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EGANAGOLDPFEIL (HOLDINGS) LIMITED
聯洲國際集團有限公司


Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)

EganaGoldpfeil (0048): cancellation of listing
Company announcement, 30-Dec-2011
SFC seeks disqualification and HK$2.13bn compensation orders against former directors of EganaGoldpfeil (0048)
SFC, 1-Aug-2011
We'd be amazed if they ever collect a penny, even if the order is granted. The defendants can just go through personal bankruptcy while they are serving (part of) the disqualification time. This does not preclude the possibility of criminal charges for fraud or false accounting in the case.

Five guilty in Grand Field case
ICAC, 5-Mar-2010
This case was first brought to light by our article Cooking with Gas of 4-Mar-04. Charges were brought on 23-Jul-07, and then we wrote about Egana. No charges have yet been brought in that case.

Commercial Crime Bureau arrested director and employee
Company announcement, 30-Jun-2008
8 held in fraud bust
HK Standard, 13-Jun-2008
Egana update
We update you on the Egana (0048) situation, and the answers management provided to some of the questions in a recent conference call with investors. A recording of the call is now available for download from Webb-site.com, in the interests of fair disclosure. (6-Aug-2007)

Egana and Upbest
Following this week's charges by the ICAC against certain directors of Upbest (0335), Webb-site.com looks at the connections between EganaGoldpfeil (0048) and Upbest, and we don't like what we see. There's a mixture of out-and-back profit-generating transactions, innovative accounting policies, investments in closed-end funds, interest-free "deposits", rolling promissory notes and yes, an aborted gas transaction in the PRC. Are we looking at the next Moulin here? (26-Jul-2007)

CSFB's Toxic Convertibles
Webb-site.com lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)

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