Discussions on Blumont

[bellboy]

Whats going on in Blumont?

 

 

Oct 18 2014

(Reuters) - Singapore-listed Blumont Group Ltd, which has lost more than $5 billion in market value this month, said it has secured $200 million in new funding from New York-based investment firm Platinum Partners.

 

Blumont, one of three Singapore-listed stocks subject to trading restrictions after a sudden plunge in their share prices recently, said late on Thursday that Platinum will subscribe to convertible bonds issued by the group.

 

Blumont will in turn use part of the proceeds to buy $100 million of convertible bonds in Australian copper miner Discovery Metals Ltd. The rest of the funds will be used to finance future investments in the mineral and energy resources sector and for working capital, the Singapore-listed group said.

 

The funding from Platinum will ease concerns about Blumont's planned commitment in the Brisbane-based copper miner. Shares in Discovery Metals rose 13.3 percent to A$0.085 in Sydney trading on Friday.

Blumont, LionGold Corp and Asiasons Capital Ltd saw their shares plummet in early morning trade onOct. 4 before trading in the stocks was suspended by the Singapore Exchange Ltd (SGX).

 

The SGX has since declared all three stocks "designated securities," meaning people cannot short-sell their shares andmust pay for any purchases with cash up front.

 

Platinum Partners' PPLO fund had been due to subscribe to part of a S$202 million share placement in LionGold, but thatdeal was called off late last week.

 

Platinum Partners' Value Arbitrage fund was also due toreceive stock in Asiasons as part of a share placement used tofund Asiason's purchase of a stake in oil explorer Black ElkEnergy Offshore Operations LLC. That deal is currently in limboafter SGX queried whether Asiasons had a strong enough mandateto make that share issue.

 

Blumont has lost around S$6.26 billion ($5.05 billion) inmarket value since Oct. 1. Its shares are currently trading at S$0.114, down from a high of S$2.54 at the start of this month.

 

 

 

10 Mar 2014 Blumont: US$200 Million Funding From New York-Based Global Investment Fund, Platinum Partners Lapsed.

Blumont Group Ltd. wishes to inform its shareholders that the Long-Stop Date of the proposed issue by the Company of up to US$200 million in principal amount of redeemable convertible bonds to Platinum Partners Value Arbitrage Fund L.P. has not been extended and the Bond Term Sheet has accordingly lapsed. The Company will continue to engage in discussions and explore alternative funding arrangements with PPVAF

[Columbian78]

Nothing going on in blumont, that is why no investor investing in this company.

[Wt_know]

can say bye bye liao ...

[Chucky2007]

Think the bosses lost a fortune... Mo sympathies from me though..

[bellboy]

It did not drop today.

 

In fact, went up by 15%!

 

No logic at all. Lose the funding, share price go up?

[Blueray]

Penny stock crash mastermind John Soh gets 36 years’ jail, Quah Su-Ling sentenced to 20 years

https://www.straitstimes.com/business/penny-stock-crash-mastermind-john-soh-jailed-36-years-ex-girlfriend-quah-su-ling-gets-20-years

[Wt_know]

20 minutes ago, Blueray said:

Penny stock crash mastermind John Soh gets 36 years’ jail, Quah Su-Ling sentenced to 20 years

https://www.straitstimes.com/business/penny-stock-crash-mastermind-john-soh-jailed-36-years-ex-girlfriend-quah-su-ling-gets-20-years

wah ... BBQ le .... with this details of evidence .... 

what to appeal? ... can say I DON'T KNOW like SBF  

Edited December 28, 2022 by Wt_know

[Scion]

this Blumont-Asiasons-Liongold saga, together with the many S-chip frauds, totally eliminated Singapore's thriving penny stock trading back then

the penny stock trades had never recovered since then

[Kb27]

IIRC, Blumont was extremely speculative at one time, from a few cents, suddenly shoot up to $2.50 or so. I guess a lot of people dump quickly, those still wanting probably get burnt in the end.

36, 20 years is a long time. You can both spend your old age retirement in Changi prison. Find your favourite spot first.