SHARES of Axington closed lower on Monday amid sharp intra-day hits following controversy around its owners' bid for English football club Newcastle United. Read more at The Business Times.
SGX RegCo said:"In general, all directors appointed to the board of a Catalist issuer are required to be assessed by the issuer’s Nominating Committee and continuing sponsor to be suitable to sit on the issuer’s board, taking into account their experience, expertise, character and integrity. Where necessary, appropriate investigations should be undertaken to evaluate suitability in light of recent developments.
This comes as Axington's stock fell nearly 22 per cent to S$0.176 at the opening of trading on Monday. It traded briefly at S$0.185 during the afternoon, and then fell gradually to S$0.18.Last Wednesday, Axington's share price rose to S$0.265, the highest this year, after BN Group announced it was close to buying Newcastle United.
But the group later admitted to Reuters that it had altered photos of Mr Obama to make them look as though he had attended a meeting with its executives in Paris. It also said some of the information in its marketing materials was released prematurely or contained errors after Reuters found inconsistencies when speaking to firms and persons BN Group says it is involved with.
BN Group was formed after a merger between the Loh cousins' Dorr Group and Ms Shen's Bellagraph Group in June.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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