grandrake wrote:Maybe because of its position being a shell company, more sensitive? Anyway we all know how well these queries work.
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In view of the foregoing, as the SGX-ST had previously approved the continued trading of the Company’s shares after the completion of the disposal of its assets on 1 February 2008, the SGX-ST has further informed the Company, by way of the said letter dated 6 July 2009, that the Company’s shares will be allowed to continue to be traded until 31 July 2009, so as to enable shareholders to take the necessary steps to exit their investment should they decide to do so.
Accordingly, the SGX-ST has informed the Company that trading in the Company’s shares will be suspended with effect from 1 August 2009 and following therefrom, the Company is to take the necessary steps to distribute and return cash to shareholders in accordance with Rule 1309 of the Listing Manual.
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2. Proposed steps to be taken by the Company in relation to the delisting process
Following the announcement made by the Company on 8 July 2009, the Company had submitted for consideration by the SGX-ST, and the SGX-ST had no objections to, the estimated timeline in respect of the steps proposed to be taken by the Company in relation to the delisting process.
The Company wishes to inform Shareholders that following the suspension of trading in the shares of the Company on 3 August 2009, at 9 a.m., the Company would be taking steps to distribute and return cash to shareholders in the following manner:-
(a) by convening an extraordinary general meeting to obtain shareholders’ approval for:
(i) the carrying out of a proposed capital reduction and cash distribution exercise to return surplus capital of the Company to shareholders of approximately $8,330,000 or $0.0222 per share in cash, by way of the passing of a special
resolution in respect thereof; and
(ii) proposed Directors’ fees in respect of the financial year ending 31 December 2009 in the aggregate sum of $60,000, by way of the passing of an ordinary resolution in respect thereof;
(b) by a declaration and payment of an interim dividend of $0.0056 per ordinary share for the financial year ending 31 December 2009 to shareholders whose names appear in the Register of Members of the Company as at a books closure date to be determined; and
(c) by convening a further extraordinary general meeting to obtain shareholders’ approval
for:
(i) effecting a members’ voluntary liquidation of the Company’s assets (“Members’ Voluntary Liquidationâ€), by way of the passing of a special resolution in respect thereof; and
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