AYONDO LTD.

(Company Registration No.: 201728417D)

(Incorporated in the Republic of Singapore)

DELISTING OF THE COMPANY FROM SGX-ST

The Board of Directors (the "Directors" or the "Board") of ayondo Ltd. (the "Company") refers to its announcement dated 8 October 2021 ("Previous Announcement") in relation to the appeal to the Singapore Exchange Securities Trading Limited ("SGX-ST") on the notification of delisting from the Official List of the SGX-ST ("Delisting Notification") (the "Appeal"). Unless stated otherwise, all capitalised terms herein shall have the same meaning ascribed to them in the Previous Announcement.

The Board wishes to update that the Company has on, 25 November 2021, received a notification from the SGX-ST in response to the Appeal, and it stated, inter alia that:

  1. The Company was suspended on 1 February 2019. Since then, Singapore Exchange Regulation ("SGX RegCo") had granted the Company extensions totaling 18 months (in addition to the initial 12 months allowed under the Catalist Rules) to submit its trading resumption proposal ("Resumption Proposal"). The Company failed to meet the milestones it had committed to in its previous requests for extensions of time. As announced by the Company on 25 May 2021, in the event it again fails to meet any of such milestones, it will be served a delisting notice.
  2. To date, the Company remains unable to achieve the milestones in relation to the proposed RTO and Resumption Proposal.
  3. Based on the Company's representations and submissions, the SGX-ST is of the view that there are no new or extenuating reasons to warrant the Appeal and accordingly the Delisting Notication issued by the SGX-ST still stands.
  4. In the Delisting Notification, the SGX-ST had notified the Company, and the Company had announced the same, that its shares will be delisted from the SGX-ST after it has made an exit offer to shareholders and holders of other classes of listed securities to be delisted in accordance with Catalist Rule 1308.
  5. On 8 October 2021, the Company announced that it has not received any proposal or exit offer from any shareholder, and the Company does not have the cash resources to consider making an exit offer to its shareholders.
  6. The Company's securities will be delisted from the SGX-ST with effect from 9.00 a.m. on Friday, 24 December 2021.
  7. As announced on 1 October 2020 and also set out in the Delisting Notification, the Company received an Order from the Market Conduct Investigations (Enforcement Department) of the Monetary Authority of Singapore (MAS) pursuant to Section 20 of the Criminal Procedure Code (Chapter 68) requiring the Company to provide certain documents in relation to an investigation into a possible offence under the Securities and Futures Act (Chapter 289). It was also announced that several members of the Company's Board had attended interviews conducted by the MAS in conjunction with the Commercial Affairs Department in relation to the possible offence. SGX RegCo is also looking into potential Catalist Rule breaches by the Company. Investigations on the breaches of rules and laws continue to be ongoing. Notwithstanding the delisting, the Company, its directors, executive officers, sponsors and / or registered professional, where relevant, remain subject to disciplinary proceedings in respect of acts, omissions or contraventions which occurred when the Company was listed. Liability for any breaches of the rules and the law will not be affected by the delisting of the Company.

The Company is required to make an immediate SGXNet announcement to inform shareholders of this delisting notification, the date of delisting, and make arrangements with CDP for the return of share certificates to shareholders. The Company will make arrangements for the return of share certificates to Shareholders for their safe-keeping. The shares held with The Central Depository (Pte) Limited ("CDP") prior to the delisting date will be withdrawn from the CDP once the Company has been delisted from SGX-ST. Physical share certificates will be returned to the Shareholders by the Company's Share Registrar, by ordinary post at the Shareholders' own risk to their respective addresses as such addresses appear in the record of CDP for their physical safe-keeping after the delisting. Share certificates belonging to investors under the CPF Investment Scheme ("CPFIS") and the Supplementary Retirement Scheme ("SRS"), as the case may be, will be forwarded to their respective agent banks included under the CPFIS and the SRS, as the case may be, for their safe- keeping.

Following the Company's delisting, it will continue to exist as an unlisted public limited company in Singapore with all its existing Shareholders.

The Company will keep Shareholders informed of any developments in this regard and will make such further announcements as and when appropriate.

By Order of the Board

Foong Daw Ching

Lead Independent Director

26 November 2021

This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules of the SGX-ST Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01- 01, Singapore 229957, telephone (65) 6590 6881.

2

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Ayondo Ltd. published this content on 26 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2021 10:09:04 UTC.