(Company Registration Number: 200711863D)
The Board of Directors (the 'Board' or 'Directors') of China Taisan Technology Group Holdings Limited (the 'Company' and together with its subsidiaries, the 'Group') refers to the Company's announcement dated 13 November 2015 (the 'Announcement') in relation to the Proposed Share Consolidation.
Unless otherwise defined, all capitalised terms used and not defined herein shall have the same meanings given to them in the Announcement.
Further to the Announcement, the Board wishes to update Shareholders that the Company had submitted an application to the Singapore Exchange Securities Trading Limited ('SGX-ST') to obtain the approval-in-principal for the Proposed Share Consolidation (the 'Share Consolidation Application').
The Board wishes to further announce that the SGX-ST is unable to approve the Company's Share Consolidation Application, as the resulting number of Consolidated Shares after the Proposed Share Consolidation would be too small, and would give rise to the concern of the possibility of cornering in the Company's shares.
As there is still some time available to Company to comply with the requirement of the SGX-ST to have a minimum trading price per share of S$0.20 (the 'MTP Requirement'), the Board will in the meantime consider other options available to facilitate the Company's compliance with the MTP Requirement. If any such option exists and is assessed to be a viable alternative for the Company, the Board may propose such option. As at the date of this announcement, the Board is unaware of any proposal or negotiation with regard to possible alternatives that may facilitate the Company's compliance with the MTP Requirement.
Lin Wen Chang
Chief Executive Officer 1 December 2015
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