Post Reply
21-40 of 59
Axington receives letter of demand from Kuala Lumpur landlord
AXINGTON has received a letter of demand from its landlord Klang Valley Projects claiming about RM15,592 (S$5,905) in rent arrears and late interest charges for September and October this year.
These relate to its lease of a unit at office building Wisma Goldhill at 67 Jalan Raja Chulan in Kuala Lumpur, the Catalist-listed firm said in a filing last Friday night.
The letter of demand, dated Nov 11, gave notice that the company was to repay the outstanding sums by Nov 17.
If it fails to do so, the landlord will take necessary action including initiating legal proceedings against Axington without any further reference.
The Singapore-listed company said that although its bank accounts had a " more than sufficient" amount to satisfy the outstanding sums, no payment had been made because it was in the process of changing the authorised signatories of its bank account since early September.
Axington is thus unable to make any payments until such changes have taken effect, it added.
The company came under the control of scandal-hit cousins Nelson Loh and Terence Loh in July this year. But The Business Times reported in September that the two were seeking to offload their stake in the firm.
Following the takeover, the professional advisory services group in July proposed to change its core business to provide medical and consumer wellness services, and to acquire a Malaysian medical products distributor to kickstart this plan. However, the acquisition fell through last month.
The cousins' business partner, Evangeline Shen, resigned as Axington chairman on Aug 30, along with three other directors who also left the board.
In October, the Lohs also formalised their split, inking an agreement to separate their business interests from each other.
Axington announced last Tuesday that it was seeking a new auditor after a plan to switch auditors did not pan out.
Axington in search of new auditor, after proposed change of auditors falls through
AXINGTON is seeking a new auditor after a plan to switch auditors did not pan out.
In a regulatory filing on Tuesday, the company said it is in the process of reaching out to various audit firms to replace its current auditor Nexia.
Axington, formerly a professional services group, came under the control of cousins Nelson Loh and Terence Loh earlier this year.
Following the change of control, Axington said, there had been " preliminary discussions for a change of auditors to another audit firm" .
Nexia had been informed and had received a professional clearance request from Axington' s proposed audit firm on Aug 12.
The professional clearance process allows the prospective new auditor to receive confirmation from the previous auditor that there are no reasons that the new auditor should turn down the job.
On Aug 26, Nexia had sent this professional clearance letter to the proposed replacement audit firm. Nexia also submitted resignation letters to both the company' s registered office in Labuan and its previous bussiness address in Kuala Lumpur.
Axington' s board said this resignation was only " brought to their attention" on Sept 30. The board subsequently reached out to the replacement audit firm to confirm its earlier intention to accept the appointment, but was told that the firm would not be able to undertake the appointment.
The board then sought confirmation from Nexia of its intention to resign, which was reaffirmed on Oct 28. Nexia said this was " in light of the abovementioned professional clearance request and the recent developments of the company" .
The resignation of Nexia, however, will only take effect upon the appointment of another auditor. Shareholders must also approve any change of auditors at an extraordinary general meeting (EGM).
Axington said it has received confirmation from Nexia that apart from S$4,200 worth of outstanding audit fees, Nexia is not aware of any professional reasons why any new auditors should not accept the appointment as auditors of the company.
Axington also said there were no disagreements with Nexia on accounting treatments within the last 12 months and that it is not aware of any other circumstances connected with the resignation of the auditors that should be disclosed to shareholders.
Axington has run into various difficulties since the Loh cousins acquired control of the company.
Most of its directors have resigned and the stock has been suspended. A proposed injection of a medical products distribution company into Axington will no longer take place, as the company had to postpone the EGM at which investors were to have voted on the deal.
The Lohs have faced scrutiny over multiple business dealings after it emerged that one of the companies they controlled had been circulating inaccurate marketing materials.
Axington' s acquisition of Vesta Apex Trading falls through after failing to win shareholders' approval
AXINGTON Inc will not proceed with its proposed S$12 million acquisition of a Malaysia-based medical products distributor after failing to obtain shareholders' approval for the deal.
In a regulatory filing on Friday, the Catalist-listed firm said conditions for the acquisition of the entire issued and paid-up share capital of Vesta Apex Trading have not been fulfilled or waived by the long-stop date, in particular approval from shareholders.
No further extension of time was agreed to by the parties of the sale-and-purchase agreement (SPA). " Accordingly, the SPA has lapsed and will cease to have further effect, and the parties will not be proceeding with the proposed acquisition," said Axington.
The firm further said it has incurred an undisclosed sum of professional fees and other expenses in relation to the proposed deal.
Axington had in July announced plans to acquire Vesta Apex Trading for S$12 million, comprising a cash consideration of S$6 million and the issuance of around 33.3 million Axington shares at 18 Singapore cents per share.
The issue price represents a discount of 14.9 per cent to the volume-weighted average price (VWAP) of 21.1 Singapore cents for trades done on the Singapore Exchange on July 13. This is the last traded closing price on the market day preceding the date of the conditional SPA signed with seller Ng Shing Lay.
The proposed deal was meant to kickstart Axington' s proposed core business change and pave the way for its expansion into the medical and consumer wellness sector.
The firm is looking to change its core business to the provision of medical and consumer wellness services, and investments in medical technology, robotics and artificial intelligence technology applications in the medical and consumer wellness space. It currently provides advisory services, such as internal audit and quality assurance review, as well as strategy and risk advisory.
the evidence for forgery is already with the auditors and the police. What is the sentences for FORGERY or ABETTING FORGERY FOR THE PURPOSE OF CHEATING public and citizens money by an SGX listed public company????
Scandal-hit Loh cousins seeking to offload their stake in Axington
AMID mounting public scrutiny and a police report lodged by a " Big Four" accounting firm, Singaporean duo Nelson and Terence Loh are looking to off-load their recently-acquired stake in Catalist-listed Axington Inc, according to several sources.
The Business Times understands that the Loh cousins have approached several parties in the past weeks to buy out their Axington stake and there is a sense of urgency in their efforts given a looming loan of S$20 million.
It is not clear what was the specific purpose of the loan but according to one source, it could have been provided by DBS. When contacted, DBS declined comment. DBS was the adviser for the Lohs' vehicle Dorr Global Healthcare International in the general offer for Axington which was completed in mid-July.
Following the deal, the Lohs own a super majority stake in Axington, a professional advisory services firm which has been under the spotlight since the widely-scrutinised £ 280 million (S$506.6 million) bid last month for Newcastle United by Bellagraph Nova - a firm controlled by the Lohs and their partner Evangeline Shen.
A week ago, in filings to the Singapore Exchange, Axington clarified that Dorr Global' s direct interest in the firm has fallen from 92.53 per cent to 77.88 per cent following a share placement exercise but due to an " administration oversight" , the change had not been notified in time as required by the regulations.
Based on Axington' s last traded price of 19 Singapore cents prior to the trading halt on Aug 26 followed by a suspension, the Lohs' stake in the firm is worth about S$28.2 million.
Axington had cash and cash equivalents of about RM79.1 million (S$26 million), based on the unaudited financial statements for the half year ended June 30, 2020.
BT' s query to the Lohs drew no response.
Led by the new owners, the Axington board had earlier sought to switch Axington' s name to NETX Inc and change its core business to medical and consumer wellness services, which would include robotics and artificial-intelligence technology.
Those plans have since fallen flat with a meeting to get shareholders' blessings scrapped after a series of bizarre events including doctored photos of former US president Barack Obama in marketing materials and lofty claims that has cast doubts over the credibility of the Lohs and Ms Shen.
The silence from Axington' s sponsor Novus Corporate Finance has also not gone unnoticed by market watchers.
Amid the hullabaloo, Axington' s stock has been suspended while its board has whittled down to merely two independent directors following an en masse board resignation on Sept 1 which included its chairman Ms Shen, and executive director Marjory Loh, the sister of Mr Terence Loh.
The company had then cited " strategic changes that are expected to be made in the business direction" for Ms Shen' s resignation although the lack of clarity up to now continues to confound market watchers.
In a response to a query on the matter by the Singapore Exchange, Axington replied two weeks ago that its board understood from the controlling shareholders that they were " exploring strategic possibilities" .
BT understands that one such possibility is the unwinding of their holding in the firm.
Last week, The Straits Times reported that Ernst & Young, a leading accounting firm, lodged a police report regarding allegedly unauthorised signatures of the firm on financial statements of Novena Global Healthcare Group.
Novena Global Healthcare Group, which is controlled and founded by the Lohs, was incorporated in the Cayman Islands and is a holding company for several businesses ranging from aesthetic medical, beauty and wellness services to sale of cosmetic products and operation of medical clinics.
It was also reported that the Singapore police had received the complaint and were looking into the matter.
In a statement, EY said it was " never the auditors" of Novena Global Healthcare Group but were the auditors of Novena Global Healthcare Pte Ltd - a Singapore incorporated company and subsidiary of Novena Global Healthcare Group - for the financial year ended December 2017.
" We were not appointed as auditors of and did not sign off on the financial statements of Novena Global Healthcare Pte Ltd for any subsequent years," it added.
Following news of the police report and the bad press, BT understands that " very concerned" and " annoyed" investors and shareholders of the Cayman Islands firm, Novena Global Healthcare Group, have engaged legal counsel as they seek ways to protect their rights.
" The company actually has viable businesses. The minority shareholders don' t want the firm to come crashing down by all that' s happening with Bellagraph which has nothing to do with them. They want to ensure that the company is sustainable and operational," said a source.
More and more worms crawling out. Gone case leow. Who will dare to subscribe to the rights? Once suspension lifted (if ever), share price will collapse. Imagine that if the Bellagraph Nova Group is really a billion dollar company, these 2 handsome gentlemen may even be potential candidates for next president of Singapore. Good luck
Starship ( Date: 16-Sep-2020 00:18) Posted:
One Big Fat Joke after another..........non-stop.
Nearly all shares are controlled by one party aand therefore the price as well.
AVOID LIKE THE PLAGUE !!!!!!!!
Axington says late update on Dorr' s latest shareholding is an ' administrative oversight'
TUE, SEP 15, 2020 - 9:07 PM
AXINGTON on Tuesday disclosed controlling shareholder Dorr Global Healthcare' s latest shareholding following recent placements, and said the late disclosure was due to " administrative oversight" .
Dorr currently has a 77.88 per cent interest in Axington, after a share placement and a compliance placement were completed on Aug 17. The compliance placement was to restore Axington' s free float Dorr' s acquisition of Axington earlier this year had resulted in it holding a 92.5 per cent stake in the latter.
Axington had announced the completion of the placements, but gave no mention of Dorr' s new shareholding.
Dorr is controlled by cousins Nelson and Terence Loh, who are also co-founders of the scandal-hit Bellagraph Nova Group.
Trading in Axington' s shares remains suspended.
https://www.businesstimes.com.sg/companies-markets/axington-says-late-update-on-dorrs-latest-shareholding-is-an-administrative
 |
|
Fish & Co. makes more money than them LOL.
Plus both cousins are Singaporeans....giving Singapore a bad reputation.
What possessed them to create fake photos with Obama.....
Sgvale ( Date: 19-Sep-2020 15:48) Posted:
| Fishy Co. Like many cover up here & there. |
|
This is call cheacting! !!! CPIB should check into this scam company for illegal criminal activities and forgery. And send the criminals to jail for cheating and taking advantage of citizen money! !!! How can government allow this kind of scam to happen???? Just because it's listed mean can do illegal crime and scam????
JessTrang ( Date: 19-Sep-2020 15:02) Posted:
Lol. 道 高 一 尺 魔 高 一 丈 😂
bullrun6088 ( Date: 19-Sep-2020 13:13) Posted:
| Who approved this scam company from listing????
MAS and SGX should be responsible for this fiasco!!!!
How can such company be allowed to be listed in IPO and cheat citizen money!!!!
The government must look into why there are so many delisting in the SGX at record low price.
Who shorted the prices down to record low price???? |
|
|
|
Fishy Co. Like many cover up here & there.
Lol. 道 高 一 尺 魔 高 一 丈 😂
bullrun6088 ( Date: 19-Sep-2020 13:13) Posted:
| Who approved this scam company from listing????
MAS and SGX should be responsible for this fiasco!!!!
How can such company be allowed to be listed in IPO and cheat citizen money!!!!
The government must look into why there are so many delisting in the SGX at record low price.
Who shorted the prices down to record low price???? |
|
Who approved this scam company from listing????
MAS and SGX should be responsible for this fiasco!!!!
How can such company be allowed to be listed in IPO and cheat citizen money!!!!
The government must look into why there are so many delisting in the SGX at record low price.
Who shorted the prices down to record low price????
Axington says late update on Dorr' s latest shareholding is an ' administrative oversight'
AXINGTON on Tuesday disclosed controlling shareholder Dorr Global Healthcare' s latest shareholding following recent placements, and said the late disclosure was due to " administrative oversight" .
Dorr currently has a 77.88 per cent interest in Axington, after a share placement and a compliance placement were completed on Aug 17. The compliance placement was to restore Axington' s free float Dorr' s acquisition of Axington earlier this year had resulted in it holding a 92.5 per cent stake in the latter.
Axington had announced the completion of the placements, but gave no mention of Dorr' s new shareholding.
Dorr is controlled by cousins Nelson and Terence Loh, who are also co-founders of the scandal-hit Bellagraph Nova Group.
Trading in Axington' s shares remains suspended.
One Big Fat Joke after another..........non-stop.
Nearly all shares are controlled by one party aand therefore the price as well.
AVOID LIKE THE PLAGUE !!!!!!!!
Axington says late update on Dorr' s latest shareholding is an ' administrative oversight'
TUE, SEP 15, 2020 - 9:07 PM
AXINGTON on Tuesday disclosed controlling shareholder Dorr Global Healthcare' s latest shareholding following recent placements, and said the late disclosure was due to " administrative oversight" .
Dorr currently has a 77.88 per cent interest in Axington, after a share placement and a compliance placement were completed on Aug 17. The compliance placement was to restore Axington' s free float Dorr' s acquisition of Axington earlier this year had resulted in it holding a 92.5 per cent stake in the latter.
Axington had announced the completion of the placements, but gave no mention of Dorr' s new shareholding.
Dorr is controlled by cousins Nelson and Terence Loh, who are also co-founders of the scandal-hit Bellagraph Nova Group.
Trading in Axington' s shares remains suspended.
https://www.businesstimes.com.sg/companies-markets/axington-says-late-update-on-dorrs-latest-shareholding-is-an-administrative
Don' t Even Think of Touching This Disgraceful Stock!!!!!!!!!
One of the Ugliest, if not the Ugliest in the history of SGX.
Axington to allow shareholders to withdraw acceptances of its rights issue
CATALIST-listed Axington said on Wednesday that it would allow shareholders who have applied for, accepted and/or paid for its rights shares or excess rights shares to withdraw their acceptances if they wish to do so.
This is in view of the voluntary suspension of Axington shares since Aug 31, pending the release of an announcement related to strategic changes to the company' s business direction, Axington said in a filing to the Singapore Exchange.
Acceptances, applications and/or payment made by entitled shareholders for the rights shares or excess rights shares during and prior to the suspension can be withdrawn. To do so, shareholders must provide written instructions with their authorised signatories to the Central Depository and/or the Share Registrar on behalf of the company, during the period up to the new closing date for the rights issue.
Axington also informed shareholders that the PayNow QR (Quick Response) code printed on the application and acceptance forms despatched on or around Aug 26 would have become ineffective after 9.30pm on Sept 9. This was the original deadline for acceptance and payment for the rights shares and excess rights shares. The company said on Sunday that it will extend the offer period, but has yet to announce the new deadline.
It will generate a new PayNow QR code when the new closing date has been fixed, and send it out in the new forms to be despatched in due course.
Axington advised shareholders to look out for an announcement that it will make on the revised expected timetable for key events of its rights issue.
Axington extends offer period for rights issue
CATALIST-LISTED Axington is extending the offer period for its rights issue, the professional advisory services group announced late on Sunday night.
Among other things, the deadline for the acceptance of and payment for the rights shares, as well as the application and payment for the excess rights shares was set for 5pm on Sept 9, or 9.30pm that day for electronic applications.
In addition, the last date and time for splitting the rights and trading of nil-paid rights was Sept 3 at 5pm.
On Aug 26, the company requested a trading halt in its shares.
This was followed by a request on Aug 31 to voluntarily suspend the trading of its shares, pending announcements related to " strategic changes" to be made in the business direction of the company.
Axington intends to re-commence trading of the nil-paid rights, and extend trading of the nil-paid rights, as well as the aforementioned deadlines until such time when its shares resume trading, it said.
" The extension will provide shareholders with time to consider the action they should take, as well as the opportunity to trade in the nil-paid rights after the resumption of trading of the shares from the suspension, and prior to making any acceptance and/or application for the rights shares and excess rights shares," the company said.
Axington previously proposed a renounceable non-underwritten rights issue of up to around 95.2 million new ordinary shares at 10 Singapore cents per share, on a one-for-two basis, to raise an estimated S$9.4 million.
The rights issue price represents a 52.7 per cent discount to the volume-weighted average price of 21.1 cents for trades on the Singapore Exchange on July 13.
Last Friday, the two-man board of Axington said that the planned rights issue announced on Aug 21 will proceed as planned, despite the recent controversy that resulted in five directors quitting the board.
Those who subscribe ---- if there' s anyone at all --- must be living in an Alternate Reality. 
Axington extends offer period for rights issue
MON, SEP 07, 2020 - 8:42 AM
CATALIST-LISTED Axington is extending the offer period for its rights issue, the professional advisory services group announced late on Sunday night.
Among other things, the deadline for the acceptance of and payment for the rights shares, as well as the application and payment for the excess rights shares was set for 5pm on Sept 9, or 9.30pm that day for electronic applications.
In addition, the last date and time for splitting the rights and trading of nil-paid rights was Sept 3 at 5pm.
On Aug 26, the company requested a trading halt in its shares.
This was followed by a request on Aug 31 to voluntarily suspend the trading of its shares, pending announcements related to " strategic changes" to be made in the business direction of the company.
Axington intends to re-commence trading of the nil-paid rights, and extend trading of the nil-paid rights, as well as the aforementioned deadlines until such time when its shares resume trading, it said.
" The extension will provide shareholders with time to consider the action they should take, as well as the opportunity to trade in the nil-paid rights after the resumption of trading of the shares from the suspension, and prior to making any acceptance and/or application for the rights shares and excess rights shares," the company said.
Axington previously proposed a renounceable non-underwritten rights issue of up to around 95.2 million new ordinary shares at 10 Singapore cents per share, on a one-for-two basis, to raise an estimated S$9.4 million.
The rights issue price represents a 52.7 per cent discount to the volume-weighted average price of 21.1 cents for trades on the Singapore Exchange on July 13.
Last Friday, the two-man board of Axington said that the planned rights issue announced on Aug 21 will proceed as planned, despite the recent controversy that resulted in five directors quitting the board.
https://www.businesstimes.com.sg/companies-markets/axington-extends-offer-period-for-rights-issue
< < < suspended can issue rights? > > <
Axington board says rights issue to proceed as planned
THE two-man board of Axington Inc said on Thursday that a planned rights issue announced on Aug 21 will proceed as planned, despite the recent controversy that resulted in five directors quitting the board.
Axington shares have been voluntarily suspended since Aug 31, " pending the release of announcements in relation to strategic changes to be made in the business direction of the company" .
Since then, Axington' s two remaining directors, both of whom are independent, have reached out to controlling shareholders and cousins Nelson Loh and Terence Loh to seek clarity on the company' s direction.
The two directors, Low Junrui and Roberto Dona, said on Thursday: " The board wishes to update that the controlling shareholders of the company have communicated to the board that they are still exploring and evaluating strategic options that have been presented to them."
Once they have more clarity, the board will assess the impact and changes, if any, on the proposed resolutions and the postponed extraordinary general meeting, the board added.
The Loh cousins co-founded the Bellagraph Nova Group (BN Group) with Evangeline Shen Che, who was appointed to Axington' s board in July after the Lohs bought it over. The trio came under the spotlight after BN Group admitted to doctoring images of them with former US president Barack Obama, on top of making claims about the size of their business dealings.
BN Group and its backers have also drawn intense scrutiny since news broke that the Singapore-registered group was bidding for English Premier League club Newcastle United.
