Manifold Times | Hong Kong Stock Exchange issues trading resumption guidance to NewOcean Energy

Hong Kong-listed NewOcean Energy Holdings Limited on Tuesday (31 May) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).

The announcement was made in reference to previous announcements on the delay on publication of annual results for the twelve months ended 31 December 2021 and suspension of trading in the company’s shares.

Resumption Guidance

The Company received a letter from the Stock Exchange setting out the resumption guidance for the resumption of trading in the Company’s shares:

1. publish all outstanding financial results required under the Listing Rules and address any audit modifications;
2. demonstrate its compliance with Rule 13.24;
3. have the Bermuda Winding Up Petition and Hong Kong Winding Up Petition (or order, if made) against the Company withdrawn or dismissed; and
4. announce all material information for the Companys shareholders and investors to appraise the company’s position.

The Company must meet all requirements in the Resumption Guidance, remedy the issues causing its trading suspension and fully comply with the Listing Rules to the Stock Exchanges satisfaction before trading in its securities is allowed to resume. The Stock Exchange has also indicated that it may modify or supplement the Resumption Guidance if the Companys situation changes.

Under Rule 6.01A(1) of the Listing Rules, the Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. In the case of the Company, the 18-month period expires on 30 September 2023. If the Company fails to remedy the issue(s) causing its trading suspension, fulfill the Resumption Guidance and fully comply with the Listing Rules to the Stock Exchanges satisfaction , and resume trading in its shares by September 30, 2023, the Listing Division will recommend the Listing Committee to proceed with the cancellation of the Companys listing. Under Rules 6.01 and 6.10 of the Listing Rules, the Stock Exchange also has the right to impose a shorter specific remedial period, where appropriate.

The Company is taking appropriate steps to resolve the issues causing its trading suspension and to fully comply with the Listing Rules to the Stock Exchanges satisfaction, and will seek to resume trading in the shares as soon as possible.

Further announcement(s) will be made by the Company to update its shareholders and potential investors on the progress in complying with the Resumption Guidance, as and when appropriate, in accordance with the Listing Rules.

The Company is also required to announce the first quarterly update on or before 30 June 2022 and quarterly updates every three months from that date until resumption or cancellation of listing (whichever is earlier).

Continued Suspension of Trading

Due to the delay on publication of annual results for the twelve months ended December 31 2021, the trading of share of the Companys shares has been suspended from 1 April 2022.

The share of the Company will remain suspended until further notice.

Further announcement will be made by the Company as appropriate in accordance with the Listing Rule and the Inside Information Provisions of the SFO.

Trading in the Companys Shares may be suspended if any winding up order is made by the court with provisional liquidators appointed to the Company. Shareholders and potential investors should exercise caution when dealing in the Shares of the Company.

Related† NewOcean appoints law firm to oppose petition at 15 June hearing
Related† NewOcean warns of trading halt of company shares on HKSE from 1 April onwards
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Related† NewOcean Energy auditor tender resignation on disagreement of FY 2021 audit fee
Related† NewOcean company secretary and authorized representative resigns on HQ relocation
Related† NewOcean Energy loses second Executive Director on HQ relocation to China
Related† NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related† NewOcean Energy officially begins soft touch debt restructuring process
Related† NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related† NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related† NewOcean: Winding up petition proceedings at Bermuda court to continue on December 14
Related† NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021
Related† NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related† NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related† NewOcean creditor scheme meeting dates at courts now unrealistic; delayed till further notice
Related† NewOcean auditors resign due to significantly outstanding documents & information
Related† NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to substantial amendments
Related† NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related† NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related† NewOcean proposal to adjourn court scheme meeting approved by creditors
Related† NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related† NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related† NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related† NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

Photo credit: Hong Kong Stock Exchange
Published: June 1, 2022