A moment of reflection. Shares of VOM suspended, liabilities restructured.
May | : | Creditor applies to Singapore High Court to wind up VOM |
June | : | VOM shares suspended from trading on the Catalist board |
July | : | VOM begins process to reorganise liabilities while under protection from creditors |
Working things out.
February | : | Maybank Singapore begins legal action to recover outstanding loans of around S$17 million |
September | : | VOM signs term sheet to sell two properties pledged as collateral to Maybank Singapore |
November | : | Maybank Singapore withdraws legal action |
February | : | VOM signs agreement with Blue Ocean Capital Partners Pte Ltd (“BOCP”) and Ng Yeau Chong to raise S$3 million |
June | : | VOM enters into scheme of arrangement; proposes 50-to-1 share consolidation and submits trading resumption proposal to SGX-ST |
July | : | SGX-ST grants in-principle approval for resumption of trading |
August | : | VOM exits scheme of arrangement; completes share consolidation; trading of shares resumes |
November | : | A group of Malaysian investors and business owners acquire 87% of VOM from BOCP and Ng Yeau Chong. Acquisition triggers mandatory cash offer for the rest of the Group’s shares and warrants |
January | : | Mandatory cash offer closes; Announces placement of shares to an individual to raise nearly S$0.9 million; Incorporates DSC |
March | : | Proposes rights cum warrants issue, share placement, business diversification, change of name, and disposal of offshore and marine subsidiaries (collectively the “Corporate Proposals”); DSC enters into exclusive distributorship cooperation agreement with a robot supplier from China |
May | : | Shareholders of VOM approve Corporate Proposals; Incorporates 9R Leisure to spearhead lifestyle retail business |
June | : | Raises net proceeds of S$3.3 million from rights cum warrants issue |
July | : | VOM renamed 9R Limited; Sells remaining offshore and marine business |
August | : | Incorporates GR9 Jewel Sdn Bhd |
September | : | 9R announces acquisition of Compact Sensation Sdn Bhd (“CSSB”), marking its entry into the lifestyle retail business with the Red Box Plus outlet located at Pavilion KL |
November | : | Completes share placement announced in March, raising S$12.2 million in net proceeds |