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Challenger calls for 2nd trading halt, corrects EGM resolution notice

FOLLOWING a second trade halt on Thursday, Challenger Technologies has issued a regulatory update notifying shareholders of an error made in a previous announcement which said the resolution for the company’s voluntary delisting had “duly passed” when it did not.

"Due to an inadvertent error, it was stated that the resolution relating to the matter set out in the notice of EGM (extraordinary general meeting) dated June 12, 2019 was 'duly passed' by the shareholders of the company," the latest filing said. 

The trading halt has since been lifted. 

Challenger had earlier called for a trading halt pending an announcement just over an hour after it resumed trade on the same day. Prior to the halt, the consumer electronics retailer shares were trading flat at S$0.545 as at 3.13pm.

The company first called for a trading halt before the market opened in the morning as it was pending the release of an announcement. It later released the results of its extraordinary general meeting held on the same day at 1.30pm, before resuming trade on the Singapore bourse at 1.40pm.

The Business Times had earlier reported that the company’s voluntary delisting had failed to go through on Thursday, as some 11.36 per cent of shareholders voted against the resolution.

With the delisting now rejected by shareholders, the exit offer will lapse, and the offeror and its concert parties will not be able to make another offer for the shares for 12 months from the date the exit offer lapses.