Axington given more time to release FY2020 results and hold AGM

CATALIST-LISTED Axington Inc, which was embroiled in the Bellagraph Nova saga, has gained a one-month extension from the Singapore Exchange to issue its FY2020 results by March 31.

It has also been granted a 2.5 months extension, to July 22, to hold its FY2020 annual general meeting, it announced in a Wednesday bourse filing after the market close. It will also have another 2.5 months, to June 30, to file its sustainability report.

The basis for the extensions is the series of events following the Bellagraph Nova saga. In July 2020, Axington had undergone a change of management after a mandatory unconditional cash offer from Dorr Global Healthcare International, a firm linked to the cousins Terence and Nelson Loh of Bellagraph Nova Group.

But controversy erupted over Bellagraph Nova after it came to light that it had doctored photographs showing former US President Barack Obama in marketing materials, as well as made unverified claims about the scale of its business.

Axington subsequently announced the resignations of a majority of its board members in August 2020, including that of its sole executive director, Marjory Loh, the sister of Terence Loh.

Axington's board and board committees, including the audit, remuneration and nominating committees, were reconstituted only in November 2020, the firm noted in its filing.

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It will next submit an application to the Labuan Financial Services Authority for an extension of time to hold its FY2020 AGM. Shares of the firm last traded at S$0.19 before suspension.