Ayondo, an investment firm based in Zurich, has yet again passed the deadline for when it needs to submit its proposal to resume trading in its securities extended by the Singapore Exchange Securities Trading Limited (SGX-ST).
In a regulatory filing this Thursday, Ayondo outlined that on 9th September 2020 SGX-ST informed the company that it has no objections to the firm’s application to extend its deadline to 30th October 2020.
Shares of Ayondo were halted and then suspended from trading since 30th January 2019, after it had faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its compliance requirements in the UK.
According to SGX’s listing rules, the social trading and brokerage firm had to submit a proposal with a view to resuming trading within 12 months of this suspension date.
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As Finance Magnates reported, the trading provider extended its deadline back in February of this year, by three months until 30th April 2020. The deadline was then extended until July, and now until October.
The extension from SGX-ST has been granted subject to Ayondo revealing that it has requested the deadline and that it outlines the reasons why it sought out the extension. Furthermore, the firm needs to provide regular updates to the SGX-ST and the investors via SGXNET on the company’s progress in meeting key milestones of its proposed acquisition of Speed Success Group Limited.
Ayondo Requests Extension Because of Proposed Acquisition
In the company’s statement, Ayondo outlines that it has requested the extension because it has entered into a conditional sale and purchase agreement with Speed Success Group Limited.
Through this agreement, Ayondo will acquire the entire equity interest in Rich Glory International Investment Limited, which specialises in lending for residential mortgages, commercial mortgages and shareholder loans.
“With the entry into the SPA, the Company has satisfied one of the conditions as stipulated by the SGXST in the earlier waiver as announced on 29 May 2020. In order to work towards completion of the Proposed Acquisition, the Company has applied for the Waiver to submit the Resumption Proposal to the SGX-ST,” Ayondo said in its statement today.