ADVANCE SCT LIMITED : MISCELLANEOUS :: INCREASE OF INVESTMENT IN …


ADVANCE SCT LIMITED (Company Registration Number: 200404283C) (the Company)

INCREASE OF INVESTMENT IN A SUBSIDIARY AND UPDATE ON THE USE OF PROCEEDS FROM SHARES PLACEMENT

Increase of investment in a subsidiary

The Board of Directors of Company and its subsidiaries (collectively the Group) wishes to announce that its subsidiary, Green World Holdings Ltd (GWH) had increased its investment in GWHs wholly- owned subsidiary, BF Envirotech (Shenyang) Co. Ltd. (BFE), a wholly-owned foreign enterprise incorporated in Shenyang, China., by injecting S$1.4 million in cash into the share capital account of BFE.
$827,000 of the above investment is funded by internal resources and $573,000 is funded by proceeds from a shares placement announced on 5 March 2013 (the Placement). This investment is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.
None of the directors and substantial shareholders of the Company have any interest, direct or indirect in the transaction, save their interests owing by way of their shareholdings and/or directorships, as the case may be, in the Company.

Update on the use of proceeds of S$1,200,000 from the Placement:

Kindergartens rapped over high miscellaneous fees

Government auditors rapped some kindergartens for imposing high miscellaneous fees on pupils and failing to retain teachers even as they enjoyed large rental subsidies for their premises.

The Director of Audits latest report studied 740 kindergartens on the governments voucher scheme under which parents received fee subsidies. The scheme was set up to help less well-off families and also to provide schools with the means for professional development.

Auditors found that 60 per cent of miscellaneous fees were not reported on the schools official profiles although they accounted for up to 44 per cent of all school fees collected.

An average kindergarten charged about HK$3,000 in miscellaneous fees per pupil annually, the report said. In one case, a school collected other fees totalling HK$577,000 a year to fund a student celebration function.

The audit also found that some kindergartens paid excessive rent of up to 84 per cent higher than the market rate assessed by the Rating s and Valuation Department, with the help of the government subsidies they received. In one case, a school reported paying a monthly rent of HK$120,750, but the market rate for the premises was assessed to be just HK$65,500.

The report called for a review of the rent subsidy scheme, which it highlighted as a key area for reform ahead of discussions about providing 15 years of free education.

The audit also found that kindergartens under the voucher scheme suffered from high teacher turnover rates. While at 22 per cent for the 2010-2011 academic year, it was still lower than the 27 per cent for those outside the scheme, this was still an issue that warrants attention.

The report urged the Education Bureau to improve its governance of the citys preschools, advising it to explore ways to address the challenges faced by kindergartens and parents.

Deposit-Taking Business Transfers And The Financial Services (Miscellaneous …

Licenceholders will be pleased to learn that a new piece
of legislation, awaiting Royal Assent at the date of this article,
will facilitate the transfer of their deposit-taking business by
court order, without the need to obtain express customer
consent.

The Financial Services (Miscellaneous Amendments) Bill 2012 (the
Bill) contains, amongst other things, changes to the Financial
Services Act 2008 (the FSA), which include a mechanism for
deposit-taking business transfers. This mechanism is similar to
that already in place for the transfer of long-term insurance
business, found in Schedule 2 to the Insurance Act 2008, and brings
the Isle of Man broadly in line with the position in the UK under
the Financial Services and Markets Act 2000.

Currently, there is no statutory procedure in place for the
transfer of deposit-taking business. Accordingly, a licenceholder
wishing to transfer its business is required to effect such a
transfer by obtaining the consent of customers to the novation of
their accounts (through account terms and conditions or otherwise)
or by seeking a Private Bill in Tynwald. Given the numbers of
customer accounts that are generally involved, obtaining express
consent can be both unduly time consuming and costly for
licenceholders in the event that there is no pre-existing customer
consent under the account terms and conditions. The court approved
deposit-taking business transfer route will also provide greater
legal certainty for licenceholders.

When enacted, the legislation will introduce a new Schedule into
the FSA, which sets out a statutory procedure for the transfer of
deposit-taking business. Approval of transfers can be sought where
a person licensed under the FSA proposes to transfer the whole or
part of its business (where the whole or part of the business to be
transferred comprises, or includes, deposit-taking) carried on in
or from within the Island to another licenceholder. Appleby lobbied
for an extension in the scope of the Bill so that, rather than
being restricted solely to deposit-taking business, a court
approved deposit-taking business transfer scheme can also include
other business conducted by a licenceholder, subject to any
requirements of the FSC. Transfers can be made to transferees
outside the Isle of Man provided that the transferee has the
necessary authorisation in the jurisdiction to which the business
is to be transferred. The transfer will require an application to
the High Court, which can be made by the transferor, the transferee
or both. The detailed requirements of this application will be
provided in the form of regulations made by the FSC.

Safeguards have been built into the transfer mechanism to
protect depositors interests. As mentioned above, the Bill
proposes that the FSC may impose requirements by regulations in
connection with applications to transfer a deposit-taking business
and, on an application, the FSC is entitled to be heard together
with any person, including an affected depositor or an employee of
either the transferor or the transferee, who alleges that he or she
would be adversely affected by the carrying out of the transfer
scheme.

This legislation will undoubtedly assist in achieving the
FSCs regulatory objective of supporting the Islands
economy and its development as an international finance centre and
are designed to meet the modern commercial interests of the
licenceholder. As mentioned, they will also help bring the
Islands legislation into line with other jurisdictions, such
as the UK, under the Financial Services and Markets Act 2000. They
are an improvement on deposit-taking business transfer procedures
in some jurisdictions where the deposit-taking business transfer
procedure is of mandatory application, preventing a licenceholder
from transferring its deposit-taking business in reliance on a
power within its account terms and conditions. Until now, the Isle
of Man has not had an equivalent regime for the transfer of
deposit-taking business and it is anticipated that this legislation
will be very well received by the Islands banking sector.

As originally appeared in the Isle of Man Regulatory Update
– February 2013

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

Specific Questions relating to this article should be addressed directly to the author.

DRAGON GROUP INTERNATIONAL LIMITED : Miscellaneous :: Profit Warning

Dragon Group International Limited : Miscellaneous :: Profit Warning02/13/2013| 05:08am US/Eastern

MISCELLANEOUS

Like 0 0 0

* Asterisks denote mandatory information

Name of Announcer * DRAGON GROUP INTL LIMITED

Company Registration No. 199306761C

Announcement submitted on behalf of

Announcement is submitted with respect to *

DRAGON GROUP INTL LIMITED

DRAGON GROUP INTL LIMITED

Announcement is submitted by * DATO MICHAEL LOH SOON GNEE Designation * EXECUTIVE CHAIRMAN AND CEO Date Time of Broadcast 07-Feb-2013 18:38:53

Announcement No. 00183

gt;gt; ANNOUNCEMENT DETAILS

The details of the announcement start here …

Announcement Title * PROFIT WARNING

Description Please see attached document.

Attachments

DGI_Profit_Warning.pdf

Total size = 210K

(2048K size limit recommended)

DRAGON GROUP INTERNATIONAL LIMITED

PROFIT WARNING FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012


The board of Directors (the Board) of Dragon Group International Limited (the Company and, together with its subsidiaries, the Group) deems it appropriate to issue a profit warning regarding the financial results of the Group for the financial year ended 31
December 2012 (FY2012).
Barring unforeseen circumstances and to the best of the Directors knowledge, the Group is expected to report a net loss for FY2012 mainly due to (i) the decrease in gross profit margin and (ii) impairment losses on the proposed disposal of all issued and paid-up ordinary shares in the share capital of Dragon Technology Distribution Pte Ltd (a wholly-owned subsidiary of the Company).
This profit guidance is based on a preliminary review of the draft management accounts of the Group for FY2012. Further details of the Groups financial performance will be disclosed when the Company finalises and announces its unaudited financial results for FY2012 on or before 1 March 2013.
Shareholders and investors are advised to exercise caution when dealing in the shares of the Company. Persons who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor, accountant or other professional advisers.
By Order of the Board
Dato Michael Loh Soon Gnee
Executive Chairman Chief Executive Officer
Dragon Group International Limited
7 February 2013

Miscellaneous Houston Texans Entertainment For Your Entertainment

  • Stuff To Get Us Through The Offseason

Miscellaneous Houston TexansEntertainment For Your Entertainment

Miscellaneous Musings

Posted: Wednesday, February 6, 2013 9:00 am

Miscellaneous Musings

2comments

Exchange Alley: Gumbo and miscellaneous questions and answers

Its almost Lent, and the huge barge that was Super Bowl Mardi Gras is moving on down the river. At last. Lets do Qs and As and follow-up to previous Alley/food stuffs.

Hi Judy, I love your video with the lady who made roux in the microwave, writes an online reader from the San Diego area. I cant wait to try it. I love seafood gumbo but rarely make because of the time required to stir the roux and then the okra.

My question concerns the addition of okra to gumbo. Following my mothers recipe I have always added the sliced okra after the roux was done and the veggies were browned. The recipe calls to stir and stir until the okra ceases to rope, and that combination just takes too long for my patience.

I was born and raised in New Orleans but have lived in the San Diego area for 38 years. The T-P food and sports sections have let me feel a part of New Orleans (Saints amp; LSU!)

I would love to know other options for adding okra to seafood gumbo.

Do newspapers have a responsibility to check wire-service stories?

Do newspapers have a responsibility to check wire-service stories?
by Jonathan DuHamel on Jul. 27, 2012, under Miscellaneous Stories

New Orleans City Hall has a phantom Department of Miscellaneous

Every year or two, a New Orleans City Council member comes up against the fact that the citys budget contains a Department of Miscellaneous, and his or her head begins to spin. For Councilwoman Kristin Gisleson Palmer, that moment came Thursday. The council was considering an ordinance to set the salary range for the job of deputy chief information officer, and Palmer wanted to know both why it will be part of the Department of Miscellaneous and why it will be unclassified, meaning a mayoral appointment and not a civil service position.

Kibaki assents to amended Miscellaneous Bill

President Mwai Kibaki Friday, assented to amongst other laws, the Statute (Miscellaneous Amendments) Act 2012 after Parliament deleted the contentious clauses.

The President had rejected the Bill passed by the National Assembly last month citing matters pending before the courts.

The Head of State signed the Bill into law after Parliament effectively deleted Sub-section 1(a) to Section 51 of the Political Parties Act, No. 11 of 2011 which sought to legitimize what has popularly come to be known as Party Hopping.

Parliament also deleted Sub-sections (2) and (3) of Section 22 of the Election Act, No.24 2011 which raised the minimum qualification to hold political office to the level of university education.

The Act also contains a raft of other significant developments, for instance;