Announcement - In relation to the matter of The Grande Holdings Limited (Provisional Liquidators Appointed) (Stock Code: 186) Proceeding to third stage of delisting procedures
Regulatory
11 Jul 2013
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
ANNOUNCEMENT
In relation to the matter of The Grande Holdings Limited
(Provisional Liquidators Appointed)
(Stock Code: 186)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the Exchange) places the Company in the third delisting stage today.The Exchange intends to cancel the listing after the six-month period (i.e. 10 January 2014) if the Company fails to provide a viable resumption proposal.
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Trading of the Company’s shares was suspended on 30 May 2011. Before expiry of the second delisting stage, the Company provided a resumption proposal. However, the Exchange determined that the proposal is not viable as it fails to demonstrate that the Company will have sufficient operations or assets for listing. Therefore, the Exchange places the Company in the third delisting stage today under Practice Note 17 to the Listing Rules.
The Company will have a final six months to provide a viable resumption proposal. The resumption proposal needs to:
| (i) |
demonstrate sufficient operations or assets under Rule 13.24;
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| (ii) |
publish outstanding financial results and address any audit qualifications;
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| (iii) |
demonstrate sufficient working capital for at least twelve months from resumption date; and
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| (iv) |
demonstrate adequate and effective internal control system to meet the obligations under the Listing Rules. |
The Exchange may cancel the Company’s listing after the six-month period (i.e. 10 January 2014) if the Company fails to provide a viable resumption proposal. The Exchange will make a further announcement if the delisting takes place.
Ends