I doubt that SGX will want to make a precedent as this surely can be used by every other company facing delisting. Teledata closing price: 0.7cts.
The Board wishes to announce that the Company has received a letter from the SGX-ST on 30 May 2014 (the “Notification Letter”) informing the Company that the SGX-ST is unable to grant the Company a further extension of time to comply with Listing Rule 1314 of the Listing Manual (“Listing Rule 1314”) and that the SGX-ST will proceed to delist the Company, as it is uncertain as to whether the proposed Placement (as described in the 23 May Announcement) is able to meet the requirements of Listing Rule 1314 for the removal of the Company from the SGX-ST Watchlist.
Following receipt of the Notification Letter, the Company (with the support of a group of Shareholders holding a majority of the voting rights of the Company) put together a revised capitalization plan in the form of a 5-for-1 rights issue (“Revised Plan”) that the Company believes has a much higher certainty of meeting the requirements of Listing Rule 1314, and made a final appeal on 2 June 2014 to the SGX-ST against delisting and for further extension of time to meet the requirements of Listing Rule 1314 for the removal of the Company from the SGX-ST Watchlist (“Appeal”). Shareholders should note that the outcome of the Appeal is pending and that there is no assurance that the Appeal will be successful and/or accompanied by conditions that are acceptable to the Company.
Sadly, Teledata will be delisted. Would not be surprised that the shares head towards 0.1ct from the current 0.4cts. In the past, this was a good trading share for many of us.
The Board of Directors (the “Board”) of Teledata (Singapore) Limited (the “Company”) refers to the announcement dated 3 June 2014 (the “Announcement”). Unless otherwise defined, all capitalized terms used in this announcement shall bear the same meanings as in the Company’s announcement dated 3 June 2014.
The Board wishes to announce that the Company has received a letter from the SGX-ST on 10 June 2014 (the “Letter”) informing the Company that the SGX-ST remains uncertain whether the Revised Plan as set out in the Appeal is able to meet the requirements of Listing Rule 1314 for the removal of the Company from the Watch-List and therefore the SGX-ST will proceed to delist the Company.
The Company is required to advise the SGX-ST of the exit offer proposal, no later than one month from the date of the Letter. Pursuant to Listing Rule 1306, the Company or its controlling shareholder(s), if any, must comply with Listing Rule 1309 which requires the Company or its controlling shareholder(s), if any, to provide a reasonable exit offer to shareholders. Trading in the Company’s shares will continue until 5 p.m., 30 June 2014. Thereafter, trading will be suspended until the close of the exit offer (if any).
BY ORDER OF THE BOARD Irene Valencia Goutama Chairman and Chief Executive Officer 10 June 2014