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Abterra suspends trading after SGX turns down request to delay AGM
MINERAL and resources company Abterra was suspended from trading on the Singapore Exchange (SGX) on Monday morning, after its request for an extension on time to hold its annual general meeting was rejected by the bourse operator in a letter received on July 13.
Abterra had asked in April to push back the meeting deadline by four months, to Aug 31 at the latest, after Mazars LLP sought to resign as the company's statutory auditors while citing outstanding audit matters at a 51 per cent-owned Abterra subsidiary.
But the SGX "noted that sufficient time had passed since the announcement was made and there continues to be no certainty on the timeline" for the appointment of new auditors, the finalisation of audited statements for the year to end-Dec 2017, and the convening of the annual general meeting, Abterra's board of directors has now said.
The counter will remain suspended until the SGX is satisfied that the company is complying with the requirement to hold an annual general meeting and that shares in Abterra can be traded on a fair, orderly and transparent basis.
Abterra added in its announcement on Monday that it is in the process of getting the Accounting And Corporate Regulatory Authority to approve its auditors' resignation and will then confirm the engagement of new auditors.
Once it has received the thumbs-up, the company will convene an extraordinary meeting
at the earliest opportunity to obtain its shareholders’ approval for appointment of its new auditors, said Abterra.
It added that it "will use its best endeavours" to release its FY2017 results "as soon as possible" and try its best to convene the annual general meeting after the new auditors have been approved by shareholders.
The company said it will make further announcements to update the shareholders on any material developments as soon as possible.