CMN - Cumminscorp Limited

[Ken]

gday,

Does anyone know what the story is with cummins corp? They have been on a trading halt for ages.... They floated at 20 cents earlier this year and closed at 6 cents before going on a trading halt. They have been on halt for about 5 months or more....

They deal in water purification.

The prospectus seemed encouraging. A few directors left and now the graph shows no heart beat!

 

[dubiousinfo]

CMN - Cumminscorp

16 Mar 2006
Lists & official quotation commences with Chairman & 5 other directors including the founder Ian Cummins (who holds 64% of the company)
Share price: 20c shares close first day at 15c

21 Mar
Chairman & 1 other director resign.
Share price: 13c

30 Mar
Appoints 1 new director.
Share price: 10c

27 Apr
Newly appointed director resigns along with 2 other original directors.
Share price: 9c

28 Apr
Company secretary resigns.
Share price: 8c

1 May
Trading halt imposed.
Share price: 6c

3 May
Suspension from official quotation.

10 May
Another director resigns leaving founder Ian Cummins as the only director.
Company advises that suspension will continue until Aust Securities & Investments Commission (ASIC) information request is satisfied. Reinstatement is expected to be 31 May.

1 June
Company advises it is finalising response to ASIC & reinstatement expected by 30 June.

30 June
Company advises it is still finalising response to ASIC & reinstatement expected by 31 August.

19 July
Appoints 3 new directors. All 3 new directors are current employees working for the company in sales & marketing.
Company advises it is searching for new Chief Financial Officer, in the interim an external accounting firm will assist the board in its quest to clarify the company's financial position for the ASIC Response.

1 Sept
Company advises it is still finalising ASIC response, no information is given regarding an expected date for reinstatement.
Advises that Extraordinary General Meeting will be held on 6 Oct.
No Financial Statements or quarterly results have been released since listing.

 

[Ken]

The worst nightmare for someone buying a newly floated stock! always risky....

What are the chances of this stock opening up again, does it look like a stock gone bust?

Will it trade at 1 cent for the rest of its life like most of the low market cap companies?


Too hard to predict.....!!!!!

Their actual idea for the business seems good in theory... but obviously hasnt worked out

 

[Ken]

http://www.news.com.au/couriermail/story/0,23739,19963832-3122,00.html

I dug this article up.

What does it mean when they say they will return to a private company and do a buy back? Will that be at 6 cents?

What happens when a company goes bust normally?

They have been releasing shares from escrow, what does this mean?

They cancelled they meeting they were going to have for shareholders so one would think they are completely cooked.

 

[Ken]

http://news.ninemsn.com.au/article.aspx?id=91683

they have always been a company that has delivered more than promised.

lol

 

[Ken]

I called up CMN to see whether the company was folding for tax purposes and spoke to a member of the board.

Apparently relisting in July-August.

They have paid off all their creditors, and are currently making $500,000 a month profit, as opposed to a $1 million dollar a month loss.

This is due to Cumminscorp marketing rainwater tanks.

This is what I got told, how this effects share price who knows, but it would appear they are relisting later this year. So not all is lost.

 

[Ken]

New directors being appointed. Looks like they are getting some directors together to re-list shortly.

With the current water saving policy by the government, CMN should benefit with there production of water tanks that they have going.

But having said that they have been the worst company I have studied.

 

[ongchuan]

CMN - CUMMINSCORP LIMITED

It was suspended last year at 6 cents after it was listed in ASX for few weeks. I am not sure what the company is currently doing. However, I wish to know whether i will get my shares back or not if CMN is being relisted to ASX. Anyone have this kind of experience before? Currently I could not see the share that i m holding in this CMN in my Comsec account and I received a letter saying that they are being moved to the Sub Issuer holding or sth like that. Could anyone please tell me what is tat and what is going on actually. Thanks a lot!

 

[ongchuan]

I am still stucked in this CMN....after a year it is still suspended!!! What's wrong with this??? ANyone know anything bout this???