Sunmoon Food

[theasiareport]

Further update from the company. The shareholders may be violated the Take-over code, which the penalty is pretty serious.

http://infopub.sgx.com/FileOpen/Clarific...eID=373605

(not vested)

Not too familiar with the code but what is their potential offence here?

[CityFarmer]

Further update from the company. The shareholders may be violated the Take-over code, which the penalty is pretty serious.

http://infopub.sgx.com/FileOpen/Clarific...eID=373605

(not vested)

Not too familiar with the code but what is their potential offence here?

My best speculation on the matter, is violation of Rule 14.1 of Take-over code. I have taken a glance on the company AR, First Alverstone Capital (FAC) has about 115 million share, or about 36% of total outstanding shares. There were "transactions" with 60 million shares (about 19% of outstanding shares), which might put FAC in a "suspicious" position. 

(not vested, and speculating base on the preliminary data from SGX announcements)

[CityFarmer]

One of the issues faced by the company

(not vested)

Sunmoon reaches final settlement with nTan Corporate Advisory

SINGAPORE (Oct 20): Sunmoon Food Company ( Valuation: 0.30, Fundamental: 0.95) says that it has reached a full and final settlement with nTan Corporate Advisory on nTan's writ of summons served to the group on April 10, 2014.

nTan's claims related to fees allegedly due to nTan for services provided to Sunmoon in identifying and securing investors under a letter of engagement signed on November 14, 2006.

As part of the settlement, the group will pay nTan $2.1 million and an additional 7% GST, in instalments. Sunmoon says that it had provided for about half of the settlement sum in previous years and all of the payments will be funded through its internal resources.

The settlement is expected to have a significant impact on the group's financial performance for the current fiscal year, it adds.

Sunmoon's shares last closed at 5.2 cents.
http://www.theedgemarkets.com/sg/article...e-advisory