NauticAWT now a cash company, given a year to acquire new business

CATALIST-LISTED NauticAWT on Monday said that it is now a cash company, following the sale of its subsidiary, and has a year to acquire a new business or risk being delisted.

The company completed the sale of its subsidiary on Dec 11 and therefore no longer has any revenue generating business. Its remaining business is its 35 per cent stake in Rich Restaurant Capital Limited.

NauticAWT had said on Dec 11 that it is considering increasing its stake in Rich Restaurant to obtain majority control and is in advanced talks to acquire a further 16 per cent stake in the latter.

The company said on Monday that it intends to apply to the Singapore Exchange (SGX) to maintain its listing status and to continue the trading of its shares on the Catalist board.

NauticAWT can apply to SGX for a maximum six-month extension to the 12-month period if it has already signed a definitive agreement for the acquisition of a new business; the acquisition must be completed in the six-month extension period.

Separately, the company also announced on Monday that John Gronbech, the CEO and executive director, has resigned after about nine years with the company.

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It said that Mr Gronbech resigned to "devote his time to managing the company affairs of Nautec Group (the subsidiary that was sold)".

Shares of NauticAWT closed unchanged at S$0.013 on Monday before the announcement.