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Delisting of Fiji Sugar Corporation Limited

24/02/2011
 
PRESS RELEASE
 
DELISTING OF FIJI SUGAR CORPORATION LIMITED
 
The South Pacific Stock Exchange (SPSE) wishes toinform investors and the general public that Fiji Sugar Corporation Limited (FSC) has been delisted from the official list of the Exchange with immediate effect from today, Thursday, 24th February 2011.
 
FSC was suspended from trading on 5th October 2010 under Section 7.5 (vii) and (x) of the SPSE Listing Rules due to an insufficient level of working capital and negative net asset situation. On 27th October 2010, the shareholders (both majority and minority) unanimously approved a resolution to delist FSC from SPSE at its Annual General Meeting.   
 
The resolution was passed in light of the detailed explanation that was made to the shareholders of FSC’s financial position and the company’s inability to meet its debt commitments. The shareholders were advised that the company made a net loss of $36.8 million in 2009 and recorded a net loss of $175.1 million in 2010.
 
On 14th January 2011, FSC submitted an application to voluntarily delist from SPSE in light of the company’s inability to continue meeting its working capital requirements and the continuing listing requirements of the Exchange.
 
Upon considering the application for voluntary delisting by FSC, the SPSE Listing Committee approved the initiation of the delisting procedure on 27th January 2011. FSC published its intention to delist from SPSE together with the reasons for delisting in the local newspapers on 29th January 2011. This public notice was also coupled with a detailed market announcement by FSC released to the market on 28th January 2011. The public notice allowed stakeholders to oppose to the delisting within a period of 14 days. Upon the completion of the objections period, the SPSE did not receive any submissions on the issue.
 
Consequently, the SPSE Listing Committee resolved to delist FSC from the official list of the Exchange.
 
Please note that despite the delisting from SPSE, FSC remains a public company and is accountable to its shareholders under the provisions of the Companies Act. The shareholders of FSC are reminded that upon being delisted, the company will not be bound by the SPSE Listing Rules and thus the continuing listing requirements. However, FSC will arrange for an “Over the Counter” facility for existing shareholders to continue trading their shares.
 
Should you require any further information on the issue, please do not hesitate to contact us.
 
 
 
Jinita Prasad                    
Chief Executive                  
24/02/2011
Market Statistics

 

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