CSE: Delisting of the titles of Sea Star Capital Plc
18/8/2017 12:36
After having obtained the approval of the Securities and Exchange Commission, the Cyprus Stock Exchange will proceed to delist the titles of Sea Star Capital Plc from the CSE Regulated Market, pursuant to the powers conferred on it by Article 178(1) of the Securities and Cyprus Stock Exchange Law, since the conditions for the smooth operation of the stock exchange market in relation to the titles of the aforesaid company are no longer satisfied and important ongoing or periodic obligations are not complied with. As a result of the above, the interests of investors and/or the smooth operation of the Stock Exchange market are at risk.
More specifically, the following were taken into account in reaching the decision:
i. According to the company's Annual Financial Report for the year ended 31 December 2016, published on 28 April 2017, the continuation of the company's operation as a going concern is not feasible and the financial statements were prepared on the basis of liquidation.
ii. The fact that the company has not issued and published its halfyearly financial report for the period ended 30/6/2016 as provided for in Article 142 of the Stock Exchange Law.
iii. The company has no assets while it continues to have liabilitiesamounting to ο €131.7 million which it is unable to repay.
iv. The lengthy period of time during which the company's titles are traded on the Surveillance Market (since 2011).
v. The fact that 4 months have elapsed since the suspension of trading of the company's titles (see Stock Exchange Policy Decision - Circular No. 3-2015, dated 13 July 2015).
vi. In view of the above, it appears that the company cannot guarantee the protection of investors, as required by Paragraph 3.1.1(h) of RAA 379/2014 (as amended).
It is noted that the delisting of the aforesaid company's titles from the Stock Exchange will be effective as of Friday, 25 August 2017. The company's titles will remain suspended until they are delisted.
More specifically, the following were taken into account in reaching the decision:
i. According to the company's Annual Financial Report for the year ended 31 December 2016, published on 28 April 2017, the continuation of the company's operation as a going concern is not feasible and the financial statements were prepared on the basis of liquidation.
ii. The fact that the company has not issued and published its halfyearly financial report for the period ended 30/6/2016 as provided for in Article 142 of the Stock Exchange Law.
iii. The company has no assets while it continues to have liabilitiesamounting to ο €131.7 million which it is unable to repay.
iv. The lengthy period of time during which the company's titles are traded on the Surveillance Market (since 2011).
v. The fact that 4 months have elapsed since the suspension of trading of the company's titles (see Stock Exchange Policy Decision - Circular No. 3-2015, dated 13 July 2015).
vi. In view of the above, it appears that the company cannot guarantee the protection of investors, as required by Paragraph 3.1.1(h) of RAA 379/2014 (as amended).
It is noted that the delisting of the aforesaid company's titles from the Stock Exchange will be effective as of Friday, 25 August 2017. The company's titles will remain suspended until they are delisted.
