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Blumont mulls over options to meet minimum share price of S$0.20 for mainboard listing

Monday, March 16, 2015 - 15:27

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BLUMONT Group said on Monday that it is considering its options on how to comply with Singapore Exchange's (SGX) requirement that securities listed on the Main Board must maintain a minimum share price of S$0.20 each.

BLUMONT Group said on Monday that it is considering its options on how to comply with Singapore Exchange's (SGX) requirement that securities listed on the Main Board must maintain a minimum share price of S$0.20 each.

Blumont shares were trading around S$0.011 each before the company sought a halt in their trading pending an announcement.

"At this stage, the company considers that its options include (but are not limited to) undertaking a share consolidation or, potentially, transferring the listing of the shares from the Main Board of the SGX to the Catalist board of the SGX-ST," Blumont said.

"The company will determine the appropriate course of action in due course," it said, adding that shareholders' approval will be required.

sentifi.com

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SGX implemented the minimum trading price of 20 Singapore cents for mainboard-listed companies on March 2, 2015.

Blumont will have a one-year transition period to meet this requirement as issuers will be first assessed for compliance on March 1, 2016.

Separately, Blumont said its takeover bid for Australia-listed mineral exploration and development company Genesis Resources Limited via a share swap is now "unconditional". The offer closes on March 23, 2015.

Genesis directors had recommended on March 3 that shareholders reject the deal.

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