Sino Environment

Sino Environment (suspended since 23 Sep 2009): SIAS has advised minority sh/h of the insolvent co to give serious consideration to accepting the offer of an exchange of one AVIC Singapore share for every 250 Sino-Env shares (worth $33.75 at last close at $0.135) that they currently own. This is based on a projected compliance placement price of $0.50. It is envisaged that AVIC shares will be traded on SGX, expected to be no later than 30 Sep 2011.
SIAS said that, given that the co is insolvent, the scheme of compromise and arrangement currently appears to be the "only viable option available to sh/h to extract value for their investment in Sino-Env". SIAS said that if the scheme fails, Sino-Env will be delisted and likely to be placed in liquidation. The court meeting of Sino-Env sh/h is scheduled for Friday.
Stirling Coleman, as the independent financial adviser, also says the financial terms offered are fair and reasonable, given the prospects of a delisting and unlikely event of recovery in any value from the shares, and recommends sh/h to vote in favor of the resolution.