Burning issues at Natural Cool Holdings

OVER the past year, Natural Cool Holdings (NCH), a small Catalist company, has undertaken a series of transactions that have arguably left public investors out in the cold.

NCH was listed on Sesdaq on May 10, 2006, at a price of 20 Singapore cents per share, raising S$3.2 million. It subsequently transferred to Catalist. Initially, its continuing sponsor was CNP Compliance, which was replaced by PrimePartners Corporate Finance on July 1, 2014.

In the 10 years since going public, NCH has made multiple placements and issuances of new shares, warrants and convertible loan notes, with the number of issued shares increasing from 88 million to 223 million. However, NCH has not been without its controversies.