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, “which have resulted in a disruption of their critical services ” 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 “in a timely manner”, 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 “actively pursuing” 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.
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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: “SGX-ST’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.”
On a separate note, the company said it will not issue a sustainability report – another requirement under Catalist rules – for FY2023.
“The main purpose of sustainability reporting is to give stakeholders a comprehensive view of the company’s sustainability in terms of environmental, social, and governance factors.
“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.”
Shares of Mercurius Capital Investment last traded at S$0.016 on Jun 23, 2023.
