Future Forests (Fiji)Limited delisted
The South Pacific Stock Exchange (SPX or Exchange) wishes to inform investors and the general public that Future Forests (Fiji) Limited (FFF) has been delisted from the official list of the Exchange with immediate effect from February 7, 2020.
FFF has been on trading suspension since 2016 as a result of noncompliance with the continuing listing requirements of the SPX Listing Rules including but not limited to the release of its annual audited financial statements and Annual Report within the timeframe stipulated in the SPX Listing Rules.
According to the SPX chief Executive officer Krishika Narayan, as the front-line regulator of the stock market, SPX must ensure that all listed entities comply with the continuing listing requirements as stipulated in the SPX Listing Rules.
In the matter of FFF, owing to various matters of continuing non-compliance by the company; in April 2019, the SPX initiated the mandatory delisting process for FFF as per Section 74 of the SPX Listing Rules and the SPX Guidance Note for Delisting.
“After completing all the due processes for mandatory delisting including the allowance of an adequate notice period for shareholders to provide feedback on the proposed delisting by SPX; a final notice for delisting was issued to FFF in January 2020.”
FFF Shareholders should note that FFF still remains a public company and is accountable to its shareholders under the provisions of the Companies Act.
As required by the SPX during the entity’s Annual General Meeting (AGM) held in November 2019,
In April 2019, the SPX initiated the mandatory delisting process for FFF.
the AGM adopted a resolution to consider a possible share buyback option allowing shareholders to decide whether to opt out or remain shareholders of the company post mandatory delisting.
This process is anticipated to be finalised at FFF’s Extra-Ordinary General Meeting (EGM) scheduled for February 26, 2020, notice of which has been given to FFF shareholders.
Following the delisting, FFF has been required to arrange for an “Over the Counter” trading facility for existing shareholders who wish to trade their shares.