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14-01-2022, 07:36 AM
Posted by Mak Yuen Teen | Jan 13, 2022 | On The Mak
On 31 December 2021, Catalist-listed Econ Healthcare (Asia) announced that the Group’s aggregate cost of investment in quoted securities has increased from S$1.127 million to S$3.118 million through the purchase of “certain quoted investments” on 30 December 2021. The aggregate cost of these investments had increased from 4.6% relative to its latest audited consolidated net tangible assets (NTA) as at 31 March 2021 to 12.6%. This was the first time that the company had disclosed that it has invested in quoted securities. In its results issued on 9 November 2021 for the half year ending 30 September 2021, no such assets appear on its balance sheet.
The company said it was a “non-discloseable transaction” under Chapter 10 of the Catalist Rules and did not provide not any details of the quoted securities. However, it does state:
“To the best knowledge of the Directors, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, for 5% or more in the quoted securities of the investment (other than their respective shareholding interests in the Company, if any)”.
This statement is different from the required “disclosure of interest” statement under Rule 1010(11) of the Catalist Rulebook for discloseable transactions, which requires the disclosure of “whether any director or controlling shareholder has any interest, direct or indirect, in the transaction and the nature of such interests”(emphasis mine). Although this statement is not required for a non-discloseable transaction, it raises the question as to why the company chose to modify the statement in Rule 1010(11). It would seem to imply that one or more directors had an interest in the securities, but it was below 5%.
Much better to read the full details for those concerned here: https://governanceforstakeholders.com/20...stigation/
Not vested.
On 31 December 2021, Catalist-listed Econ Healthcare (Asia) announced that the Group’s aggregate cost of investment in quoted securities has increased from S$1.127 million to S$3.118 million through the purchase of “certain quoted investments” on 30 December 2021. The aggregate cost of these investments had increased from 4.6% relative to its latest audited consolidated net tangible assets (NTA) as at 31 March 2021 to 12.6%. This was the first time that the company had disclosed that it has invested in quoted securities. In its results issued on 9 November 2021 for the half year ending 30 September 2021, no such assets appear on its balance sheet.
The company said it was a “non-discloseable transaction” under Chapter 10 of the Catalist Rules and did not provide not any details of the quoted securities. However, it does state:
“To the best knowledge of the Directors, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, for 5% or more in the quoted securities of the investment (other than their respective shareholding interests in the Company, if any)”.
This statement is different from the required “disclosure of interest” statement under Rule 1010(11) of the Catalist Rulebook for discloseable transactions, which requires the disclosure of “whether any director or controlling shareholder has any interest, direct or indirect, in the transaction and the nature of such interests”(emphasis mine). Although this statement is not required for a non-discloseable transaction, it raises the question as to why the company chose to modify the statement in Rule 1010(11). It would seem to imply that one or more directors had an interest in the securities, but it was below 5%.
Much better to read the full details for those concerned here: https://governanceforstakeholders.com/20...stigation/
Not vested.
