Otto Marine postpones AGM to May 31 2013
The Board of Directors of Otto Marine Limited (the “Company”) refers to the Company’s announcement of 1 April 2013 and wishes to inform that the Singapore Exchange Securities Trading Limited (“SGX-ST”) has granted the Company an extension of time to hold its Annual General Meeting (“AGM”) in respect of the financial year ended 31 December 2012 (“FY2012”) by 31 May 2013, the Company press release said.
The approval from SGX-ST is subject to:-
(i) the Company convening the AGM by 31 May 2013, subject to approval of the same being obtained from the Accounting & Corporate Regulatory Authority (“ACRA”);
(ii) the Company announcing the period of extension granted, the details of reasons for seeking the extension of time and the conditions as required under Listing Rule 107;
(iii) submission of a written confirmation from the Company that it is not aware of any information that will have a material bearing on investors’ decision which has yet to be announced by the Company; and (iv) submission of a written confirmation from the Company that the waiver does not contravene any laws and regulations governing the Company and the articles of association of the Company.
The Company, together with its auditors, had to expend more time in finalising its consolidated accounts for FY2012 than previously anticipated due to the following reason: one of the Company’s principal subsidiaries, Reflect Geophysical Pte. Ltd. (“Reflect”), is in a financially distressed condition and the judicial management application in relation to Reflect has also been adjourned to be heard on 3 May 2013. Consequently, additional time is required by both Reflect’s and the Company’s auditors to finalise the audit for the year ended 31 December 2012 for their respective entities.
Notwithstanding Reflect’s judicial management application, the Company wishes to confirm that it is able to continue as a going concern due to the following reasons:
(a) the Company is not dependent on Reflect for any cashflow to sustain its operations, payment of its debts or for any other purposes; and
(b) the Company's other main business segments are not intertwined with Reflect's business of provision of seismic and geophysical services to its customers.
The Company will submit an application to ACRA for an extension of time to hold the AGM by 31 May 2013. The Company will update shareholders on ACRA’s decision and the intended date of the AGM in due course.
