Hi CityFarmer,
FDS Network's loss making business had already been sold. They couldn't find a new operating business within the stipulated timeframe to meet the listing requirements and therefore SGX delisted them.
http://infopub.sgx.com/Apps?A=COW_CorpAn...cement.pdf
(1) Update on Watch-List Status – Delisting Notification
The Board refers to the Company’s announcement dated 4 September 2013 and wishes to
update that the SGX-ST has via its letter dated 16 September 2013 (“SGX Letter”) rejected the
Company’s application for a second extension of the Review Date to enable, inter alia, the
Company and its advisors to conduct and complete their legal and financial due diligence
exercise in respect of the Proposed New Acquisition.
The SGX-ST is of the view that the Company’s Proposed New Acquisition is not sufficiently
advanced and that it is
uncertain at this point in time, as to whether the Proposed New
Acquisition is able to meet the requirements of Listing Rule 1314 for the removal of the
Company from the Watch-List. Hence, the SGX-ST will proceed to delist the Company.
http://infopub.sgx.com/FileOpen/FDS%20Ci...leID=19947
Page 11 of circular
© Estimated Net Realisable Asset available for Distribution
According to the Company’s best estimate, the amount available for Distribution, after
deducting all the Company’s existing liabilities and costs and expenses incurred in
connection with the Proposed Members’ Voluntary Liquidation, will be approximately
S$1,377,000, the breakdown of which is as follows:
Items Amount (S$’000) (1)
Cash at bank 2,301
Fixed assets (at written down value) 1
Net payable (725)
Estimated Expenses for Proposed Members’ Voluntary Liquidation (200)
Estimated Net Realisable Asset available for Distribution 1,377
Page 16 of circular
14. DIRECTORS’ RECOMMENDATION
14.1 Shareholders should read and consider carefully this Circular in its entirety before giving their
approval pertaining to the Proposed Members’ Voluntary Liquidation. The Directors are of the
opinion that
the Proposed Members’ Voluntary Liquidation is in the best interests of the Company.
Accordingly, the Directors recommend that Shareholders vote in favour of the resolutions relating to
the Proposed Members’ Voluntary Liquidation set out in the Notice of the SGM.