Deal by Technics Oil & Gas to transfer listing status to orthopaedic clinic falls through

TECHNICS Oil & Gas and Singapore Knee, Sports and Orthopaedic Clinic have mutually agreed to terminate the agreement to transfer Technics' listing status on the mainboard to the latter.

After the termination of the agreement, the judicial manager (JM) of Technics from Deloitte & Touche said in a regulatory statement on Tuesday that he is considering whether there are any other suitable proposals that would achieve one or more of the purposes of judicial management.

Otherwise, noted the JM, the company would be headed for a winding-up as well as delisting from Singapore Exchange (SGX) and Taipei Exchange. The JM did not offer any reasons for the agreement falling through.

Technics and Singapore Knee, Sports and Orthopaedic Clinic had entered into the agreement last March on the transfer of the listing status by way of a scheme of arrangement, through which the price of S$3 million was to be satisfied by the issue of new shares in the capital of Singapore Knee, Sports and Orthopaedic Clinic.