Rights Issue BLUE 1:1

[SrirangaVeteran]

http://www.cse.lk/cmt/upload_cse_announcements/3931413428158_.pdf

[HAL9000Top contributor]

For last decade or so this stock didn't give any return to shareholders other than rights isues

[chinwiTop contributor]

Blue was once a highly respected profit making company trading over 50/-.
When having billions as accumulated profits a crook - Rohan or somebody - convinced Chaiman Lalith Kothelavala to build a mammoth power generating plant in India and he can become the power tycoon in Asia !

The concept was to built a huge chimney 100s of meters above ground and heat it with solar power. 1000s of mirrors to be fixed in acres of land surrounding it.  As SRi Lanka had no demand for that much power he suggested a rural place in India.

The crook was appointed as the CEO of new company and he siphoned money from BLUE to his bogus company. He first  invested   Rs 287.5 mn in a fake Mauritius company, Energen Holding Company Limited for this. Then paid 35 million US$ to buy 'technology rights ' for this fancy power system.
The real amount robbed from BLUE is unknown.
When the chairman and directors realized they were taken for a ride by their  colleague everything including the robber has gone without trace.
Later they found no one has built anything in India and they have no assets there.

[yellow knifeTop contributor]

No one has a right to ride on you without your consent

[sereneTop contributor]

Blue was once a highly respected profit making company trading over 50/-.
When having billions as accumulated profits a crook - Rohan or somebody - convinced Chaiman Lalith Kothelavala to build a mammoth power generating plant in India and he can become the power tycoon in Asia !

The concept was to built a huge chimney 100s of meters above ground and heat it with solar power. 1000s of mirrors to be fixed in acres of land surrounding it.  As SRi Lanka had no demand for that much power he suggested a rural place in  India.  

The crook was appointed as the CEO of new company and he siphoned money from BLUE to his bogus company. He first  invested   Rs 287.5 mn in a fake Mauritius company, Energen Holding Company Limited for this. Then paid 35 million US$ to buy 'technology rights ' for this fancy power system.
The real amount robbed from BLUE is unknown.
When the chairman and directors realized they were taken for a ride by their  colleague everything including the robber has gone without trace.
Later they found no one has built anything in India and they have no assets there.

No wonder why Ceylinco failed.
thanks Chins for sharing.
Hard to even imagine.

[DocStockTop contributor]

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC
Company ID: - BLUE (VOTING / NON-VOTING)

Date of Initial Announcement: - 16.Oct.2014
Proportion: - One (1) new ordinary share for every one (1) ordinary voting share
One (1) new ordinary non-voting share for every one (1) ordinary voting share
Issue Price: - Rs. 1.30 (Voting) / Rs. 0.75 (Non-Voting)
Qty Offered: - 103,300,891 (Voting) / 153,369,800 (Non-Voting)
General Meeting / Provisional Allotment: - 16.Dec.2014

Date EX: - 17.Dec.2014
Dispatch of Provisional Letter of Allotment: - 23.Dec.2014

Rights Trading Commences on: - 30.Dec.2014
Renunciation: - 08.Jan.2015
Last Date of Acceptance & Payment: - 09.Jan.2015
Share Transfer Book Open

[DocStockTop contributor]

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC
Company ID: - BLUE (VOTING / NON-VOTING)

Date of Initial Announcement: - 16.Oct.2014
Proportion: - One (1) new ordinary share for every one (1) ordinary voting share
One (1) new ordinary non-voting share for every one (1) ordinary voting share
Issue Price: - Rs. 1.30 (Voting) / Rs. 0.75 (Non-Voting)
Qty Offered: - 103,300,891 (Voting) / 153,369,800 (Non-Voting)
General Meeting / Provisional Allotment: - 16.Dec.2014

Date EX: - 17.Dec.2014
Dispatch of Provisional Letter of Allotment: - 23.Dec.2014

Rights Trading Commences on: - 30.Dec.2014
Renunciation: - 08.Jan.2015
Last Date of Acceptance & Payment: - 09.Jan.2015
Share Transfer Book Open

Actually, more suitable for the "BE CAREFUL!" thread.