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NewsLion Corp now PN17 on shareholders' equity concerns
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Lion Corp now PN17 on shareholders' equity concerns
by Cals Sat 26 Oct 2013, 21:12
Published: Saturday October 26, 2013 MYT 12:00:00 AM
Updated: Saturday October 26, 2013 MYT 8:11:11 AM
Lion Corp now PN17 on shareholders' equity concerns
PETALING JAYA: Lion Corporation Bhd has slipped into Practice Note 17 (PN17) category due to being classified as an Affected Listed Issuer.
Lion Corp said yesterday its auditors had expressed an emphasis of matter on the company’s ability to continue as a going concern in its audited consolidated financial statements for the financial year ended June 30, 2013, where shareholders’ equity on a consolidated basis was less than 50% of its issued and paid-up capital.
The company has 12 months to submit a regularisation plan to the Securities Commission to address its PN17 status and has to announce within three months whether the regularisation plan would result in a significant change to its business direction or policy.
Failure to do so would result in its listed securities being suspended followed by delisting procedures being undertaken upon notification by Bursa Securities.
Lion Corp said in the statement that it was looking into formulating a regularisation plan.
Updated: Saturday October 26, 2013 MYT 8:11:11 AM
Lion Corp now PN17 on shareholders' equity concerns
PETALING JAYA: Lion Corporation Bhd has slipped into Practice Note 17 (PN17) category due to being classified as an Affected Listed Issuer.
Lion Corp said yesterday its auditors had expressed an emphasis of matter on the company’s ability to continue as a going concern in its audited consolidated financial statements for the financial year ended June 30, 2013, where shareholders’ equity on a consolidated basis was less than 50% of its issued and paid-up capital.
The company has 12 months to submit a regularisation plan to the Securities Commission to address its PN17 status and has to announce within three months whether the regularisation plan would result in a significant change to its business direction or policy.
Failure to do so would result in its listed securities being suspended followed by delisting procedures being undertaken upon notification by Bursa Securities.
Lion Corp said in the statement that it was looking into formulating a regularisation plan.
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