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The Stock Exchange of Hong Kong Limited (the "Exchange") hereby announces that with effect from 9:00 am on 17 February 2015, the listing of the shares of Pyxis Group Limited (the "Company") will be cancelled in accordance with the delisting procedures under Practice Note 17 to the Listing Rules (the "Delisting Procedures"). |
The Exchange announces that the listing of the Company's shares will be cancelled with effect from 9:00 am on 17 February 2015 in accordance with the Delisting Procedures. Practice Note 17 to the Listing Rules formalises the procedures to be adopted to delist long-suspended companies.
Trading in the Company's shares has been suspended for over four years since 5 July 2010. The Company was placed into the third stage of the Delisting Procedures on 23 November 2011. Under the Delisting Procedures, the Company is required to submit a viable resumption proposal at least 10 business days before the expiry of the six-month period for the third stage. If it fails to do so, the Exchange will cancel the Company's listing.
The Company submitted, as its final resumption proposal, a new listing application in respect of proposed acquisitions of property agency and management businesses. However, the Listing Committee considered that the Company had failed to demonstrate its compliance with the new listing requirements in respect of the proposed acquisition. Accordingly, the resumption proposal should not proceed under the Listing Rules and therefore is not viable.
As the Company's final delisting stage had expired in May 2012 but it failed to submit a viable resumption proposal, the Listing Committee decided to cancel the Company's listing under Practice Note 17 to the Listing Rules. The Company sought a review by the Listing (Review) Committee on the delisting decision. On 23 September 2014, the Listing (Review) Committee upheld the Listing Committee's decision to cancel the Company's listing. On 6 October 2014, the Company sought a further review of the delisting decision by the Listing Appeals Committee. On 4 February 2015, the Listing Appeals Committee decided to uphold the delisting decision.
The Exchange has notified the Company of its obligation under paragraph 3.1 of Practice Note 17 to issue an announcement informing the public of the cancellation of the Company's listing.
The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice.
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