SMI Vantage shareholders have voted in favour to approve the proposed delisting of the company and the company securities from the official list of the exchange without an exit offer at an EGM on March 10.
The resolution to approve the delisting received an 80.25% number of votes, while 19.746% voted to pass the resolution.
SMI Vantage first announced its delisting from the Singapore Exchange (SGX) last August, after the SGX-ST rejected its application for a further extension of time to meet the requirements to be removed from the SGX watch-list.
SMI Vantage was rejected as there are no ‘extenuating reasons’ to grant a further extension of time.
“In coming to its decision, the SGX-ST had noted, among others, the company’s continuing net loss position after it was placed on the watch-list, as well as its low and decreasing market capitalisation which was at $13.86 million as at July 30,” it adds.
