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Attilan says not able to provide reasonable exit offer for delisting
ATTILAN Group is unable to provide a reasonable exit offer to shareholders to proceed with delisting, the mainboard-listed investment firm said in a filing to the Singapore Exchange (SGX) on Tuesday.
Attilan said this is because the company is in a net liabilities position, as disclosed in its financial results for the first quarter ended March 31, and none of the company's controlling shareholders has expressed any intention to make an exit offer.
On June 4, the company received a notice of delisting from SGX, which said that the group had not met the requirements to be removed from the watch-list. It was first placed on the watch-list on Apr 11, 2016.
Trading in Attilan securities was to be suspended from 9am on July 4 until the completion of an exit offer to shareholders, in accordance with listing rules which require the company or its controlling shareholders to provide a "reasonable exit offer" to shareholders.
On June 6, Attilan said that it intended to make an appeal to SGX on this matter.
Shares of Attilan are currently suspended. The counter last traded at 0.2 Singapore cent on June 5, 2017.