Natural Cool's hot trading "linked to second EGM"

THE unusual trading activity in air-conditioning specialist Natural Cool might be linked to an upcoming extraordinary general meeting (EGM) on December 22, 2016, said the company in response to a Singapore Exchange (SGX) query. It did not elaborate on why this might be the case.

It said it was not aware of any other information that is potentially material or price-sensitive, like potential corporate actions, that can explain the trading activity.

Natural Cool shares spiked significantly from S$0.127 on Tuesday to as high as S$0.50 a share on Wednesday morning, before coming down to around S$0.20 by 4.25pm.

The executive chairman of the firm survived an ouster attempt in an EGM on Monday.

The second EGM will be about revoking the company's general share issuance mandate.

Shareholders have been unhappy about the company placing out a significant number of shares for cheap to a strategic investor recommended by the chairman.