Bangkok--Jan 10--SET
Executive Vice President of the Stock Exchange of Thailand (SET) Mr. Suthichai Chitvanich announced that the SET would transfer Everland Pcl.'s (EVER) securities from the REHABCO sector to the Property Development Sector (Property and Construction Industry Group) on January 19, 2006, and allow trading to resume from that date onward. EVER is the first firm whose securities were returned to its regular sector this year.
Mr. Suthichai reported, "As noted in EVER's letter requesting approval to transfer to the Property Development Sector, the company has been disclosing its net operating profit from its core business for one year (starting with Q4/2004, ending December 31, through Q3/2005, ending September 30). EVER's financial statements, as of September 30 2005, showed a positive shareholder's equity of THB 480 million.The company has also successfully completed its debt restructuring and EVER has been able to demonstrate both its strong financial position and performance on a continuous basis."
EVER's strategic shareholders, who hold collectively 295,428,932 shares, (par value is 1.00 (one) Baht per share) or 98.47 % of the total outstanding shares, have informed the SET that they will not sell their securities for at least one year from the day that EVER resumes trading. (The SET prohibits them from selling more than 25% of their shares during the first six months after trading resumes, while over the next six months, they may sell up to an additional 25 %.), " the SET EVP said.
Mr. Suthichai also said that EVER has posted an "SP" sign since 1998 when the firm was transferred to the REHABCO sector. Investors should therefore closely consider EVER's operating results from its financial statements during the past few years as well as its information memorandum before making their decisions to purchase EVER's securities. All details have been disseminated on the SET Market Analysis and Reporting Tool (SETSMART.)
Mr. Suthichai emphasized to the other companies preparing to leave the REHABCO sector that they had to:
1. Show a positive shareholder's equity (after adjustments in accordance with the auditor's opinion) when leaving the REHABCO sector;
2. Have a net operating profit from the company's core business for three consecutive quarters or one year before submitting the application for reinstatement;
3. Have successfully restructured over 75% of the company's total debt and be able to settle debts on time; and:
4. Be able to demonstrate the company's strong financial position and performance on a continuous basis as supported by the company's cashflows.
To allow the market mechanism to work freely, the SET will temporary lift the ceiling and floor limits on EVER's securities on January 19, 2006. End.