News blog
Gowin New Energy Group Ltd
- BY: Andrew Hore |
- POSTED: 26/01/2015 |
Cairn has resigned as nominated adviser to China-based LED lighting products supplier Gowin New Energy Group Ltd and this will be effective on 26 February.
Gowin has until 27 February to find a replacement or trading in the shares will be suspended. There is then a further month to find a nominated adviser or the quotation will be cancelled.
Gowin is still seeking to raise additional cash but it says that the negotiations should be completed imminently.
This is a difficult time for the Chinese economy and customers continue to be slow in paying their debts. The accounts receivable increased from RMB91 million to RMB157 million in the 12 months to the end of 2014. This figure is likely to be written down in the next accounts even though customers say that they will eventually pay.
To put the figure into perspective, in the six months to June 2014, revenues were RMB51.4 million and the trade receivables were RMB133.8 million.
Gowin is negotiating export sales and it hopes to secure some of this business in the first half of 2015. The share price has fallen 0.05p to 0.6p.
AIM Journal January 2015 available.
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