Ik ben nog even verder gedoken in het accountants rapport (van DWC) en moet helaas mijn opmerkingen van hierboven nuanceren.
Het rapport zelf bevat namelijk volop formuleringen die erop wijzen dat het zeer twijfelachtig is of DWC de financiering rond krijgt van de fabriek bij Nanjing (van DWN).
O.a. op pag. 5:
"The auditors' report of the Company and its subsidiaries were unmodified but included an emphasis of matter paragraph due to the following:
• the Group incurred consolidated net losses for the FPE 2008, FYE 2009, FYE 2010 and FPE 2011. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern.
• uncertainty over the Group's business plan which required significant new funding for the construction of the manufacturing plant to realise the economic benefits of the consolidated non-current assets. The Company's ability to secure the funds necessary in the near future is dependent upon many factors outside of the Company's controL If the
Company is unable to raise sufficient funding, or otherwise is unable to execute its current business, it is likely that impairment charges would be required against the carrying value of the non-current assets of the Group."
En verder op pag. 22:
"Subsequent to 30 June 2011, the Company has received gross proceeds of RM6,122,000 (£1,400,000) in respect of 22,756,991 shares allotted. However, the Group still requires significant funds to finance
the construction of its manufacturing plants. As a result, the Directors are seeking to secure funds from sources including debt financing, private equity fund raising and initial public offerings. At this
stage, the amounts of additional funds which may be raised, if any, and the timing of receipts cannot be determined and it is uncertain as to whether these amounts will be sufficient to finance the manufacturing plants that are intended to be constructed.
If the Directors are unsuccessful in raising the significant funds required:
• it would not be possible to construct the manufacturing plants set out in the Group's business plan such that the Group's ability to execute its business plan and recover the carrying value of the non-current assets would be in doubt and the assets may be impaired; and
• the Group may need to return the land use rights in the PRC to the relevant governmental body in the PRC, which will be subject to the approval from the relevant government body, and/or liquidate Diamond Wood Nanjing Manufacturing Company Limited with the result being that the Group would only focus on its wood trading business.
Obtaining the requisite approvals to do this is not within the control of the Company.
Should the Company fail to raise sufficient funds, the ability of the Group to continue as a going concern may be in doubt.
The Directors remain confident that the Group will be able to obtain sufficient funds to fully realise the recoverable amount of the non-current assets. Accordingly, no impairment provision is made against the non-current assets. However, securing additional funds is
dependent upon the availability of financing which is inherently uncertain."
Als je dit leest als mogelijke investeerder, dan ga je toch geen aandelen kopen? Lijkt me mission impossible, deze IPO.
Als ik hier dan bij betrek de eerder gevonden info, dat uiterlijk eind feb 2012 nog 22 miljoen USD moet worden gestort (zie mijn post hierboven) en de in dit draadje al gemaakte berekening, dat de IPO slechts indicatief 2 miljoen euro kan binnenhalen (200 miljoen aandelen voor nominaal euro 0,01), kom ik uit op dat er nog steeds 19 mln USD nodig is voor eind feb 2012. Lijkt me eveneens kansloos...
Maar dat maakt deze hele IPO tot een onbegrijpelijke exercitie.. Als je 22 mln nodig hebt ga je toch geen IPO doen voor slechts 3 mln?
Kortom, meer vragen dan antwoorden - en helaas opnieuw toch geen vertrouwenwekkende info over DW.
Als iemand nog andere info heeft die hier een nieuw licht op werpt / dit kan verklaren: ik ben benieuwd.