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Atlantic Navigation seeks 3-month extension to meet free float requirement amid challenging market conditions

ATLANTIC Navigation is seeking a three-month extension to meet the free float requirement of the Singapore Exchange amid "challenging market conditions" and the timing of release for its financial results.

It first sought, on Feb 12, 2019, to extend the deadline to April 10. The latest extension, if approved, would give the company until July 10 to meet the 10 per cent threshold.

Wong Siew Cheong, executive director and CEO of Atlantic Navigation, or his associate, intends to place out at least 8.5 million of their own shares for company to meet the free float requirement.

In its bourse filing on Wednesday, the company said it has found potential placees for some vendor shares and is in discussions with other potential interested parties.

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The marine services company said the placement exercise remains challenging in tandem with an offshore oil and gas marine logistics sector that has yet to fully recover from its lows.

Since it will be releasing its fiscal 2018 financial statements on April 11, and taking into account a blackout period of 14 days before the release of its first quarter (ending March 31) results on or around May 9, the extension would give investors more information from both financial reports to assess the company.

The percentage of Atlantic Navigation shares in free float fell to 8.43 per cent on Dec 21, 2018, after it issued 263 million shares to Saeed Investment to raise US$26 million.

Atlantic Navigation shares last traded at S$0.10 before trading was suspended.