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CNA says deal with investors lapsed due to conditions not met by deadline
THE implementation agreement that CNA Group entered into with investors last year, as part of its attempt to transfer the company's listing status by way of a scheme of arrangement, has lapsed, it said on Tuesday.
"As the conditions precedent stated in the restated implementation agreement had not been satisfied by the long-stop date of Nov 28 2018, the said agreement has lapsed and determined in accordance with its terms," CNA revealed in a filing to the Singapore Exchange.
The judicial manager will provide updates on material developments as and when appropriate, it added.
In November last year, the judicial managers of CNA Group had amended and restated an agreement for the proposed transfer of the company's listing status, due to a withdrawal by CNA investor Lye Siang Long.
CNA had previously agreed with property player SCR International Holdings to transfer its listing status through a scheme of arrangement. The new shares of SCR will be listed on Catalist.
The agreement was initially signed in July among five parties – Treasure Capital Group, Lee Chee Fui, Liew Chie Chung, Bong Siak Kee and Mr Lye. The judicial managers from Deloitte & Touche had said that the restated agreement is on substantially the same terms as the earlier agreement, and the commercial intent of the contracting parties to work towards effecting the transfer remains unchanged.
Trading in CNA shares has been suspended.