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JES agrees to transfer listing status to PLMP Blockchain
JES International on Friday said that it has signed an implementation agreement with PLMP Blockchain Holding for a proposed transfer of its listing status to PLMP by way of a scheme of arrangement.
JES is currently under judicial management and its shares have been suspended from trading since March 2015.
In its announcement, it said: “One of the company’s major intangible assets is its listing status. If the transfer is successful, it will provide some recovery to incumbent shareholders and creditors of the company.”
PLMP intends to seek a listing of its shares on the Catalist board of the Singapore Exchange, by transferring JES’ existing listing status on the Mainboard to itself.
Under the scheme, PLMP will issue S$5 million worth of new PLMP shares to the judicial manager or scheme administrator to be distributed at a later date to eligible JES shareholders, creditors, and other entitled parties.
Another S$1 million in new shares will be given to the judicial manager and financial adviser to be appointed by JES as payment for their professional fees and costs, including legal expenses.
After the transfer of listing status, JES shares will be delisted and withdrawn from the exchange.
The long-stop date of the agreement is 12 months from the day the deal was signed. Both sides have agreed that the deal is on a non-exclusive basis, and can be terminated should the judicial manager of JES find another more suitable target for JES to transfer its listing status too.