Troubled Ezra granted delay for annual general meeting

Troubled Ezra granted delay for annual general meeting
Beleaguered oil and gas firm Ezra Holdings has obtained permission from the stock exchange to put off its annual general meeting (AGM) by two months.
PHOTO: Ezra Holdings

Beleaguered oil and gas firm Ezra Holdings has obtained permission from the stock exchange to put off its annual general meeting (AGM) by two months.

The extension follows a delay in the release of the mainboard-listed company's results for the financial year ended Aug 31.

The company said it needs more time to finalise its audited financial statements and annual report.

It said it will convene its AGM by Feb 28, subject to approval from the Accounting and Corporate Regulatory Authority.

Ezra sought an extension on the release as it was assessing its investment in Malaysian associate Perisai Petroleum Teknologi and the accounting impact arising from the contractor's debt restructuring.

Perisai, in which Ezra holds a 19.47 per cent stake, had defaulted on $125 million worth of Singdollar notes that came due on Oct 3. Its bondholders rejected its proposal to restructure the notes.

Perisai and its unit Perisai Capital also received a notice on Oct 18 from the trustee of the notes, notifying that the redemption amount of the notes and the interest accrued were immediately due and payable.

Perisai also said that it received a winding-up petition from a bondholder who invested $15 million into the bonds that the firm has defaulted on.

These issues raised uncertainties. Ezra said it also needed more time to consider whether to impair vessels it jointly owned with Perisai, as well as the existing contracts performed by these vessels.

chiaym@sph.com.sg


This article was first published on December 23, 2016.
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