Establishment Investment Share Discussion Threads

[jonny flame] 28/8/2009 07:10

Results out, what's everyone's views on them?

[explorer88] 27/8/2009 10:18

Monster2 - SP's March 08 note has been overtaken by events and results ...

[longshanks] 27/8/2009 09:20

Looks to me like it is going lower before it is going to start recovering. I got out for a small loss when the last spike fizzled out but will be buying back in if/when it gets below 20p. Too many other opportunities out there to think about ETC just now.

The only share price note I am aware of is their March 2008 note (above). One should read this with caution - share price have a significant interest (on various fronts) in ETC and their opinion is probably biased.

[explorer88] 27/8/2009 08:24

monster2 - which month/years share price note?

[themoneymonster2] 27/8/2009 08:19

explorer

Have you read the seymour pierce research not?

[explorer88] 26/8/2009 16:48

monster2 - are you posting on the right company?

ETC's final results show that it is LOSS making; and its net current assets are approximately equal to its net current liabilities ...

i.e.

NOT profitable

NOT trading below cash

NOT 9p eps

[themoneymonster2] 26/8/2009 16:11

Well there can't be many companys left that are trading below cash that are profitable?

Cash here is 30p and eps shopuld be around 9p per share!

[jonny flame] 26/8/2009 14:29

Wonder when this is going to spike higher?

[jonny flame] 26/8/2009 14:29

Wonder when this is going to spike higher?

[themoneymonster2] 26/8/2009 09:59

what a stupid price, i'm back in

[jonny flame] 23/7/2009 18:24

Increasing China GDP growth = more affluent Chinese with cash to spend = more money spend on leisure



23rd July - Chinese Q2 GDP Exceeds Even Upward Revised Forecasts

China's GDP growth continued its rapid rise during the second quarter of 2009, boosting confidence that China will surpass this year's 8% growth target set by the government and head towards a V-shaped economic recovery. The National Bureau of Statistics (NSB) reported that the nation's GDP rose to 7.9% from April to June and that the economy has grown by 7.1% this year, making China far and away the best performing major economy..............

[ericardlussa] 21/7/2009 11:42

GI
Oi
WHATS WRONG WITH SOLE TRADERS? FISHMONGERY IS A VERY HONOURABLE PROFESSION WHICH HAS ITS PLAICE.

[jonny flame] 20/7/2009 16:28

Yes this could be massive, but as you say they really do need to improve upon there investor relations.

[greek islander] 20/7/2009 16:24

Yes but with the vast spread this is not nearly enough to encourage.
I shall hang on in there for the moment because I am convinced that despite all their protestations to the contrary that Kuoni will ultimately take a controlling stake - I think the recent appointment is a clear indication in that direction.
If and when that happens our holdings could be worth many times what they are now. Just pretty sure that Kuoni will not want to be in bed for long with a company that seems to employ very opaque accounting methods and is almost paranoid about avoiding the passing on about trading information.
I am amazed at my enthusiasm for such a large company that still behaves like a sole trader!

[jonny flame] 20/7/2009 16:05

Nice tick up today

[greek islander] 10/7/2009 08:28

Well, Kuoni certainly getting their teeth into this. No lack of intent here.
This is excellent news.

TIDMETC

RNS Number : 4143V
Et-china.com International Holdings
09 July 2009

?
9 July 2009




ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED
("Et-china", "the Group" or "the Company")


Appointment of Non-Executive Director




Further to the announcement of 3 June 2009, Et-china, the leading travel
services group in the fast growing region of South China, is pleased to announce
that it has appointed Yuk-Yin Maria Ng (Maria) (age 51) as Non-Executive
Director of the Company with immediate effect.


Maria joins Et-China with over 25 years experience in the Asian travel industry.
Maria is currently Managing Director of Kuoni Travel (China) Limited having
joined the Kuoni Group as Finance Director and Chief Information Officer in
1997. Prior to joining Kuoni she had held several auditing and finance positions
at various domestic and international companies. Latterly Maria was a Financial
Controller of P&O Asia.


Matthew Ng, Et-china's President and Chief Executive Officer, commented: "We are
delighted with the appointment of Maria Ng to the Board and are confident that
her experience in the Asia Pacific travel industry will be of great benefit to
the Company as we grow and develop."
Other than as disclosed below, there is no further information required to be
disclosed under Schedule 2(g) of the AIM Rules.
Current Directorships/Partnerships:
Kuoni Travel (China) Limited
S.K.Y Travel Ltd
Grand Asian Holdings Limited


There is no relation between Maria Ng and Matthew Ng.


- Ends -


Contact details for enquiries:

[greek islander] 07/7/2009 08:01

Welcome GHF
This has the makings of one of those strange stocks that is not very transparent with its financials but is in a sector with huge potential and is expanding fast by small acquisition, appears to have money from somewhere and hangs around until suddenlky it announces that it is in profit and the share price takes off big time.
On the other hand....................
I bought in soon after IPO and made a bomb but then because we had so little information and the company seemed to have so little respect for its shareholders (the annoual results announcement was delayed and delayed without a reason being given) I feared the worst and sold out. I kept an eye on it as knowing China a bit I saw huge potential in the travel industry.
When Kuoni took an interest I felt that this was a signal to get back in as many others did. However, the share price has dropped over 40% since then.
It is as opaque now as it was then. Apart from the outline figures we have nothing. Impossible to read the situation properly. However I have a feeling that with a huge fast expanding turnover (that much we know) and being committedly acquisitive picking up smaller companies, this could just possibly be a future giant especially if Kuoni hang around. Or Kuoni could buy it out in full.
Alternatively if Kuoni pulled out suddenly because they cannot work with such a badly run company(?) then the share price would crash. Needs some positive newsfeed which it never seems to get. Would be wonderful to get some real detailed figures.

It's a real punt - no more. I'm hanging in there for the moment but couldn't now really advise anyone else to buy in.

[glasshalfull] 06/7/2009 22:54

Cheers Johnyee....I hadn't the time earlier to retrace through RNS's.

£5.5m corporate bond x 7% yield per annum = £6.3m redemption figure mentioned in the accounts (extract above).

No other comment and perhaps not a worry for many investors but then again I don't know how many have spent time going through the accounts.
When parting with hard earned cash I believe it a prerequisite.

Not for me at the present time when I also throw in the illiquidity here with opaqueness of the accounts, not to mention the prohibitive spread. I'll await the next set of figures to hopefully get a better handle on both performance and finances even if it means a higher entry.

Best of luck to holders. I'll leave you in peace.

Regards,
GHF

[johnyee 7] 06/7/2009 15:02

This is taken from the £5.5 million raised last year


Under the terms of the Bonds, the Investors have a put option at the end of year
two, on a change of control or on a de-listing of the Company (the "Put Option").
If an Investor exercises its Put Option, the Company will redeem that Investor's
Bonds at their principal amount plus an amount that would equal a yield of 7%
calculated on a semi-annual basis.

[glasshalfull] 06/7/2009 14:38

Still reviewing ETC.

I've downloaded the accounts (which I am still struggling to untangle) and would draw your attention to the bombshell (IMO) that's contained in the Independent Auditors Report prepared by KPMG.

The conclusion of the auditors report - Emphasis of matter - Going Concern (page 12).



"The bond holders of the Company's GPB 5,500,00 convertible bonds have the RIGHT TO REQUIRE THE GROUP TO REDEEM THESE CONVERTIBLE BONDS IN CASH IN MAY 2010 AT GBP 6,311,000. The REDEMPTION OF THESE BONDS WOULD REQUIRE THE RAISING OF ADDITIONAL CASH. These conditions, along with the other matters explained in note 2 of the financial statements, indicate the existence of a material uncertainty, which may cast significant doubt upon the Group's and the Company's ability to continue as a going concern"

(my capitals)

I should stress that I am not an Accountant but I regularly read accounts on a daily basis and don't normally come across statements such as this in an auditors report.

I believe that ETC are on the cusp of considerable growth potentially on the short to medium term and it certainly excites me as a potential investment. However, when I read a statement such as the one above it screams bargepole to me.
Would appreciate any comments as I'm certainly no de-ramper and any clarity any posters can provide would be appreciated.

Looks to me that the redemption and potential consequences could cast a shadow over the company. On the other hand, they recently tied the know with Kuoni who have deep pockets and a placing underwritten by Kuoni would certainly deal with the issue but would also find them obtaining a majority stake in the company.

There are many other scenarios which may also result in the dilution of existing shareholders invested in the company which has currently a £10m market cap and potential fundraising requirements for £6.3m worth of bonds.


Regards,
GHF

[jonny flame] 01/7/2009 09:06

China continuing to improve, good news for the economy and for the tourist industry

[greek islander] 30/6/2009 15:35

Posting of Annual Report and Accounts





TIDMETC

RNS Number : 7575U
Et-china.com International Holdings
30 June 2009

?
+-----------------------------------------+-----------------------------------------+
| For immediate release | 30 June 2009 |
+-----------------------------------------+-----------------------------------------+


ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED
("Et-china", "the Group" or "the Company")


Posting of Report and Accounts


The Company announces that it has sent to shareholders its report and accounts
for the year ended 31 December 2008. The report and accounts are also available
to be downloaded from the Company's website at www.et-chinalimited.com

[jonny flame] 22/6/2009 18:12

"This is certainly great news for us as more than half of China's tourist market use the web for planning their holidays," shared Durano.

[jonny flame] 22/6/2009 15:29

Just added to my holding.