The Securities & Exchange Commission announced that during its meeting of the 24 September 2001, amongst others, the following decisions were taken:
1. Application for listing of titles of Astarti Development Co. Ltd.
The Commission decided not to approve the prospectus of the company for listing of 80.000.000 shares on the CSE, to be issued in exchange for acquisition of the entire issued share capital of Libra Aviation Ltd.
The reason which led the Commission to this decision was that basic requirements for listing were not met as stipulated by Regulation 61, as explained below.
Based on Regulation 61(1)(e), one of the basic requirements is that the issuer had relevant activities, operated normally and has prepared audited accounts for at last three years prior to the application.
Based on the above, Libra Aviation Ltd. does not meet the requirements of Regulation 61(1)(e) as it was formed on the 31 January 2000 and therefore has not completed three years of operation, has not prepared audited accounts for the three years preceding the application and its activities are not relevant to those of Astarti Development Co. Ltd. Therefore, the Commission considers, based on information before it, that there is lack of information for investors, due to the non-compliance of the issuer with stipulations of Regulation 61(1)(e).
2. New Marathon Tours Ltd.
The SEC decided the following concerning possible violations of legislation by the above company.
· To forward a letter to the CSE Council suggesting that titles of the company are suspended from trading until reservations from external auditors are lifted that the company may not be considered a going concern.
· To inform the Companies Registrar with copy of the letter to the Attorney General, of the possible violation of article 182 of Companies Law, which forbids loans being given by a company to Directors of the company
3. Possible violation of current legislation by Frindlays Investments Ltd.
Having examined all information before it, the SEC decided to call the company to provide further information, based on article 38, for examination of the possibility of imposition of penalties.
4. Suggestion for regulatory determination of the time period of payment of interim dividends and dividends to investors following approval by the AGM.
The SEC decided to issue relevant circular for the regulation of the above issue, giving companies one month for payment of interim dividends or dividends from the date of relevant announcement by a company.
5. Closed Periods
The SEC examined the amendment of determination of closed periods and decided to expedite the promotion of amendments concerning closed periods as well as its pending proposal to the Ministry of Finance.
1. Application for listing of titles of Astarti Development Co. Ltd.
The Commission decided not to approve the prospectus of the company for listing of 80.000.000 shares on the CSE, to be issued in exchange for acquisition of the entire issued share capital of Libra Aviation Ltd.
The reason which led the Commission to this decision was that basic requirements for listing were not met as stipulated by Regulation 61, as explained below.
Based on Regulation 61(1)(e), one of the basic requirements is that the issuer had relevant activities, operated normally and has prepared audited accounts for at last three years prior to the application.
Based on the above, Libra Aviation Ltd. does not meet the requirements of Regulation 61(1)(e) as it was formed on the 31 January 2000 and therefore has not completed three years of operation, has not prepared audited accounts for the three years preceding the application and its activities are not relevant to those of Astarti Development Co. Ltd. Therefore, the Commission considers, based on information before it, that there is lack of information for investors, due to the non-compliance of the issuer with stipulations of Regulation 61(1)(e).
2. New Marathon Tours Ltd.
The SEC decided the following concerning possible violations of legislation by the above company.
· To forward a letter to the CSE Council suggesting that titles of the company are suspended from trading until reservations from external auditors are lifted that the company may not be considered a going concern.
· To inform the Companies Registrar with copy of the letter to the Attorney General, of the possible violation of article 182 of Companies Law, which forbids loans being given by a company to Directors of the company
3. Possible violation of current legislation by Frindlays Investments Ltd.
Having examined all information before it, the SEC decided to call the company to provide further information, based on article 38, for examination of the possibility of imposition of penalties.
4. Suggestion for regulatory determination of the time period of payment of interim dividends and dividends to investors following approval by the AGM.
The SEC decided to issue relevant circular for the regulation of the above issue, giving companies one month for payment of interim dividends or dividends from the date of relevant announcement by a company.
5. Closed Periods
The SEC examined the amendment of determination of closed periods and decided to expedite the promotion of amendments concerning closed periods as well as its pending proposal to the Ministry of Finance.
Thursday, 4 October, 2001 - 10:54