FDS Network

FDS Network - Latest new on counter was last week, where the grp gave an update on its financial position, baring the net loss which was attributable mainly to a loss on disposal of FDS Networks Group (BVI) which was completed on 25 Feb13 amounting to US$542,000, as at 31 March 2013, the total assets for the Group was US$745,000 of which US$706,000 was cash and cash equivalents. The total liabilities for the Group were US$338,000 of which US$240,000 was from the ELN notes issued as of 31 Mar13. The Co. also gave a further update that it had, as announced on 25 Mar13, completed a new share placement of 36m new shares to raise approximately S$ 300,000 for RTO expenses. Recall on on 8 Dec12, in relation to the proposed acquisition by the Co of the entire issued and paid up share capital of Delta Advanced Materials, the Company is still working with its appointed professionals to submit the proposal to SGX for approval and shareholders will be updated in due course. Note that a successful RTO, could see the co. come out of SGX watchlist, however caution that the proposed acquisition is subject to numerous conditions being fulfilled and there is no certainty or assurance as at the date of this announcement that the proposed acquisition will be completed.