Datapulse Technology playing YOYO with disclosure-based regime
The company's confusing and obfuscatory statements make Singapore's system seem as if it might as well be called You're On Your Own. This is bad for the Republic's market and reputation.
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A more apt name for our disclosure-based regime may be YOYO or You're On Your Own.
On Jan 30, 2018, Datapulse Technology issued a "General Update Announcement" which disclosed some additional information and made certain claims. Like previous disclosures by the current and previous boards, it only served to confuse and further cloud the issues, yet again making a mockery of the disclosure-based regime.
The board said that it is not true that it had not done any due diligence on the acquisition of Wayco Manufacturing because the directors had been furnished with certain information two weeks prior to their appointment and had sufficient time to review and consider before deciding to undertake the transaction. The company also mentioned the "rationale" for the acquisition - the risk of the company becoming a "cash company" and being delisted from the Singapore Exchange (SGX).
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