The Stock Exchange of Hong Kong Limited (HKEX) has placed Bel Global Resources 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. 2 May 2017), the company’s listing will be cancelled.
Trading of the company’s shares was suspended on 4 July 2011 as it has failed to release its annual results for the year ended 31 March 2011.
By 15 October 2015 the HKEX 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 15 October 2015 and 15 April 2016 respectively. At the end of the second delisting stage on 14 October 2016, the company did not provide any resumption proposal. Therefore, the Exchange has decided to place Global Resources into the third delisting stage.
Global Resources will have a final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets.
Global Resources must also:
1. demonstrate sufficient working capital for at least twelve months from its expected resumption date;
2. address the concern of the incident about the disputed convertible bonds, being part of the consideration of the very substantial acquisition announced on 11 October 2007, and inform the market of all material information including its impact on the Company’s financial and operational positions;
3. demonstrate that there is no reasonable regulatory concern about the character, level of due care and integrity of the Company’s management which will pose a risk to investors and damage market confidence;
4. publish all outstanding financial results and address any audit qualifications; and
5. demonstrate that there are adequate and effective financial reporting procedures and internal control systems to meet the obligations under the Listing Rules.
If no viable resumption proposal is received by the end of the third delisting stage (i.e. 2 May 2017), Global Resources’s listing will be cancelled.