http://info.sgx.com/webcorannc.nsf/ef3b ... enDocument
Under Rule 1018(1) of the SGX-ST Listing Manual, the SGX-ST may suspend the trading of an issuer's shares, and if the assets of an issuer consist wholly or substantially of cash or short dated securities, its securities will normally be suspended from trading.
The suspension will remain in force until the issuer has a business which is able to satisfy the SGX-ST’s requirements for a new listing, and all relevant information has been announced. The SGX-ST may cancel the listing of an issuer if the issuer is unable to meet the requirements for a new listing within 12 months of the suspension of its securities.
In this regard, the SGX-ST has, on 1 February 2008, approved the Company’s request for the trading of the Company’s
shares to continue after completion of the sale of substantially all of its business and assets, subject to the following conditions:
(a) the Company providing monthly valuation of its assets and utilisation of cash, and quarterly updates of milestones in obtaining a new business to the market via SGXNET (Rule 1018(1)(b) of the SGX-ST Listing Manual);
and
(b) the Company meeting the requirements for a new listing within 12 months from the time it became a cash company (Rule 1018(2) of the SGX-ST Listing Manual). (the “SGX-ST Approvalâ€)
The Board will continue to pursue proposals for the acquisition of other viable businesses for the purposes of complying with the SGX-ST Approval and Rule 1018 of the SGX-ST Listing Manual.
I'm not sure exactly what date the SGX reckons is the time Seksun/Enporis Greenz became a cash company, but I'll assume it's Feb 08, to be in-line of when the approval was given. That gives about 4 months left for a RTO to occur. So assuming nothing happens, the counter is suspended (not sure what SGX's rules are for mandatory delisting - otherwise the counter stuckist down there until next century?).
If, as suspected, David Loh picked up the 2m that Credit Suisse let go (I think transacted between 15 - 20 Oct), as well as the bulk of the 7m shares today, that'd leave him with about 26% today. Credit Suisse's stake is now 4.86%, which is ~18m shares. Sweep them = mandatory offer? Of course, these are just my guesses. I do have a rich imagination, as shown in other threads.
Vested, in a no-cost way, thanks to Seksun's generous distribution.