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PR Newswire
13-03-2017, 10:41 AM
(This post was last modified: 13-03-2017, 03:50 PM by cyclone.
Edit Reason: Changed thread title
)
On 2 Mar 17, Compact Metal informed shareholders that the it has received a notification from SGX that it is unable to grant an extension of time for the company to satisfy the requirements for removal from the Watch-list.
On 3 Mar 17, SGX informed the company that its shares would be suspended from 3 Apr 17.
Pursuant to Listing Rule 1306, the issuer or its controlling shareholder(s) must comply with Listing Rule 1309 which provide inter-alia an exit offer to will be made available to the shareholders.
Trading of the Company’s securities will continue until 31 Mar 17 and remains suspended from 9 am on 3 April 2017 until completion of exit offer.
LISTING RULE 1306
If the Exchange exercises its power to remove an issuer from the Official List, the issuer or its controlling shareholder(s) must comply with the requirements of Rule 1309. For purposes of Rule 1309, a reasonable exit offer may include a voluntary liquidation of the issuer's assets and distribution of cash back to shareholders.
LISTING RULE 1309
If an issuer is seeking to delist from the Exchange:—
(1) a reasonable exit alternative, which should normally be in cash, should be offered to (a) the issuer's shareholders and (b) holders of any other classes of listed securities to be delisted.
(2) the issuer should normally appoint an independent financial adviser to advise on the exit offer.
On 3 Mar 17, SGX informed the company that its shares would be suspended from 3 Apr 17.
Pursuant to Listing Rule 1306, the issuer or its controlling shareholder(s) must comply with Listing Rule 1309 which provide inter-alia an exit offer to will be made available to the shareholders.
Trading of the Company’s securities will continue until 31 Mar 17 and remains suspended from 9 am on 3 April 2017 until completion of exit offer.
LISTING RULE 1306
If the Exchange exercises its power to remove an issuer from the Official List, the issuer or its controlling shareholder(s) must comply with the requirements of Rule 1309. For purposes of Rule 1309, a reasonable exit offer may include a voluntary liquidation of the issuer's assets and distribution of cash back to shareholders.
LISTING RULE 1309
If an issuer is seeking to delist from the Exchange:—
(1) a reasonable exit alternative, which should normally be in cash, should be offered to (a) the issuer's shareholders and (b) holders of any other classes of listed securities to be delisted.
(2) the issuer should normally appoint an independent financial adviser to advise on the exit offer.