Key Developments: China Advanced Construction Materials Group Inc (CADC.PH)
0.31USD
1 Apr 2013
$-2.10 (-87.05%)
$2.41
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Latest Key Developments (Source: Significant Developments)
China Advanced Construction Materials Group Inc Raises Q3 2013 Revenue Guidance; Lowers Q3 2013 Net Income Guidance; Narrows Q3 2013 EPS Guidance; Lowers FY 2013 Guidance
China Advanced Construction Materials Group Inc announced that for the third quarter of 2013, it expects to earn revenue of between $13 million and $15 million, recognize net loss of between $8 million and $9 million, and EPS of between $(0.45) and $(0.50) based on weighted average shares of 17.83 million. For fiscal 2013, it expects to earn revenue of between $72 million and $75 million, recognize net loss of $25 million to $ 27 million, and EPS of $(1.40) to $(1.51) based on weighted average shares of 17.83 million. Full Article
China Advanced Construction Materials Group Inc Issues Q3 2013 Guidance; Lowers FY 2013 Guidance
China Advanced Construction Materials Group Inc announced that for the third quarter of 2013, it expects to earn revenue of between $4.5 million and $6.5 million, recognize net loss of between $7.5 million and $9.5 million, and EPS of between $(0.42) and $(0.53) based on weighted average shares of 17.83 million. For fiscal 2013, it currently expects to earn revenue of between $87 million and $90 million, recognize net loss of $16 million to $19 million, and EPS of $(0.9) to $(1.1) based on weighted average shares of 17.83 million. Full Article
China Advanced Construction Materials Group Inc Issues Q2 2013; Updates FY 2013 Guidance
China Advanced Construction Materials Group Inc announced that for second quarter of 2013, it expects to earn revenue of between $37 million and $42 million, net income (loss) of between $(2.5) million and $0.5 million, and earnings per share (EPS) of between $(0.14) and $0.03 based on weighted average shares of 17.83 million. For fiscal 2013, the Company updates guidance as follows and expects to earn revenue of between $137 million and $148 million, net income (loss) of $(2.5) million to $2.5 million, and EPS of $(0.14) to $0.14 based on weighted average shares of 17.83 million. Full Article
China Advanced Construction Materials Group Inc Announces Resignation Of President And CFO Jeremy Goodwin And Appoints Interim CFO
China Advanced Construction Materials Group Inc announced the resignation of Jeremy Goodwin from his positions as President and Chief Financial Officer (CFO), effective November 15, 2011. Mr. Goodwin had no disagreements with the Company and has resigned to pursue other interests and opportunities. The Company has appointed Mr. Yanwei He, China ACM's Financial Manager, as Interim Chief Financial Officer. Full Article
Federman & Sherwood Announces Investigation Of China Advanced Construction Materials Group Inc
Federman & Sherwood announced that it has initiated an investigation into China Advanced Construction Materials Group, Inc. and its Board of Directors with respect to possible breaches of fiduciary duty by the Company and its Officers and Directors, as well as violations of state law, arising from the proposed acquisition of all outstanding shares of China Advanced Const. Mat. Grp Inc. On July 26, 2011, China Advanced Const. Mat. Grp Inc announced that it had received an offer from Mr. Han and Mr. He to acquire all outstanding shares of common stock not currently owned by them in a going-private transaction at a proposed price of $2.65 per share, in cash. Mr. Han and Mr. He currently own, cumulatively, approximately 49% of the Company’s common stock. Federman & Sherwood is investigating whether the proposed sale of stock will irreparably harm other shareholders if the Company allows the sale of all remaining common stock to be sold to Mr. Han and Mr. He; and, whether the consideration to be paid by Mr. Han and Mr. He for said stock is unfair, inadequate and substantially below the fair market value of China Advanced Const. Mat. Grp Inc shares. Federman & Sherwood questions whether the Officers and Directors have taken all steps necessary to maximize shareholder value in relation with the possible change in control of China Advanced Construction Materials. Full Article
Levi & Korsinsky, LLP Announces Investigation Of China Advanced Construction Materials Group Inc
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of China Advanced Construction Materials Group, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with a proposal from its Chairman and Chief Executive Officer, Mr. Xianfu Han, and Weili He, Vice Chairman and Chief Operating Officer, to purchase all outstanding shares of China ACM stock they do not currently own. Under the terms of the transaction, China ACM shareholders would receive $2.65 in cash per share of China ACM stock they own. Mr. Han and Mr. He currently own approximately 49.5% of the Company’s common stock. The investigation concerns, among other things, whether the consideration to be paid to China ACM shareholders is unfair, inadequate, and substantially below the fair or inherent value of China ACM. In particular, China ACM stock traded as high as $4.90 per share as recently as February 9, 2011. Full Article
Tripp Levy PLLC Announces Investigation of China Advanced Construction Materials Group Inc
Tripp Levy PLLC announced an investigation into the proposed acquisition of China Advanced Construction Materials Group, Inc. (Nasdaq: CADC) by its Chairman and CEO, Xianfu Han, and Weili He, Vice Chairman and COO, to acquire the remainder of the Company they do not already own for $2.65 per share in cash. Mr. Han and Mr. He already own approximately 49.5% of the Company’s outstanding common stock. The investigation concerns, among other things, whether the consideration to be paid to CADC shareholders is unfair, inadequate, and substantially below the fair or inherent value of CADC. Indeed, analysts estimate the stock is worth at least $5 per share. The investigation further concerns whether Mr. Han and Mr. He as well as the board of directors of CADC may have breached their fiduciary duties by not acting in CADC shareholders' best interests in connection with the sale process of CADC. Full Article
Rigrodsky & Long, P.A. Investigates China Advanced Construction Materials Group Inc
Rigrodsky & Long, P.A. announced that it is investigating potential claims against the Board of Directors of China Advanced Construction Materials Group, Inc. concerning possible breaches of fiduciary duty and other violations of law related to the Company’s receipt of a proposal from its Chairman and CEO, Xianfu Han, and Weili He, Vice Chairman and COO, to acquire the remainder of the Company they do not already own for $2.65 per share in cash (Proposal The Proposal contemplates Mr. Han and Mr. He’s acquisition of all of the outstanding shares of common stock of China ACM they do not already own for $2.65 per share in cash. Mr. Han and Mr. He already own approximately 49.5% of the Company’s outstanding common stock. The investigation concerns whether China ACM’s Board of Directors is adequately shopping the Company and working to obtain the best price possible for China ACM’s shareholders. Full Article
China Advanced Const. Mat. Grp Inc Receives Privatization Offer
China Advanced Const. Mat. Grp Inc announced that its Board of Directors has received a preliminary, non-binding offer from its Chairman and Chief Executive Officer, Mr. Xianfu Han (Mr. Han), and Weili He, Vice Chairman and Chief Operating Officer, to acquire all of the outstanding shares of common stock not owned by them in a going private transaction at a proposed price of $2.65 per share in cash. Messrs. Han and He beneficially own in the aggregate approximately 49.5% of common stock. The Board of Directors is considering forming a special committee of independent directors (the Special Committee) to consider any proposal that may be made by Messrs. Han and He and their affiliates, if any. If formed, the Special Committee will be authorized to retain independent legal and financial advisors to assist it. There can be no assurance that any proposal for a transaction will be made, that any agreement will be approved or executed or that any transaction will be consummated. Full Article
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