Exchange’s Disciplinary Action against E&P Global Holdings Limited (Stock Code: 1142)
Regulatory
05 Jul 2023
香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
The Stock Exchange of Hong Kong Limited
CRITICISES:
E&P Global Holdings Limited (Stock Code: 1142)
Between August 2021 and January 2022, the Company’s subsidiary entered into five transactions involving an acquisition of convertible bonds, the conversion of those bonds into shares and subsequent share disposals. Each of the transactions constituted either a major transaction or a very substantial disposal, but the Company failed to comply with the disclosure and shareholders’ approval requirements in the Listing Rules.
Upon discovery of the non-compliance, the Company self-reported its non-compliance to the Exchange and took various remedial measures.
The Exchange notes that the Company agreed to settle this matter at an early stage.
Key messages:
Listed issuers must be alert to transactions which are subject to requirements under Chapter 14 of the Listing Rules, and ensure full compliance.
Listed issuers are encouraged to make an early and proactive report to the Exchange if Rule breaches are detected.
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