Axington to allow shareholders to withdraw acceptances of its rights issue

CATALIST-listed Axington said on Wednesday that it would allow shareholders who have applied for, accepted and/or paid for its rights shares or excess rights shares to withdraw their acceptances if they wish to do so.

This is in view of the voluntary suspension of Axington shares since Aug 31, pending the release of an announcement related to strategic changes to the company's business direction, Axington said in a filing to the Singapore Exchange.

Acceptances, applications and/or payment made by entitled shareholders for the rights shares or excess rights shares during and prior to the suspension can be withdrawn. To do so, shareholders must provide written instructions with their authorised signatories to the Central Depository and/or the Share Registrar on behalf of the company, during the period up to the new closing date for the rights issue.

Axington also informed shareholders that the PayNow QR (Quick Response) code printed on the application and acceptance forms despatched on or around Aug 26 would have become ineffective after 9.30pm on Sept 9. This was the original deadline for acceptance and payment for the rights shares and excess rights shares. The company said on Sunday that it will extend the offer period, but has yet to announce the new deadline.

It will generate a new PayNow QR code when the new closing date has been fixed, and send it out in the new forms to be despatched in due course.

Axington advised shareholders to look out for an announcement that it will make on the revised expected timetable for key events of its rights issue.