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Miscommunication resulted in disclosure omission, says Advancer Global
CATALIST-LISTED Advancer Global has pointed to miscommunication as the reason for its failure to disclose that its recently appointed chairman is also a director at taxi firm Trans-Cab Holdings.
The firm was responding to an SGX query about why it did not disclose in its Dec 30 filing that Lim Teck Chai, Danny, who was appointed independent chairman, is also an independent director at Trans-Cab, which is gunning for a Catalist listing. His directorship was only later revealed in a Jan 23 filing, SGX had noted in its query.
In its response on Monday, Advancer said that the omission was due to a miscommunication between Mr Lim and the personnel of Trans-Cab. The taxi firm had lodged its preliminary offer document on Dec 27, with the registration date expected to be in February 2020.
Mr Lim had believed that his date of appointment would be effective in February 2020 as well, just before the prospectus registration, Advancer said in its filing. He only became aware on Jan 23 that the Accounting & Corporate Regulatory Authority (Acra) had been notified that his Trans-Cab appointment was effective on Dec 27.
“Mr Lim took immediate action to identify how the miscommunication could have arisen and promptly required the company to make the replacement announcement on the same day … Mr Lim will also work closely with relevant personnel of Trans-Cab to ensure such miscommunication does not arise again,” Advancer added.
Shares of Advancer closed flat at S$0.165 on Friday.