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SVSA: Company Dissolved and Shares Cancelled.
FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
gotcha, didn't do much of any dd as I have no position here; merely requested the docs out of curiosity
have a good day!
no cash divi... they aren't actually selling the assets they are giving them away to pay off debt owed to their principal creditor
people buying this will be stuck holding a dead shell
but to each their own
cash divvy maybe, although the financials don't seem to support that notion
just out of curiosity, I emailed the contact they mentioned for the Information Statement and Proxy yesterday afternoon but never heard back
unless anyone else received them, it's just blind buying on 'hope'
SVSA is selling off its assets and dissolving the company.
https://www.businesswire.com/news/home/20190502005937/en/
Why would anybody want to buy a stock that is being abandoned by its officers?
One would think there will be a solution somehow.
SVSA up 90% today on ~$50 worth of trades. Hard to believe that owners have invested so much in this project and they can't get it to go forward.
Solid green day? I don't get this stock? Good company, good product, oh poor management, that's it...
To be honest I'm in the dark about that as well. I bought this as a lotto ticker if they ever get this done then this could be a big one. Other than that it's just waiting for now I guess. As you say they should be very interested for their own sake to get this thing done. Question is when and how.
last pr indicated they are still working on the underground piping and roadwork. This must be the founders financing the "groundwork" stuff while they are waiting to get someone interested in financing the actual construction of the hotel. Obviously the owners have spent a LOT of money on this project and that's what attracted me to this rather hopeless looking stock. Has anyone seen any timelines on when they think they will get an answer on financing?
They really changed this? That's very surprising to me but not a bad thing I guess. Didn't read about that yet. Good to know thx. Overall SEC filer or not won't be a deal breaker here IMO, they need to perform on the hotel.
No, this has changed last year. There are many alternative reporting companies under QB tier, see RXMD and others. For me QB status is also not important, but possible it stays QB.
https://www.otcmarkets.com/corporate-services/get-started/otcqb
Reporting Requirements
Meet one of the following Reporting Standards:
SEC Reporting Standard
Regulation A Reporting Standard (Tier 2)
U.S. Bank Reporting Standard
International Reporting Standard
Alternative Reporting Standard
Yes they will continue to file with otcmarkets is my understanding, not with the SEC anymore. But they will lose the QB status since it's only for SEC filers. That said doesn't really matter much to me. There are plenty of alternative reporting companies doing well.
Ok, so hopefully this below means that they will continue to file as an alternative reporting company. THis costs $6k and then they would not even lose QB status.
I know the form but i still don´t understand why they filed it. Company updated company profile last month, they filed the last Q last month and they released news 3 days ago.
So i don´t understand why they filed this form today.
This was filed after my post or in the same minute. Not sure why they filed it.
SunVesta gains experienced experts for Board of Directors and legal advisory
http://www.sunvesta.com/en/2018/06/18/sunvesta-gains-experienced-experts-for-board-of-directors-and-legal-advisory/
Oberrieden, June 18, 2018
The Swiss real estate development company SunVesta announces that Humberto Pacheco-Alpízar, a recognized Costa Rican financial and tax expert, has joined the Board of Directors of SunVesta Holding AG at the beginning of 2018. Alejandro Antillón, partner of the law firm EY Law in Central America, has also been advising SunVesta on legal issues since the beginning of 2018.
Hans Rigendinger, Chairman of the Board of Directors of SunVesta Holding AG, commented: “We are very pleased to have won with Humberto Pacheco and Alejandro Antillón two recognized authorities for our company. SunVesta has thereby significantly strengthened its expertise in asset, tax and legal matters in Costa Rica, the location of our planned luxurious beach resort “Papagayo Bay Resort & Luxury Villas”, and further expanded its local network”.
Humberto Pacheco was CEO of Pacheco Coto, Costa Rica’s oldest law firm specializing in international wealth planning, with offices in eleven countries on four continents, until December 2017. He has been advising multinational individual and corporate clients on tax efficient structures for 40 years and is a renowned expert in international corporate, tax and estate planning. The independent research firm Chambers & Partners, which rates the best business lawyers worldwide, awarded Humberto Pacheco with the “Lifetime Achievement Award” – the highest award of this prestigious organization – in 2013 in recognition of his outstanding professional career. Humberto Pacheco is a founding member and three-time former president of the Costa Rican-American Chamber of Commerce, a founding member of the AED (Costa Rica United Way) and a member and sponsor of other socially responsible organizations. He is the author of numerous publications and a speaker at important conferences.
Alejandro Antillón is a partner of the law firm EY Law in Central America and also heads the company’s Real Estate and Hospitality department. He is an outstanding expert on the Costa Rican and Central American real estate markets. From 2005 to 2017, Alejandro Antillón was Managing Partner and Head of Real Estate and Hospitality at Pacheco Coto, which was integrated into EY Law in January 2018. As a member of Pacheco Coto’s international tax planning department, he has worked on complex real estate projects and international tax structuring and has supported numerous real estate developers in all phases of project planning, financing and tax structuring. From 2004 to 2005 Alejandro Antillón was Managing Director of Stewart Title Costa Rica, an international title insurance company with extensive operations in Central America.
Media Information Hans Rigendinger, Chairman of the Board of Directors of SunVesta Holding AG
I guess this promo is done.
On to the next scam I suppose.
SVSA 10Q out:
https://ih.advfn.com/p.php?pid=nmona&article=77396895
Quarterly report is out:
https://ih.advfn.com/p.php?pid=nmona&article=77396895
Huge day for the SVSA promo.
Zero volume.
Twitter has been quietly leaving.
SVSA has a new director, Humberto Pacheco. He is a lawyer from Costa Rica who sold his company to Ernst & Young last year.
http://qcostarica.com/pacheco-coto-shakes-up-legal-industry-with-ey-merger/
https://www.moneyhouse.ch/de/company/sunvesta-holding-ag-11744600351/management
http://pachecocoto.com/people/humberto-pacheco/#.WvBQuYjFL4Y
Nice, I have a bid for some more. SVSA
New funding over the next twelve months is expected to be raised from debt financing through bonds, shareholder loans and, if necessary, the guaranty agreement borne by certain principal shareholders and participants in management.
On July 16, 2012, certain principal shareholders of the Company or principal lenders to the project entered into a Guaranty Agreement in favor of the Company. The purpose of the guaranty is to ensure that until such time as financing is secured for the entire project that they will act as guarantors to creditors of SunVesta Holding AG.
The Guaranty Agreement requires that within 30 days of receiving a demand notice, requested funds are made available by the guarantors to the Company. Based on this guaranty, management believes that available funds are sufficient to finance cash flows for the twelve months subsequent to December 31, 2017 and the filing date, though future anticipated cash outflows for constructing the Paradisus Papagayo Bay Resort & Luxury Villas continue to depend on the availability of third party financing.
On October 28, 2016, Hans Rigendinger and Dr. Max Rössler formally agreed to maintain the guaranty, as necessary, until completion of the construction of Paradisus Papagayo Bay Resort & Luxury Villas, after which date the guaranty will expire.
I bought in as well here. This all seems intriguing and at least have a lot of potential besides the risk.
10k shows: "Our expected timeline for developing the Paradisus Papagayo Bay Resort & Luxury Villas has been extended due to delays associated with administrative hurdles and securing the necessary financing for the development as follows
*commence onsite vertical construction as soon as financing is secured
* complete construction mid-2020
* handover to hotel management mid-2020
I have no idea if funding is the reason for the delay and it doesn´t sound like company is concerned to find a new management company in case Melia is not interested anymore.
Here in Cologne/Germany they want to build a casino and there are always delays and funding is not the problem.
With larger projects delays could have other reasons.
You could ask the management. They always answer, but takes 1-2 weeks, email is cyrill.escher@sunvesta.com
Ceo died September 2016. Maybe this is also a reason for the delay.
ok, I bought a few shares today on the dump to .03. The presentation is impressive but what is the holdup? Obviously mgmt has substantial credentials. There must be a problem raising the money. Otherwise why would they have to risk losing their management partner by not meeting the construction deadline date.
Volume still low. SVSA $$$
Yeah, looking good. .052 now, ask .055. $SVSA
Buyers are coming. SVSA $$$
Seeing nice hits at .05 right now. $SVSA
Up a whopping 40% for this underhyped gem of a stock today Something must be right here...
https://en.wikipedia.org/wiki/The_Leading_Hotels_of_the_World
•The Paradisus Papagayo Bay Resort was accepted in the association of the “Leading Hotels of the World."
20. SUBSEQUENT EVENTS
Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure. The Company has identified the following subsequent events:
•On February 15, 2018, CHF 7 million (approximately $7.5 million) in bonds were sold to New Berlin Limited (a related party controlled by Dr. Max Rössler, a Director and related party). The respective amount was debited to the non-subordinated loan due to Global Care AG (a related party controlled by Dr. Max Rössler as well).
•On February 28, 2018, the Company met with Melía to advise that the amended completion date for the project could not be met. Discussions are now ongoing as to whether Melía will extend the agreement again or whether the Company will choose to engage a different management company for the project.
•The Paradisus Papagayo Bay Resort was accepted in the association of the “Leading Hotels of the World."
https://backend.otcmarkets.com/otcapi/company/sec-filings/12659112/content/html
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