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Screenshot of a breaking news alert e-mail from Q2 2017
The Listing Committee has censured Rosan Resources Holdings Limited (Stock Code: 578) and a number of its current and former directors for breaching the Exchange Listing Rules and/or the Director’s Undertaking.
The Stock Exchange of Hong Kong’s listing committee commented also that the violated rules are 14.34, 14.38A and 14.40 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
The reason for censuring is Rosan Resources’ failing to comply with the announcement, circular and shareholders’ approval requirements in respect of certain major transactions.
Former directors have also been censured for:
• failing to apply such degree of skill, care and diligence required and expected of them with respect to the matters referred to herein, breaching Rule 3.08(f) of the Exchange Listing Rules; and
• failing to comply to the best of their ability with the Exchange Listing Rules and use their best endeavours to procure the Company’s Exchange Listing Rule compliance, breaching their obligations under the Declarations and Undertakings with regard to Directors given to The Stock Exchange of Hong Kong Limited (the “Exchange”) in the form set out in Appendix 5B to the Exchange Listing Rules (the “Directors’ Undertakings”).
As a consequence of settlement, the Company and the Relevant Directors have admitted their respective breaches asserted by the Listing Department above and have accepted the sanctions and directions imposed on them by the Listing Committee.