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  • Montage Technology misses by $0.06, beats on revenue [View news story]
    Another Chinafraud that has gotten away with it.

    No audit, no 10-K, and now no conference calls = no action by the SEC and NASDAQ.

    I hope PDSTI and Shanghai enjoys their $700M total write-off.
    Nov 14, 2014. 03:26 PM | 1 Like Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    Well I'm going to hold my puts until the bitter end. MONT trades as if it's 100% certain to close within the next month. dfdf

    The internal investigation doesn't look at all conclusive to me. I'm sure FTI Consulting did as good of a job with MONT as they did with FABU's internal investigation. (95%+ price decline even after seemingly confirming things were fine at FABU).
    Nov 8, 2014. 04:09 PM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    Well I'm going to hold my puts until the bitter end.
    Nov 8, 2014. 04:08 PM | Likes Like |Link to Comment
  • Montage: First Signs Of Deal Unravelling? [View instapost]
    Well I'm going to hold my puts until the bitter end. MONT trades as if it's 100% certain to close within the next month.

    The internal investigation doesn't look at all conclusive to me. I'm sure FTI Consulting did as good of a job with MONT as they did with FABU's internal investigation. (95%+ price decline even after seemingly confirming things were fine at FABU).
    Nov 8, 2014. 04:05 PM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    http://1.usa.gov/11nEPwX

    Montage Announces Final Audit Committee Report

    SHANGHAI, China, October 15, 2014 – Montage Technology Group Limited (Nasdaq: MONT) (“Montage Technology” or “Montage” or the “Company”), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced that on October 4, 2014, the audit committee of the board of directors of the Company completed its review of allegations contained in reports issued by short sellers. On October 8, 2014, the audit committee presented the report on its review to the board of directors of the Company.

    Following an extensive review conducted by the Company’s audit committee with the assistance of the law firm of Jones Day as well as forensic accountants from FTI Consulting, the audit committee and the Company have concluded that no changes to the Company’s previously reported unaudited financial results are required. This conclusion is based upon the additional investigative procedures that were performed following the audit committee’s preliminary conclusions as reported on April 22, 2014.

    The extensive review was initiated in February 2014 and reflects over 11,500 hours of work by the audit committee’s advisors. The report is based on the various investigative procedures performed during the course of the review and subject to certain limitations, qualifications and caveats. Investigative procedures included analyzing the majority of the Company’s cash, cash equivalents, and short-term investment balances with its financial institutions at various points in time as well as analyzing the majority of the Company’s revenue and gross margins, and written confirmations and in-person site visits with selected participants in the manufacturing and supply chain and the distribution and sales channel, including the primary fabless semiconductor vendor, assembly/testing vendors (OEMs), distributors, including LQW, and end customers. Various analyses of financial and accounting records were also performed, in addition to review of other documentation and data, and interviews of Company personnel and third parties.

    The audit committee and its advisors presented the conclusions of the audit committee’s review to the Company’s independent auditors on October 10, 2014, which included recommendations for further improvements in internal controls and other enhancements. The Company’s independent auditors are in the process of reviewing the audit committee’s report and evaluating the scope, execution, findings and remedial actions and results of the audit committee’s investigation as well as assessing their impact on the audit of the Company’s financial statements for the year ended December 31, 2013 and review of quarterly financial information for the periods ended March 31, 2014 and June 30, 2014, which need to be completed before the Company can file its annual report on Form 10-K and quarterly reports on Form 10-Q.

    Additionally, on October 8, 2014, the Company received correspondence from the Nasdaq Hearings Panel granting the Company a hearing to appeal its delisting. The hearing is scheduled for November 6, 2014.
    Oct 15, 2014. 10:52 AM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    http://bit.ly/YUvz1e

    I guess October 4 is the day? It's odd they chose a Saturday...


    Montage Receives Notice of Delisting From NASDAQ

    SHANGHAI, China, Oct. 2, 2014 (GLOBE NEWSWIRE) -- Montage Technology Group Limited (Nasdaq:MONT) ("Montage Technology" or "Montage" or the "Company"), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced that on October 1, 2014, Montage Technology Group Limited (the "Company") received a letter from the NASDAQ Stock Market LLC ("NASDAQ") indicating that, unless the Company requests a hearing before a NASDAQ Listing Qualifications Panel (a "Hearings Panel") by October 8, 2014, the Company's ordinary shares will be delisted due to the Company's noncompliance with NASDAQ Listing Rule 5250(c)(1) as a result of the Company's inability to timely file its annual report on Form 10-K for the year ended December 31, 2013, and Form 10-Qs for the periods ended March 31, 2014 and June 30, 2014 with the Securities and Exchange Commission ("SEC").

    NASDAQ's delisting determination will not immediately result in the delisting of the Company's ordinary shares. The Company intends to commence such an appeal by the required deadline, which is within seven days of the date of the notice. NASDAQ will generally suspend the delisting for a period of 15 days following the date of the hearing request. NASDAQ also has the discretion to grant a suspension of the delisting until a determination is made by the Hearings Panel. The Company expects to request to suspend the delisting through the decision date of the Hearings Panel and may request additional time for its independent auditors to complete their audit and review procedures concerning the Company's financial statements. Under NASDAQ rules, a Hearings Panel has discretion to grant an additional extension, which cannot exceed 360 calendar days from the original non-compliance date. There can be no assurance that the NASDAQ Hearings Panel will grant the Company's request for a suspension of delisting or continued listing on NASDAQ.

    As previously disclosed, NASDAQ had granted the Company until September 29, 2014 to regain compliance with NASDAQ Listing Rule 5250(c)(1). The Company indicated the Form 10-K and Forms 10-Q cannot be finalized until the completion of the review by the audit committee of the Company's board of directors of previously-disclosed allegations and related matters, and the completion of the audit of the Company's financial statements for the year ended December 31, 2013 and the review of the Company's financial statements for the periods ended March 31, 2014 and June 30, 2014. The audit committee plans to complete its report on the audit committee's review on or around October 4, 2014 and thereafter present its conclusions to the Company's independent auditors.
    Oct 2, 2014. 09:50 AM | Likes Like |Link to Comment
  • Montage: First Signs Of Deal Unravelling? [View instapost]
    Thanks. All of that is very helpful.

    As an outsider, I think it's hard to be more than 50-50 certain of what the ultimate outcome will be in either case. We're short through puts, but if the spread were wide enough we may have been compelled to be long. Weighted probability is the name of the game on this one.
    Sep 22, 2014. 11:46 PM | Likes Like |Link to Comment
  • Montage: First Signs Of Deal Unravelling? [View instapost]
    Do you think anything happens on September 29? In other words, will NASDAQ delist MONT or give them another extension or will they trade OTC? And more importantly, does it matter?

    What I can't figure out is why PDSTI agreed to buy out MONT in the first place. The only reason MONT accepted their (relatively low compared to the 52-week high of $26.70) price is because of the fraud accusations where a legitimate company would have demanded more. PDSTI must have known about the accusations going in and subsequently signing a definite agreement so why develop the reputation of being a flake if they knew they were going to break it off from the beginning?
    Sep 21, 2014. 02:24 AM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    To be fair, PDSTI is free to waive those conditions if they choose. The short thesis still relies on PDSTI not being crazy and going through with the buyout. s. 4.07 just means PDSTI has a ton of outs to not go through with it and not pay the break fee.
    Sep 20, 2014. 07:59 PM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    No buyer wants to team up with another buyer that has a history of purchasing companies for $600M that are really worth close to 0.
    Sep 10, 2014. 05:44 PM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    Then why even put up the charade by saying the review is in its "final stages"? MONT might as well stop reporting anything to the SEC and start trading OTC as long as they keep the "buyers informed on everything".

    MONT has nothing to lose by filing audited financials and releasing the results of the Jones Day review if they have nothing to hide. That if seems like a pretty big if to me.
    Sep 10, 2014. 05:41 PM | Likes Like |Link to Comment
  • Montage Technology: Another Questionable U.S.-Listed Chinese Company Gets An Authentic Buyout - How To Profit [View article]
    Ivan is quite right. They are two separate things.

    The "independent review" with Jones Day is the more important item, but I doubt they have to release the review either. It's interesting that the review was started mid-February and its findings still haven't been released. On August 14 they said they are in the "final stages of completing the review procedures" and 27 days later we still have nothing...
    Sep 10, 2014. 01:14 PM | 1 Like Like |Link to Comment
  • Public Service Properties: The Catalyst Already Occurred But Nobody Seemed To Notice [View article]
    This is a very interesting idea. What do you think of the (very) heavy admin expenses? It was 2.3M in 2013 and 2.6M in 2012. In my mind that changes the NAV calculation downwards ~20M in a quick and dirty fashion.

    They did say they would reduce management fees in 2014, but I'm skeptical they will do it enough.
    Sep 7, 2014. 12:35 AM | Likes Like |Link to Comment
  • Montage Technology: An Attractive Deal With 22.8% Annualized Return [View article]
    That doesn't really look like anything (fortunately or unfortunately depending on your view). I'm sure MONT will submit a plan and NASDAQ will give more time.
    Aug 25, 2014. 03:12 PM | Likes Like |Link to Comment
  • Montage Technology: An Attractive Deal With 22.8% Annualized Return [View article]
    Intel has done their due diligence and have completely eliminated their position in MONT as seen in their most recent 13F.
    http://bit.ly/1qyRqlQ
    Aug 22, 2014. 11:28 PM | Likes Like |Link to Comment
COMMENTS STATS
28 Comments
8 Likes