009 2:08 PM