Exchange lifts voluntary trading suspension

WITH the lifting of the voluntary suspension in trading for FijiCare Insurance Ltd (FIL), licensed broker representatives have been advised to execute FIL orders for their clients.

Trading for FIL shares was suspended upon request from the listed company related to the proposed acquisition of a majority shareholding in FIL by Mount Sophia Ventures (Fiji) Ltd and the continuing process under which FIL needed to seek relevant regulatory approvals from the Reserve Bank of Fiji (RBF) for the registration of the Target’s Statement.

In a media statement issued yesterday, SPSE chief executive officer Krishika Narayan said as front line regulators of the stock market, the exchange had been closely monitoring the proposed transaction to ensure adequate and timely information is released for the purpose of informed decision-making by the FIL shareholders.

According to the SPSE the Target’s Statement accompanied by an Independent Valuation Report as well as the earlier submitted Bidder’s Statement was released to the market on Tuesday last week and were also available at FIL’s office and the FIL and SPSE websites respectively.

“The exchange welcomes the decision by FIL to place voluntary suspension in trading of its shares whenever required from the initiation of this proposed transaction as this assists us to maintain an orderly market and avoid any ill-informed and speculative trading in FIL shares.

“SPSE has been receptive to the decision by FIL to continue the voluntary suspension in trading of FIL shares over last week and subsequent to the release of the Target’s Statement and the Independent Valuation Report in order to allow shareholders adequate time to consider all relevant information,” said Ms Narayan.

She urged FIL shareholders to carefully read and consider the information that had been released regarding the proposed transaction and if required, FIL shareholders may also seek advice from a licensed investment adviser before making a final decision on the proposed offer.

Ms Narayan said shareholders who decided to accept the proposed offer must submit the completed transfer and acceptance form by no later than 5pm on April 23, 2018 (unless the offer is extended).

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