Penguin International

[luckystar]

Need to question Penguin management at AGM whether MarcoPolo Marine investment is a writeoff or what? Company should come out to say something about its plan for THAT investment.

Why is there is a need to write off? Below is the reason company gave when doing the MPM investment. Morever MPM is not suspended, it is still freely traded. It may be an investment that may be proven profitable in future. Time will tell.

4. RATIONALE FOR THE COMPANY’S SUBSCRIPTION 
4.1 As announced previously, provided the Equity Fund Raising and Debt Restructuring Exercise are successful, the Company is confident of MPM’s long term fundamentals and believes that MPM can extract quality returns from its business. The Company believes that 3 there is considerable value in MPM’s assets and is of the view that the Equity Fund Raising and Debt Restructuring Exercise will enable MPM to ride out near-term funding challenges and create medium to long term value.

Hopefully the investment complements Penguin business. But so far, nothing heard.