Oceanus trading has been suspended after .....another episode of "mortalities".
While Mr Wu remains as the General Manager in charge of the Company’s China operations and
production in the interim of the Board re-composition, he became increasingly un-cooperative
towards the re-constituted Board ever since he was not re-elected as a Director of the Company
at the AGM. The Company was notified on 02 August 2013 and again on 05 August 2013 by the
Head of Production of the occurrence of substantial and abnormal mortalities of abalones at the
Company’s China farms within a very short span of time immediately following the AGM.
The Board has been unable to obtain a verification of the abnormal mortalities which started the
day after the AGM from the Group's finance team. In view of the circumstances leading to
receiving such a report, and the lack of verification of such mortality from the finance team, the
Company decides to request for a trading suspension of the shares of the Company, to ensure
that Shareholders and the public investors are not trading on incomplete set of information.The Board has actively engaged in all necessary investigations to look vigorously into the cause
and current situation of this event.
In addition, the Company is committed to making timely announcements to update shareholders
on the above matter as and when appropriate by the end of August 2013. The Company will seek
to lift the trading suspension as soon as it is appropriate to do so without compromising on the
interests of Shareholders.
infopub.sgx.com/FileOpen/OGL_Request_for...cement&FileID=251629