阿尔法企业 二零一八中期报告(16)

阿尔法企业 二零一八中期报告

Notes to the Unaudited Condensed Consolidated Financial Statements

For the six months ended 30 September 2018

2. BASIS OF PREPARATION (Continued)

Restructuring of the Group (Continued)

The completion of the open offer and the share subscription also took place on 27 November 2017 and all the resumption conditions imposed by the Stock Exchange were fulfilled on 28 November 2017 (Bermuda time). Trading in the Shares on the Stock Exchange resumed on 30 November 2017.

Delisting from SGX-ST

The Company had sought the Delisting for the following reasons:

(a) by virtue of having its secondary listing on the SGX-ST, the

Company is required to comply with the requirements set out in

Rules 217 and 751 of the Listing Manual (including such other

listing requirements that the SGX-ST may impose from time to

time) in addition to the Listing Rules. The Company believed

that the Delisting would eliminate the additional administrative

overhead and costs of compliance associated with such SGX-

ST requirements (which, in its bona fide opinion, outweigh the

benefits of the Company’s secondary listing on the SGX-ST),

and would allow the Company to streamline its compliance

obligations, reduce its legal and compliance costs and focus its

resources on its business operations;

(b) based on the restructuring plan as set out in the Resumption

Proposal and the Revised Proposal, the Company did not

intend to raise capital through issuance of new Shares on

the SGX-ST upon successful capital reorganisation and

resumption of its trading on the Main Board of the Stock

Exchange. The Company intended to carry out its future

fundraising activities, if any, through the Stock Exchange; and

(c) with the low trading volume of its Shares on the SGX-ST in the

past and the ability of shareholders to trade the Shares in Hong

Kong through stockbrokers in Singapore or in Hong Kong, the

Company considered it no longer necessary to maintain its

secondary listing on the SGX-ST.

For the reasons above, the Company believed that the Delisting was in the interest of the Company as a whole. The Delisting took place on 28 November 2017.2.

(a)

217 751

(b)

(c)

15