Datapulse Technology's disclosures about its operations throw up more questions than answers

ON Sep 28, Datapulse Technology convened an extraordinary general meeting (EGM) to seek shareholders' approval to dispose of its property in Tai Seng Drive for S$53.5 million. The EGM circular disclosed that the property is currently used for the Group's manufacturing activities and that it was concurrently looking to relocate to a building which is more appropriate for its current manufacturing activities. On the face of it, this sounds perfectly sensible.

On Jul 31, the company announced that it had granted an option to the purchaser and said that it had on Jul 13 applied to SGX for a waiver to seek prior shareholder approval for the grant of the option. SGX had approved the application on Jul 21 and told the company to announce the waiver. Datapulse did not do so until 10 days later. Completion was expected some time from Nov 30 and vacant possession must be delivered no later than Dec 31, 2017.

On Aug 7, the company announced the proposed purchase of an industrial property at Toa Payoh for S$10.5 million, subject to JTC granting approval for the sale and assignment to the company of the unexpired term of the lease, and for the use of the property for the manufacture of media storage products. On Sep 4, it announced an extension of the option to purchase and on Sep 16, it announced that it had exercised its option.