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Chaswood Resources requests for time extension to submit proposal to resume trading

CHASWOOD Resources on Thursday said that it made an application to the Singapore Exchange for a time extension to submit its resumption proposal to resume trading.

Trading of the company's securities has been suspended since June 18 last year due to Chaswood's inability to hold its annual general meeting for the financial year ended Dec 31, 2017. The company is required to submit its resumption proposal by June 17.

Chaswood said that the rationale behind this is because its resources are currently "maximised" as the company is directing its efforts and focus to the ongoing restructuring exercise of the group, while preparing the audited financial statements and annual report for FY2018 and holding of the company's AGM.

It added that it is in the midst of implementing the scheme of arrangement under section 366 of the Malaysia's Companies Act 2016 which has been approved by the scheme creditors and sanctioned by the Malaysia Court.

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The company had also filed an application with the High Court of Singapore to obtain an order, among other things, that no legal action or proceedings against the company be commenced or continued against it for a period of 12 weeks from the date of the order to be granted.

The hearing will be on June 17, 2019.

Chaswood is also proposing to implement a scheme of arrangement for creditors. Details of the scheme are targeted to be finalised during the 12-week period of the Moratorium if the Moratorium is granted at the hearing. The company said that it is necessary to address the various debt obligations owed and is a "critical part" of the company's restructuring process.