Examples of Resumption Proposal in a sentence
Given the time constraints, the Company was unable to submit the Resumption Proposal by 11 September 2009 and the Company was placed into the second stage of the delisting procedures in accordance with Practice Note 17 to the Listing Rules on 18 September 2009.
An updated Resumption Proposal was submitted to the Stock Exchange on 19 October 2009.
On 12 November 2009, the Listing Committee of the Stock Exchange rejected the Resumption Proposal (the “Decision”).
If the Resumption Proposal does not proceed, the shares of the Company will be delisted by the Stock Exchange and it is likely that the Company would be wound-up.
On 28 September 2010, the Listing Appeals Committee of the Stock Exchange had decided to accept the Resumption Proposal, subject to the Company’s compliance with certain conditions (as set out in the decision letter from the Stock Exchange to the Company dated 28 September 2010) to the satisfaction of the Listing Division of the Stock Exchange by 30 June 2011 and confirmation by the Provisional Liquidators.
On 5 March 2010, the Company applied to Listing Appeals Committee of the Stock Exchange for a review of the Decision to reject the Resumption Proposal.
The consolidated financial statements have been prepared on a going concern basis, as the Company is preparing the Resumption Proposal, the successful implementation of which will effect, including but not limited to, the Amended Proposed Restructuring to settle with the Company’s creditors and allow the trading in the shares of the Company being resumed.
By a letter dated 1 April 2011, the Stock Exchange informed the Company that it was allowed to proceed with the Resumption Proposal, subject to prior compliance with the conditions to the satisfaction of Listing Division within six months from the date of the Stock Exchange’s letter.
On 24 September 2020, the Acquisition SPA has been entered into with the Investor in respect of the transfer of all shareholding interests in the Retained Subsidiaries which shall take effect upon (i) the Investor having provided the First Loan to the Company in accordance with the terms of the First Loan Agreement; and (ii) the Resumption Proposal not having been approved by the Stock Exchange by the Long Stop Date.
As part of the measures to improve the Group’s immediate liquidity and cash flows, the Company, through its financial advisor, submitted the Resumption Proposal to the Stock Exchange.