AgriPure, EWC-W1 take a hit

The stock price of AgriPure, a producer of sweet corn and other vegetables, lost 19.18 per cent at one point to Bt1.39, before rebounding slightly to close at Bt1.42.

EWCW1 slumped to a day's low at Bt3.30, a 17.5percent decline, before recovering to close at Bt3.48.

Until October 3, investors will have to pay cash in full before they can place an order to buy AgriPure shares or EWCW1 warrants, after the securities were designated as having unusually high trading turnover under Stock Exchange of Thailand (SET) and Securities and Exchange Commission criteria.

Meanwhile, the SET extended the suspension of trading in Picnic stock until September 23 as the bourse is still considering additional reasons for possibly delisting the stock.

 The SET's latest action came shortly after Picnic had submitted its audited 2007 financial statements, in which its shareholders' equity plunged into a loss to the tune of Bt1.65 billion.

Moreover, Picnic's auditor issued a disclaimer for the financial statements for the year ending December 31, 2007.

"It is possible that Picnic's audited financial statement for the year ending December 31, 2007 misrepresented Picnic's financial status and operating outcomes, and therefore the Securities and Exchange Commission may consider requiring the firm to amend its financial statements. In addition, Picnic's equity is less than zero, and the SET is reviewing additional causes of possible delisting the company. In addition, Picnic failed to submit to SET its financial statements both for the period ending March 31, 2008 and for the period ending June 20, 2008," the SET said.

Picnic's consolidated net loss in 2007 widened to Bt2.4 billion from Bt2 billion in 2006, according to the company's filing with the SET.