SHC Capital: Faces delisting again after the cash company called off a RTO deal with China-based medical equipment manufacturer and supplier Tong Da Medical Device (TDMD).
To recap, in Mar this year, SHC entered into a non-binding MOU to buy over TDMD for $120m via the issue of shares.
The deal was terminated after SHC was unable to make significant headway with TDMD in carrying out a financial audit and other due diligence.
To date, the company has spent $1.4m in expenses on the TDMD deal. However, what may be more pressing to shareholders would be the company's ability to preserve its listing status, after it sold off its insurance business in Aug '14.
The cash company now has up to 31 Jan '16 to look for a new business, or face delisting.
As at 31 Oct, SHC's NAV/share stood at $0.127.
No comments:
Post a Comment