SSHZ - The other Sino
This is the old AMDI which went through a nasty reverse split. A few month ago it performed a reverse split into "Sino Shipping Holdings".
The reverse split was guided by Fountainhead Capital Partners Limited who was the majority holding in the original AMDI at the time of the reverse split. Fountainhead cut itself a sweet deal in the reverse merge, ending up with around 4% of the company. They did not leave many scraps for us minority holders.
SSHZ itself is now interesting and worth looking at. NITE let me pick some up over the last week at $2.25 and under and seems to be the only market maker genuinely active.
Current Snapshot
- bid $2.25
- ask $3
- OS 24.63 Million shares
- Top 8 shareholders hold at least 24.35 Million Shares
- 7 of those top 8 shareholders hold less than 5% of the company
- Shareholders Equity (March 31, 2008) $20,823,362
- 1st quarter revenue - $5,303,837
- 1st quarter profit - $1,569,226
- 1st quarter profit/share - 6.4 cents per share
Hard to tell where this one is going, they seem to have a nice cash flow stream but little history. They have not bothered to publish even 1 PR with the reverse merger.
My hope is they are aiming for the Nasdaq Global Market. They clearly have the equity/revenue/profit to qualify. It may be they currently don't have enough freely tradable shares as yet as the reverse merge was so recent.
This is one to study, if they continue to show current profit streams it gives them a PE of around 12 at $3.00 per share.
If somethings hard to do, then its not worth doing - Homer Simpson
