Alita Resources probed for potential listing rule breaches

THE Singapore Exchange Regulation (SGX RegCo) is investigating Alita Resources, formerly Alliance Mineral Assets, for potential listing rule breaches.

This follows complaints the market regulator received, the lithium miner's deed administrators said in a regulatory update on Wednesday in response to SGX RegCo queries.

After being informed by SGX RegCo of the probe, the deed administrators said they have referred the matters to relevant regulatory authorities outside of SGX RegCo's regulatory scope.

The Australian Securities and Investments Commission also received complaints from Alita shareholders - which the deed administrators had responded to. These matters will be brought to the court's attention, they added.

In the same filing, the deed administrators said China Hydrogen Energy's (CHE) sole director is US citizen Mike Que, while its sole shareholder is Buxton W Fitzmaurice Christian of Antigua and Barbuda.

This was in response to the SGX RegCo's request for background information on CHE and its subsidiary Liatam Mining.

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CHE had put forward a deed of company arrangement (DOCA) to acquire Alita's assets in January amid Alita's bid to restructure in Australia after accepting a A$70 million (S$64.9 million) loan facility from CHE.

Little was known about CHE at the time, except that it is a special-purpose vehicle for a Chinese party.

Meanwhile, Liatam Mining - controlled by Chee Hon Lee - is an Australian proprietary limited company incorporated for the purpose of the DOCA, the deed administrators said.

On Feb 20, Alita said the SGX had on Feb 18 given its nod to the firm's proposed delisting. The date and timing of the delisting have yet to be announced.

It was also reported in January that shareholders of Alita will see their investments go to zero, and about 100 of them are said to be fighting the takeover of their shares by the Chinese entity.

One of the big questions was whether Alita's board of directors may have breached continuous-disclosure requirements in the months before the firm ran out of cash.

Catalist-listed Alita's shares have been suspended from trading since last August, after a collapse in prices for the battery commodity forced the firm to default on a A$40 million loan from its secured lenders.