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Singapore, November 11, 2015 We refer to the announcements on 14 September 2015, 17 September 2015, 29 September 2015 and 27 October 2015 in relation to: (a) the Company’s application to the High Court of the Republic of Singapore (the “Court”) on 14 September 2015 for leave to convene meetings of creditors no later than 4 months from the date of the application for the purposes of considering and, if thought fit, approving with or without modification a scheme of arrangement under section 210 of the Companies Act (Chapter 50) (the “Scheme”) and for a stay of proceedings against the Company (the “Scheme Application”); (b) the application by HSH Nordbank AG Singapore Branch (“HSH”), a creditor of the Company, on 10 September 2015 for an order that the Company be placed under the judicial management of a judicial manager (the “JM Application”); and (c) the Court hearing for the Scheme Application and JM Application which has been fixed for 20 November 2015. The Board of Directors of Mercator Lines (Singapore) Limited (the “Company”) wishes to announce that HSH has filed an application on 9 November 2015 for an interim judicial manager to be appointed pending the hearing of the JM Application (the “IJM Application”). Further, in view of the JM Application, the IJM Application and the current uncertainty in relation to the restructuring of the Company, the Board wishes to announce that pursuant to the listing rules of the SGX-ST, the Company will be requesting for a voluntary suspension of its shares with effect from 12 November 2015 in order to ensure that there are no abnormal fluctuations in the share price of the Company. The Company wishes to emphasise that this is a voluntary suspension pending release of further information under Rule 1302 of the SGX-ST listing manual, and not a suspension pursuant to Rule 1303 of the SGX-ST listing manual. Any material developments (including in relation to the JM Application, the IJM Application, the Scheme and the restructuring plan) will be disclosed to SGX. The Company will seek to lift the trading suspension as soon it is appropriate to do so without compromising the interests of Shareholders. By Order of the Board SHALABH MITTAL Managing Director & Chief Executive Officer 11 November 2015 Mercator Lines (Singapore) Limited, press release |
