The list of legacy issues that fell to the new Board upon handover from the previous Board on
a. the Company's cash balances were so low that that meeting its daily operating expenses has posed significant challenges;
b. the previous Board had informed the new Board that outstanding liabilities as at
c. no external auditor had been appointed since the previous auditor,
d. arising from (c), there is a delay in issuing the Company's annual report for the 18-month period ended
e. in conjunction with (d), failure to comply with certain provisions of the Companies Act 1967 (the "Companies Act") - No AGM has been held in respect of FY2022 and the Company's application to the
f. a previous internal audit conducted by
g. the report on the special audit conducted by
The Board's immediate priority has been to resolve the outstanding legacy issues, including (a) negotiating with creditors to resolve all long overdue liabilities, (b) engaging an external auditor to audit the FY2022 financial statements, (c) working with the Special Auditor to complete the special audit, and (d) strengthening the Company's internal controls, so as to elevate the Company to be in the position of pursuing new business directions. To this end, the Board is pleased to announce the following:
a. on
b. on
c. the Company has commenced the process of identifying a new external auditor, with a view to convene an extraordinary general meeting ("EGM") to formally appoint the new external auditor by the 3rd quarter of 2023. In addition, the Company is targeting to convene the FY2022 AGM, as well as releasing the financial results for each of the 1st, 2nd, 3rd and 4th quarters of FY2023 by the 1st quarter of 2024. To make good the previous lapses and eventually bring the Company's financial reporting up to speed to adhere to the timelines under the Catalist Rules, the Company is looking to hold the FY2023 AGM and release the 1st quarter financial results of FY2024 by the 2nd quarter of 2024. The Company will be making the necessary applications to SGX-ST for the respective extensions of time for the release of the financial results and make the necessary announcements in due course.
In addition, the Board would like to inform shareholders that it is actively pursuing the following:
a. negotiating with creditors to settle all outstanding liabilities on terms in the best interests of the Company;
b. reviewing and seeking legal advice where necessary on the terms of the
c. actively engaging with the Special Auditor to complete phase 2 of the special audit by the 4th quarter of 2023;
d. engaging with the internal auditors to review if previously identified internal control weaknesses have been addressed, and to examine ways to strengthen these internal controls. This will concurrently address the 2 NOCs previously issued;
e. actively sourcing and/or developing new and sustainable businesses to be injected into the Company so as to inject a new lease of life into the Company and to raise additional funding for the continued operations and the development of new businesses for the Company; and
f. upon resolving all outstanding legacy issues with the gradual readiness of the Company to continuing to function as a going concern the Company will, through its continuing sponsor, consult the SGX-ST on the resumption of trading of its securities.
"The Company is committed to addressing the significant challenges and legacy issues inherited from the previous Board in a positive and transparent manner, with full accountability to our shareholders. The multitude of legacy issues, most of them unresolved in the last 2 years, will need time and effort to resolve and we ask for shareholders' patience to allow us to work on getting the Company back on the path of restoration and growth." said Mdm
"On behalf of the Board, we would like to express our deepest gratitude to the Company's employees, customers and partners for their continued support during this period of transition. We look forward to working closely with all stakeholders to ensure a successful future for the Company", added Mdm Hao.
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