Key Developments: SGOCO Group Ltd (SGOC.PH)
1.62USD
19 Apr 2013
$0.20 (+14.08%)
$1.42
$1.62
$1.62
$1.62
200
3
$3.38
$1.42
Latest Key Developments (Source: Significant Developments)
SGOCO Group, Ltd. Announces Delay Of 2011 Year End Financial Results Due To Change Of Auditor
SGOCO Group, Ltd. announced that that its independent auditor, Grant Thornton, the China member firm of Grant Thornton International, has resigned as of May 14, 2012. SGOCO and members of the Audit Committee of the Board of Directors have been meeting with other qualified independent auditing firms to replace Grant Thornton and will announce the new independent auditor once one is engaged. As a result of Grant Thornton's resignation, the Company has missed the May 15, 2012 filing deadline for its 2011 annual report on Form 20-F. SGOCO will work diligently with its new auditor to complete the audit of its financial statements for the year 2011 and file its annual report on Form 20-F as soon as practicable. As a result of the Form 20-F filing delay, Nasdaq halted trading of the Company's ordinary shares. SGOCO is working with its advisors to have Nasdaq resume trading. Full Article
SGOCO Group, Ltd. Announces Sale Of Subsidiary
SGOCO Group, Ltd. announced the sale of 100% of the shares of its Hong-Kong-based subsidiary, Honesty Group Holdings Ltd. to Apex Flourish Group Limited (the Buyer), a BVI company, for USD76.0 million. Honesty Group and its subsidiaries (the Group) represented SGOCO's core manufacturing facility along with the land, buildings and production equipment. The Company entered into an Agreement for Sale and Purchase (SPA) with the Buyer pursuant to which it sold all of the outstanding capital shares of Honesty Group (Sale Shares) for cash consideration of USD76 million. The transfer of the Sale Shares was effective on November 15, 2011. The cash consideration will be paid in installments over the next four months. Pursuant to the SPA, the Buyer assumed SGOCO's obligations to invest $8.75 million in Guanwei (Fujian) Electron Technological Industry Co., Ltd. and to pay the balance of approximately $14 million remaining of the commitment to the Fujian Jinjiang government to invest in the Guanke Technology Park. In addition, the Buyer agreed that for three years from the date of the sale, the Group would continue to provide SGOCO with products and services in the same or substantially similar manner as it does now unless otherwise directed by SGOCO. SGOCO intends to use the proceeds from the sale to promote and expand its portfolio of brands, to expand the geographic coverage of SGOCO Image stores and to further develop its R&D capabilities and products. Full Article
SGOCO Group, Ltd. Appoints David Xu As Chief Financial Officer
SGOCO Group, Ltd. announced that David Xu has been appointed Chief Financial Officer and Head of Beijing Office. Full Article
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