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Atlantic Navigation queried by sponsor on share price plunge

CATALIST-LISTED Atlantic Navigation has been queried by its sponsor SAC Capital on its Oct 11 trading activity which saw its shares plunge S$0.035 or 44.9 per cent to S$0.043.

The marine services company's board said it was not aware of any material information or other explanation for the price drop.

It did highlight that one of the group's subsidiaries recently received a letter of demand from a trade creditor for an outstanding sum of about US$3.2 million.

Discussions between the group and trade creditor to come to an amicable resolution are ongoing, said Atlantic Navigation.

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The outstanding sum has been recorded as a current liability in its latest announced H1 2019 unaudited financial results ended June 30, 2019.

Accordingly, the letter of demand is not expected to materially affect operations of the group, the company said.

Atlantic Navigation which requested for a trade halt on Oct 11, the day on which its share price tumbled, asked during Wednesday's midday break for trading to resume.