The Stock Exchange of Hong Kong Limited announced that has placed Mayer Holdings Limited into the third delisting stage today. If no viable resumption proposal is received by the end of the third delisting stage (i.e. 13 December 2017), the Company’s listing will be cancelled.
The MMT has also sanctioned Mayer Holdings Limited for late disclosure of inside information just two months ago.
Trading of the Company’s shares was suspended on 9 January 2012 pending release of an announcement for a placing and a possible general offer which was subsequently terminated. Trading of the Company’s shares remains suspended because the Company has failed to announce its results for the years ended 31 December 2011 onwards.
By 24 May 2016, the Exchange was of the view that the Company did not comply with the requirement to have sufficient operations or assets under Rule 13.24.
The Exchange placed the Company into the first and second delisting stages on 24 May 2016 and 24 November 2016 respectively. At the end of the second delisting stage on 23 May 2017, the Company did not provide any resumption proposal. Therefore, the Exchange has decided to place the Company into the third delisting stage under Practice Note 17 to the Listing Rules.
The Company will have a final six months to provide a viable resumption proposal to address the following resumption conditions:
- demonstrate that the Company has sufficient operations or value of assets under Rule 13.24;
- publish all outstanding financial results and address any audit qualifications;
- demonstrate that the Company has put in place adequate financial reporting procedures and internal control systems to meet obligations under the Listing Rules; and
- inform the market about all material information of the Company.
If no viable resumption proposal is received by the end of the third delisting stage (i.e. 13 December 2017), the Company/s listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.