Ecowise Holdings Limited

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Ecowise@7.8cts - halt
The Board wishes to inform the shareholders that the Singapore Exchange Regulation had on 14 June 2021 raised queries in relation to the 1HFY2021 Results (“SGX Queries”). The Company has been working to provide responses to the SGX Queries. However, the Directors are not able to unanimously agree and finalise (with one Director in dissent) the announcement on the responses to the SGX Queries, for release by the expiry of the trading halt which falls on 18 June 2021. Further, there have been recent developments on the Company’s operations which the Company requires more time to obtain information and update shareholders.
https://links.sgx.com/FileOpen/20210618%...eID=671566

Stay home and stay safe, everyone.

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Ecowise - suspended
Notice of Compliance
On 22 June 2021 and 25 June 2021, the Company announced that Mr Lee engaged Stone Forest IT Pte Ltd and gained access to the Company’s information technology servers to secure them and restrict access to the said servers. The Board (excluding Mr Lee) disagreed with this approach.

The Exchange notes that the Executive Chairman and CEO of the Company, Mr Lee did not provide the confirmation under Catalist Rule 705(5) that nothing has come to the attention of the board of directors which may render the 1HFY2021 Results (announced by the Company on 14 June 2021) to be false or misleading in any material aspect. In response to SGX Queries, Mr Lee raised concerns on certain Transactions and the impact on the financial results.
https://links.sgx.com/FileOpen/ecoWise%2...eID=672340

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Ecowise Holdings - Financial safeguard

To enable the Group to continue its ongoing operations and not be in breach of its payment obligations, the following safeguards will be implemented by the Company in respect of disbursement of funds:

(a) All payments to be made by the Group must be approved by the entire Board (comprising Mr Lee, Mr Cao and Mr Er), after reviewing such payments against relevant supporting documents. For avoidance of doubt, upon appointment of the new independent directors 2 pursuant to the Notice, approval from these new independent directors must also be obtained prior to payments being made.

(b) In the event of disagreements on payments to be made, or where there are unusual payments not in the normal course of the Group’s business, such payments must be reviewed by the Sponsor, stating clearly reasons for the disagreement and providing the Sponsor with all relevant supporting documents.

© Mr Er, being the Lead Independent Director, and thereafter, together with the members of the New AC, will be the final arbiter, after obtaining inputs from the Sponsor’s review of the payments in paragraph (b) above.

(d) On an ex-post basis, all payments by the Group shall be validated by RSM as the Company’s statutory auditor, to ensure that such payments are made in the normal course of the Group’s business and for intended purposes, with proper supporting documents and approvals obtained.
https://links.sgx.com/FileOpen/20210629%...eID=672743

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