SINGAPORE (THE BUSINESS TIMES) – Catalist-listed Pine Capital received a notification of delisting from the Singapore Exchange (SGX) on Nov 26, it said in a bourse filing late on Monday (Nov 29).

The company’s shares will be delisted after an exit offer is made to shareholders and holders of other classes of listed securities to be delisted.

The company, however, said it intends to appeal the delisting notice as it has on Nov 22 entered into a non-binding term sheet with Genv Holdings for a subscription of new shares and the proposed acquisition of a new business.

Pine Capital had previously been granted a three-month extension from June 1 to Aug 31 to enter into a binding sale and purchase agreement (SPA) for a new business, to comply with Catalist rules.

But to-date, SGX noted that the company had failed to do so under the extended timeline. Although it entered into a term sheet with Genv Holdings, Pine Capital did not sign a definitive SPA nor disclose the identities of potential target companies, SGX said.

SGX also noted that the company failed to meet ongoing reporting requirements and listing obligations, despite a reminder letter sent on Jan 14.

On Nov 8, Pine Capital had said that it was unable to provide a monthly valuation of its assets, release financial results, complete its audit and hold its annual general meeting as the team it has outsourced its finance and accounting functions to, has suspended its service since June pending payment which the company cannot make due to its poor cash position.

Despite the intention to appeal, the company said it will concurrently contact its controlling shareholders for an exit offer, to be made no later than one month from the date of the delisting notice.

Trading of Pine Capital’s shares have been suspended since March 22, 2019, and will continue to be suspended, the company said.