CSE decided to delist New Marathon – Requested SEC’s agreement
1/11/2010 12:35
Pursuant to Article 178(1) of the CSE Law, the CSE Council decided to delist the movable securities of New Marathon Tours Public Co Ltd from the CSE since the requirements of the proper operation of the stock markets on the Company’s titles are not longer in effect because the Company has violated its obligations emerging from the Regulatory Provisions (KDP 326/2009) of the CSE and due to the long trading of its titles in the Special Category Market (since July 28, 2003).
Specifically, the Company:
a) Has no sufficient working capital, as provided by Paragraph 3.1.1(f) of the CSE Regulatory Decision (KDP 326/2009). In the past few financial years, the Company shows negative working capital.
b) It does not provide all necessary guarantees to protect investors, pursuant to Paragraph 3.1.1(i) of the CSE Regulatory Decision (KDP 326/2009).
Specifically, for part (b), the most significant issues are:
a) The Auditors’ Report – Ability of the Company to continue as going concern.
There is an ascertainment in the auditors’ report for the financial year 2009 and the five previous financial years for an uncertainty with regard to the Company’s future in relation to its ability to continue as going concern.
(b) Receiver and Administrator of Assets: The Bank of Cyprus, as the major creditor, appointed Mr. Chris Iacovides as Receiver and Administrator of the Company’s assets.
It is clarified that the Council has requested SEC’s agreement, which is necessary in order to execute the decision for the delisting of the Company’s titles.
It is noted that the Company will continue trading in the Special Category Market until it secures SEC’s agreement.
Specifically, the Company:
a) Has no sufficient working capital, as provided by Paragraph 3.1.1(f) of the CSE Regulatory Decision (KDP 326/2009). In the past few financial years, the Company shows negative working capital.
b) It does not provide all necessary guarantees to protect investors, pursuant to Paragraph 3.1.1(i) of the CSE Regulatory Decision (KDP 326/2009).
Specifically, for part (b), the most significant issues are:
a) The Auditors’ Report – Ability of the Company to continue as going concern.
There is an ascertainment in the auditors’ report for the financial year 2009 and the five previous financial years for an uncertainty with regard to the Company’s future in relation to its ability to continue as going concern.
(b) Receiver and Administrator of Assets: The Bank of Cyprus, as the major creditor, appointed Mr. Chris Iacovides as Receiver and Administrator of the Company’s assets.
It is clarified that the Council has requested SEC’s agreement, which is necessary in order to execute the decision for the delisting of the Company’s titles.
It is noted that the Company will continue trading in the Special Category Market until it secures SEC’s agreement.
