Great Harvest Maeta Holdings Limited Announces Periodical Updates on Efforts to Resolve Auditor’s Disclaimer of Opinion
Key Points from the Announcement
- The company is actively addressing the auditor’s disclaimer of opinion issued in its annual report for the year ended 31 March 2025.
- Multiple strategic measures are being implemented to strengthen the Group’s financial position and liquidity.
- Ongoing negotiations with bondholders and efforts to secure alternative financing may significantly impact the company’s solvency and future operations.
- A funding undertaking has been secured from the ultimate holding company and major shareholders, but no funds have been drawn yet.
- The company is exploring further financing options through banks, capital markets, and operational enhancements in its core shipping business.
- Regular updates will be provided every three months until the disclaimer of opinion is resolved.
Details of the Company’s Remedial Actions
1. Active Negotiations with Bondholder
The Group has been in ongoing negotiations with its primary bondholder regarding alternative settlement proposals. These negotiations include the potential realisation of assets to finance the settlement of outstanding obligations. As of the date of this announcement, these discussions are still underway. This is a critical development as a successful settlement or restructuring could materially impact the company’s financial health and share value.
2. Undertaking from Ultimate Holding Company
On 30 September 2025, the Company entered into a deed of funding undertakings with its ultimate holding company, Ablaze Rich, and major shareholders Mr. Yan and Ms. Lam. Under this agreement, they have committed to provide necessary funding to the Group upon request within 24 months from the date of the undertaking, unless the Group secures long-term external financing of at least US\$30 million beforehand. As of the announcement date, no funding has been drawn under this arrangement. This financial safety net, while not yet utilized, provides some assurance of liquidity but also highlights the urgency for external funding solutions.
3. Pursuing Additional Financing
The Group is also actively seeking alternative financing options through banks and other financial institutions, including refinancing existing obligations such as the Top Build Convertible Bonds. Furthermore, the company is conducting feasibility studies on fundraising through the capital markets, including possible placements, issuance of corporate bonds, or other instruments. These efforts are crucial for both addressing current liabilities and ensuring the Group can fund future operations and capital expenditures.
4. Operational Improvements in Chartering Business
The Group continues to enhance the operations of its core dry bulk vessel chartering business. Initiatives include improving cash flow from operations, exercising tighter control over capital and operating expenditures, and strengthening working capital management to mitigate market fluctuations. These operational improvements are designed to provide more stable cash flows and reduce the company’s reliance on external financing.
Potential Impact on Shareholders and Share Price
- The ongoing efforts to resolve the auditor’s disclaimer of opinion, especially through potential asset realization, new financing, or successful negotiations with bondholders, are highly price sensitive and could significantly affect the company’s valuation and share price.
- Failure to secure adequate financing or settle obligations may have adverse effects on the company’s solvency and future prospects, which would also negatively impact the share price.
- Shareholders should closely monitor the company’s quarterly updates, as any substantive progress or setbacks in these areas could result in material changes to the company’s risk profile and market valuation.
Board and Management Update
As of the date of the announcement, the board comprises executive Directors Mr. Pan Zhongshan and Mr. Sze Wing Kin Pierre, non-executive Director Mr. Yan Yui Ham, and independent non-executive Directors Mr. Cheung Kwan Hung, Ms. Wong Tsui Yue Lucy, and Mr. Liu Yongshun.
Ongoing Disclosure Commitment
The Company has committed to making periodical announcements every three months regarding its actions to resolve the disclaimer of opinion until the matter is fully resolved.
Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. Shareholders and investors should conduct their own due diligence and consult professional advisors before making investment decisions.
大豐收美達控股有限公司發佈解決核數師保留意見行動的定期更新
公告重點
- 公司正積極應對截至2025年3月31日止年度年報所發出的核數師保留意見。
- 集團已採取多項措施以加強財政狀況及流動資金。
- 正與債券持有人持續磋商，尋求替代性債務解決方案，或會對公司財務狀況及未來營運產生重大影響。
- 已與最終控股公司及主要股東簽定資金承諾書，但目前尚未動用相關貸款。
- 集團正積極尋求銀行及資本市場的其他融資方案，同時提升乾散貨船租賃主營業務的經營效率。
- 公司將每三個月發佈一次進展公告，直至保留意見完全解決。
具體行動詳情
1. 積極與債券持有人磋商
集團正與主要債券持有人積極磋商，尋求解決現有債務的替代方案，包括變現資產以融資償還債務。此磋商仍在進行中，任何進展都可能對公司財務狀況及股份價值構成重大影響。
2. 最終控股公司資金承諾
公司於2025年9月30日與最終控股公司Ablaze Rich及主要股東嚴先生、林女士訂立資金承諾書，承諾於24個月內（或集團獲得不少於3,000萬美元的長期融資前）按需提供資金。截至公告日，尚未動用該承諾下的貸款。此安排為集團提供一定的資金保障，但仍須積極尋求外部長期資金。
3. 積極尋求銀行及資本市場融資
集團正與銀行及其他金融機構積極磋商，尋求再融資現有債務（包括但不限於Top Build可換股債券）及未來經營和資本開支所需資金，同時研究及洽談經資本市場籌集資金方案，包括配售、發行公司債券等。這些舉措對解決當前債務及未來發展至關重要。
4. 強化船舶租賃業務經營
集團持續提升乾散貨船租賃業務，包括增強經營現金流、嚴控資本及經營開支，以及加強營運資金管理，以應對市場波動。這有助於現金流穩定，減低對外部融資的依賴。
對股東及股價的潛在影響
- 公司解決保留意見的進展，尤其是資產變現、新融資或債券持有人協議的落實，均屬重大及具價格敏感性，或會顯著影響公司估值及股價。
- 若未能成功融資或償還債務，將對公司償債能力及前景造成負面影響，亦可能拖低股價。
- 建議股東密切關注公司每季最新通告，因相關進展或阻滯均可能導致公司風險狀況及市場估值出現重大變化。
董事會及管理層最新情況
截至公告日，董事會成員包括執行董事潘中山先生、施永健先生，非執行董事嚴銳涵先生，以及獨立非執行董事張君雄先生、黃翠如女士及劉永順先生。
持續資訊披露
公司承諾每三個月公佈解決保留意見行動的最新進展，直至問題完全解決。
免責聲明： 本文僅作參考用途，並不構成任何投資建議。股東及投資者應自行進行盡職調查，並諮詢專業顧問才作出投資決定。
