22-03-2024, 01:36 AM
The situation is not looking good.
Perhaps one learning point for OPMI is to apply a risk assessment matrix to the risks mentioned in IPO prospectus. Unfortunately, not all IPO prospectus are available, e.g. companies which have IPOed a long time ago.
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https://links.sgx.com/FileOpen/CGL%20-%2...eID=792762
"...As at the date of this announcement, the Company has been informed by the following Directors and former Director, that they have attended interviews at the offices of the CAD and have been arrested in connection with the Investigations and released on bail:
(a) Dr Ho Choon Hou, Acting Chairman, Non-Independent Non-Executive Director
(b) Mr Yeo Hwee Tiong, Independent Director
© Mr Cheong Tuck Yan Titus Jim, Independent Director
(d) Mr Chow Wai Leong, Non-Independent Non-Executive Director
(e) Ms Tan Poh Lan, former Executive Director and Group Chief Executive Officer
The Company understands that the offence is in connection with potential breaches of the disclosure obligations of the Company in relation to the irregular temperatures of a certain cryogenic storage tank of the Company, which was first disclosed by the Company in its announcement dated 30 November 2023...."
------ IPO Prospectus pg36
"We are exposed to the risk of a deterioration or sudden dramatic decline in our reputation among our target customers due to failure in the performance of our cord blood banking facilities
Our reputation among customers, the medical community and the media is extremely important to our success. Our future success depends on acknowledging and actively monitoring the concerns of our target customers, regulatory agencies, civil society groups and non-government organisations. Failure to take appropriate consideration of legitimate corporate responsibility issues in our day-to-day operations could have a material adverse impact on our reputation and business prospects. In addition, inadequacies in the management of our daily operations could also affect our reputation and business prospects. In particular:
• We are required to maintain a certain level of cell viability and cord blood deposits in our cord blood banks are stored at below minus 150 degrees Celsius continuously in liquid nitrogen tanks. To the extent the storage environment of our cord blood deposits is disrupted or impaired due to any software, hardware or equipment failure, our target customers may lose confidence in our services..."
https://cordlife.listedcompany.com/prospectus.html
Perhaps one learning point for OPMI is to apply a risk assessment matrix to the risks mentioned in IPO prospectus. Unfortunately, not all IPO prospectus are available, e.g. companies which have IPOed a long time ago.
-------
https://links.sgx.com/FileOpen/CGL%20-%2...eID=792762
"...As at the date of this announcement, the Company has been informed by the following Directors and former Director, that they have attended interviews at the offices of the CAD and have been arrested in connection with the Investigations and released on bail:
(a) Dr Ho Choon Hou, Acting Chairman, Non-Independent Non-Executive Director
(b) Mr Yeo Hwee Tiong, Independent Director
© Mr Cheong Tuck Yan Titus Jim, Independent Director
(d) Mr Chow Wai Leong, Non-Independent Non-Executive Director
(e) Ms Tan Poh Lan, former Executive Director and Group Chief Executive Officer
The Company understands that the offence is in connection with potential breaches of the disclosure obligations of the Company in relation to the irregular temperatures of a certain cryogenic storage tank of the Company, which was first disclosed by the Company in its announcement dated 30 November 2023...."
------ IPO Prospectus pg36
"We are exposed to the risk of a deterioration or sudden dramatic decline in our reputation among our target customers due to failure in the performance of our cord blood banking facilities
Our reputation among customers, the medical community and the media is extremely important to our success. Our future success depends on acknowledging and actively monitoring the concerns of our target customers, regulatory agencies, civil society groups and non-government organisations. Failure to take appropriate consideration of legitimate corporate responsibility issues in our day-to-day operations could have a material adverse impact on our reputation and business prospects. In addition, inadequacies in the management of our daily operations could also affect our reputation and business prospects. In particular:
• We are required to maintain a certain level of cell viability and cord blood deposits in our cord blood banks are stored at below minus 150 degrees Celsius continuously in liquid nitrogen tanks. To the extent the storage environment of our cord blood deposits is disrupted or impaired due to any software, hardware or equipment failure, our target customers may lose confidence in our services..."
https://cordlife.listedcompany.com/prospectus.html