SHC Capital faces potential delisting again after calling off a reverse takeover deal with Chinese equipment maker Tong Da Medical Device.
SHC, a cash company previously involved in underwriting insurance risks, says it could not make significant progress with Tong Da and its owners in carrying out a financial audit and other due diligence of the Chinese firm.
Both parties agreed to terminate the deal as at Oct 31, SHC says. The company has spent about $1.4 million so far on the terminated deal.
SHC has until Jan 31, 2016 to find a new business, or it will be delisted from Catalist.
The company says it is exploring options, including a voluntary liquidation if SHC cannot obtain a further extension of time to find a new business. If there is a voluntary liquidation, the company may make a distribution via a capital reduction or an interim distribution.
The company says it had $38.9 million of net assets as at Oct 31, including $39.3 million of cash and bank balances.
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SHC, a cash company previously involved in underwriting insurance risks, says it could not make significant progress with Tong Da and its owners in carrying out a financial audit and other due diligence of the Chinese firm.
Both parties agreed to terminate the deal as at Oct 31, SHC says. The company has spent about $1.4 million so far on the terminated deal.
SHC has until Jan 31, 2016 to find a new business, or it will be delisted from Catalist.
The company says it is exploring options, including a voluntary liquidation if SHC cannot obtain a further extension of time to find a new business. If there is a voluntary liquidation, the company may make a distribution via a capital reduction or an interim distribution.
The company says it had $38.9 million of net assets as at Oct 31, including $39.3 million of cash and bank balances.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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