It's the start of August, and there's alot of whipsaw action in the markets. Looking at STI, it is now at the pre-crisis levels and rumored to even hit 3000 by end of the year!
Ok, let's look back. Since the mad sell off in Feb-Mar, the market took a huge turn by killing all the bears and most of the stocks you have bought during that period of time will have made you at least 30-40% gain till date. It seems that Asia markets has recovered quite a fair bit but the US markets has still room to move up. Dow is still below its 10,000 mark and NASDAQ close to its 2000 mark.
Moving back to the STI, Celestial is still suspended, pending its negotiation with the bond holders. Below is the latest reply:
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CELESTIAL NUTRIFOODS LIMITED
(the “Company”)
(Incorporated in Bermuda)
UPDATE ON EARLY REDEMPTION OF CONVERTIBLE BONDS FOR JULY 2009
Further to the Company’s announcement nos. 00073 and 00175 released on 15 June 2009 and 30 June 2009 respectively, the Board wishes to inform that the Company has had preliminary communications and discussions with bondholders representing a substantial majority interest in the convertible bonds, and has been working with the sole dealer manager, Merrill Lynch Far East Limited and the legal advisor, Milbank,Tweed, Hadley & McCloy LLP to develop potential proposals for bondholders’ consideration.
Should the bondholders wish to communicate with the Company, please find below the contact details of the Company:-
Contact : Sun Feng
Telephone : 0086-10-65561809
Email : info@celestialsms.com
The Company will provide an update as and when there is any further development.
By Order of the Board
Ming Dequan
Executive Chairman
31 July 2009
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It has missed the bull run recently, with most of the S-Shares moving fast and furious and recovering to its pre-IPO prices. Yangzijiang is currently trading at $0.895, which is at the 2006 pre-crisis levels, and others like China Milk and China XLX moving into the $0.50 levels.
Kinda busy nowadays, as banks are trying to catch this sudden uptrend in the economy, and doing the mid year appraisal is stressful as well!
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