Halcyon Agri announced, on Aug 23, that it was unable to restore the free float despite its “extensive efforts and exhausting the various options by the deadline”. To this end, the company would not be applying for a further extension of time to comply with the listing rule.
Halcyon Agri will be delisting as it was unable to restore its free float to at least 10% of its total number of shares as per Listing Rule 723.
In a Singapore Exchange Regulation (SGX RegCo) letter dated Aug 26, the regulator said sufficient time has been given to the company to comply with the listing rule. As such, the company is required to make an exit offer to its shareholders.
