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MERCURIUS CAPITAL INVESTMENT

Mercurius Capital, indebted to auditors and accountants, says it can&rsquo t hold AGM by deadline

It says it hasn&rsquo t been able to complete its FY2023 audit or prepare its annual report by Jul 29, the extended deadline

MERCURIUS Capital Investment said on Thursday (Jul 4) that it is unable to convene its annual general meeting (AGM) for its financial year ended Dec 31, 2023 by the extended deadline of Jul 29.

This is because of payments outstanding to its auditors and accountants, &ldquo which have resulted in a disruption of their critical services&rdquo necessary for the preparation of its FY2023 annual report, it said in an update to shareholders.

The investment holding company is therefore unable to complete the audit for FY2023 &ldquo in a timely manner&rdquo , in order to publish its annual report and convene the AGM by Jul 29.

Mercurius principally engages in the investment and development of properties in Singapore and Malaysia, though it diversified into the grocery business in 2021.

The company said that it is &ldquo actively pursuing&rdquo funding to ensure liquidity for its operations and financial obligations, and that this funding would enable it to settle outstanding fees, including those necessary to proceed with the audit, for FY2023.

It added that it has applied, through its continuing sponsor, to the Singapore Exchange Securities Trading (SGX-ST) for a waiver of the requirement to maintain an escrow account, as specified under Catalist rules.

Catalist rule 1017(1)(a) requires a cash company like Mercurius to place 90 per cent of its cash and short-dated securities in an account opened with and operated by an escrow agent, who must be from a licensed and approved financial institution.

Mercurius said: &ldquo SGX-ST&rsquo s approval of this waiver will facilitate the company in repaying creditors upon successful receipt of funding, resolve the outstanding financial matters to ensure the timely completion of the FY2023 annual report and convene the AGM as soon as practicable.&rdquo

On a separate note, the company said it will not issue a sustainability report &ndash another requirement under Catalist rules &ndash for FY2023.

&ldquo The main purpose of sustainability reporting is to give stakeholders a comprehensive view of the company&rsquo s sustainability in terms of environmental, social, and governance factors.

&ldquo Since the company lacks a revenue-generating business and operations and is currently a cash company, a sustainability report for FY2023 would not be relevant or meaningful.&rdquo

WOW BROTHER YOU ARE VERY ACCURATE

MakeChanges ( Date: 10-Jul-2023 08:01) Posted:

what i predicted came true... SUSPENDED!

gone case
quite common , nothing new in SGX

what i predicted came true... SUSPENDED!

looking at the situation now, this counter might be suspended soon. better sell off if you are holding any....

It seems like even the Phuket hotel is also not progressing and to be completed 2020 already, post-Covid no update.

It means Mercurius do not have any actual business and hence 0 revenue. All it does is keep generating new shares for new acquisitions without any capital injection- why is such company still allowed to be listed on SGX!

Yes, I am trapped in the stock with significant chunk and lose it when saw how Song Mart in Malaysia is doing from Tik Tok video.

https://www.businesstimes.com.sg/companies-markets/mercurius-buy-50-stake-thai-property-developer-jointly-develop-phuket-resort?amp

Are you caught holding this stock? This stock like most pennies good only for day trading when in play. It recent announcements are mostly negative. See link - https://sginvestors.io/sgx/stock/5rf-mercurius/company-announcement

Donkyw85 ( Date: 08-Jun-2023 22:55) Posted:

Doesnt seem like it to have another 5 open! Bag holding again after pump and dump zz

https://vt.tiktok.com/ZSL2LNU8J/

spursfan ( Date: 19-Sep-2022 12:53) Posted:

halt lifted

MEDIA RELEASE
Songmart officially opens 5 grocery stores in Malaysia with another 5 to open next month

&bull Of the 10 new stores, 6 are under its &ldquo Songmart Express&rdquo brand and 4 are under its premium &ldquo G Grocery&rdquo brand, located in Johor Bahru and Kluang
&bull The Group is well on track to expand the network of stores in the region

https://links.sgx.com/1.0.0/corporate-announcements/1SROANE5GCP5GC19/731853_Media%20Release%20-%20Songmart%20officially%20opens%205%20grocery%20stores%20in%20Malaysia%20with%20another%205%20to%20open%20next%20month.pdf

Doesnt seem like it to have another 5 open! Bag holding again after pump and dump zz

https://vt.tiktok.com/ZSL2LNU8J/

spursfan ( Date: 19-Sep-2022 12:53) Posted:

halt lifted

MEDIA RELEASE
Songmart officially opens 5 grocery stores in Malaysia with another 5 to open next month

&bull Of the 10 new stores, 6 are under its &ldquo Songmart Express&rdquo brand and 4 are under its premium &ldquo G Grocery&rdquo brand, located in Johor Bahru and Kluang
&bull The Group is well on track to expand the network of stores in the region

https://links.sgx.com/1.0.0/corporate-announcements/1SROANE5GCP5GC19/731853_Media%20Release%20-%20Songmart%20officially%20opens%205%20grocery%20stores%20in%20Malaysia%20with%20another%205%20to%20open%20next%20month.pdf

It seems something is happening as the company not reported any revenue last quarter and share price on free fall. A video online speculating Song Mart seems not to have capital injected from Mercurius and the branches are closing down 🥶

https://vt.tiktok.com/ZSL28sGBo/

SpencerWTalks ( Date: 09-Nov-2022 11:02) Posted:

New CFO appointed to Mercurius from SongMart' s finance team. SongMart vendors will own only approx 13% of Mercurius post asset injection. Not a controlling stake yet they now control the finances. Interesting and curious ?

Deadline for completion of the acquisition is end last month
See company past recent announcement
Material update don' t provide

halt lifted

MEDIA RELEASE
Songmart officially opens 5 grocery stores in Malaysia with another 5 to open next month

&bull Of the 10 new stores, 6 are under its &ldquo Songmart Express&rdquo brand and 4 are under its premium &ldquo G Grocery&rdquo brand, located in Johor Bahru and Kluang
&bull The Group is well on track to expand the network of stores in the region

https://links.sgx.com/1.0.0/corporate-announcements/1SROANE5GCP5GC19/731853_Media%20Release%20-%20Songmart%20officially%20opens%205%20grocery%20stores%20in%20Malaysia%20with%20another%205%20to%20open%20next%20month.pdf

TRADING HALT !

this babe seemed to have some support @051, time for a technical rebound soooooon, watch out its volume

This is the unknown factor " In the event the deal is terminated" ...

Joelton ( Date: 05-Jul-2022 08:30) Posted:

Mercurius inks extension to grocery acquisition deal

Mercurius Capital Investment, which has investments in hotels, is taking longer to complete the acquisition of a groceries business Songmart Holdings.

The $36 million acquisition, first announced back in July 2021, was meant to help the company find a new earnings stream as the pandemic hits hospitality industries worldwide.

In an announcement on July 4, Mercurius says both parties have entered into a second supplemental letter to extend the long-stop date for the completion from April 11 to Aug 31 so as to give more time for required conditions to be fulfilled.

Mercurius is funding the acquisition by issuing 200 million new shares in three equal tranches at 18 cents each.

The third tranche is to be issued upon the acquisitions meeting earnings targets of RM16.5 million for FY2023. Adjustments are allowed if otherwise.

According to the updated agreement on July 4, in addition to the achievement of certain profit targets for FY2023, the issue of new shares forming the third tranche will be subject to full settlement of banking facilities amounting to RM14.1 million granted by Alliance Bank Malaysia to Songmart.

The number of shares in the final tranche will be adjusted to the extent of the amount of unpaid banking facilities, if any, at Mercurius&rsquo sole discretion.

&ldquo The proposed acquisition is strategically important to the group and we are excited about our plans to expand the supermarket business in Malaysia and beyond,&rdquo says Mercurius&rsquo executive chairman Chang Wei Lu.

&ldquo The group is well on track to achieve more than 500 stores in time to come,&rdquo he adds.

Mercurius also says that with the extension, the vendors have &ldquo expressly and irrevocably&rdquo assigned all their economic benefits of Songmart&rsquo s net profits with effect from July 1 2022 till the completion of the deal, to Mercurius.

In the event the deal is terminated, the economic benefits will not be refunded.