THE LATE, LATE SHOW

Finweek English Edition - - Companies & Markets -

SE­CUR­ING APMI’S an­nual re­port proved a tough task. And if we didn’t know bet­ter we’d think there was a con­spir­acy to keep the re­port out of our hands. APMI seem­ingly didn’t have a copy of its own re­port and re­ferred Fin­week to com­pany sec­re­tary Cap­i­tal Com­mit­ments (Cap­Com).

Cap­Com claimed it needed per­mis­sion from APMI to for­ward us its an­nual re­port. Whether Cap­Com ever got the green light to dis­patch the re­port we’ll never know, as fur­ther cor­re­spon­dence wasn’t re­ceived on the mat­ter. Fi­nally, a share­holder re­quested the an­nual re­port from StratEquity and then for­warded it to us.

APMI isn’t the only un­listed pub­lic com­pany re­luc­tant to for­ward its an­nual fi­nan­cial state­ments. At­tempts to se­cure the year to end-De­cem­ber 2007 an­nual state­ments for Su­per­tow In­ter­na­tional – which raised pub­lic fund­ing in early 2007 – have also proved fruit­less.

Su­per­tow’s an­nual fi­nan­cial state­ments should have been in share­hold­ers’ hands by end-June this year. Not that Su­per­tow’s share­hold­ers should be get­ting too ex­cited about the prospect of mega-prof­its from the sale of the com­pany’s anti jack-knife trailer.

StratEquity’s lat­est news­let­ter notes Su­per­tow isn’t yet op­er­a­tional af­ter agree­ments to buy or rent land all ended “in­con­clu­sively and had to be can­celled”. StratEquity adds the com­pany’s man­age­ment has found a “pos­si­ble fac­tory” to start op­er­a­tions – re­it­er­at­ing that their “view has not changed in re­spect of the com­pany’s fu­ture value and the pos­si­ble good re­turn on in­vest­ment that Su­per­tow can pro­duce”.

It ad­vises share­hold­ers to hold its shares for at least an­other five years be­fore at­tempt­ing to trade. As if Su­per­tow’s share­hold­ers have a choice…

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