End of story for another cina S-Chip con-job. Investors not getting even half a cent back from the de-listing.
One of the many failed cina listings in Sinchaipore during Jinx bitch ADVISOR's watch at SGX.
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DELISTING OF CHINA PRINTING & DYEING HOLDING LIMITED
(under Judicial Management)
Further to the announcement released by China Printing & Dyeing Holding Limited (under judicial management) (the "Company") on 21 January 2010, the Judicial Managers of the Company wish to inform the shareholders of the Company that they had (through their solicitors) on 29 January 2010 written to the Singapore Exchange Securities Trading Limited (the "Exchange") to seek a delisting of the Company notwithstanding that the Company will
not be able to comply with Rule 1309 of the Listing Manual and stating, amongst other things, that:
(a) the Company currently has no viable assets and it had previously announced that it had limited funds and that the board of directors of the Company was of the view that the Company will be unable to pay its debts as a result of the circumstances described in its announcements made on 10 and 20 October 2008; and
(b)the Company does not have the financial resources to (i) convene a general meeting to obtain the approval of its shareholders for the delisting pursuant to Rule 1307 of the Listing Manual; and (ii) arrange for a delisting of the Company by way of making a cash exit offer or offering to its shareholders another reasonable exit alternative or to appoint an independent financial adviser to advise on the exit offer pursuant to Rule 1309 of the Listing Manual.
The Exchange has on 18 February 2010 issued a letter to the solicitors of the Judicial Managers stating, amongst other things, that the Exchange has no objection to the Company's proposal to be delisted from the SGX Mainboard without making an exit offer.
The Judicial Managers will make further announcements when there are further developments.
By order of the Judicial Managers
Foo Soon Soo
Company Secretary
19 February 2010