The judicial managers for Epicentre Holdings announced that the implementation agreement entered into with KOSDAQ-listed Kossen Co and Tardis Capital for the proposed transfer of the company’s listing status has been terminated.
Under the agreement, which was originally announced in July 2020, Epicentre Holdings would transfer its listing status on the Catalist board of the Singapore Exchange Securities Trading Limited (SGX-ST) to an entity to be incorporated in Singapore at a consideration of $3 million.
In a filing to SGX dated March 11, the judicial managers stated that the implementation agreement was terminated due to Kossen and Tardis’ failure to obtain pre-clearance for the transaction from SGX-ST, with no updates forthcoming since October 2020.
SEE:Epicentre to transfer its listing status for $3 mil in a bid to provide some recovery to its shareholders and creditors
The judicial managers also state that Kossen did not comply with obligations under the agreement, and did not respond to multiple follow up letters and emails on the matter, including a letter to seek a waiver of the exclusivity clause contained in the agreement so that other potential opportunities could be explored.
A termination notice was issued to Kossen on February 17 to enable the judicial managers to pursue investment opportunities with other interested parties to achieve a better realization for the creditors as compared to a liquidation.
An extension of the judicial management order has also been obtained until April 6 to enable the judicial managers to conduct an investor search process to salvage some recovery for the creditors.
Shares in Epicentre Holdings last traded at 1.8 cents before it called for a trading suspension on May 30, 2019.
