The proposed reverse takeover exercise (RTO) at Bina Goodyear Bhdhas fallen through.
Bina Goodyear announced to Bursa Malaysia that Trinity Group Sdn Bhd, a property development company has proposed to undertake a RTO, has decided not to resume negotiation on exercise.
In a filing to Bursa Malaysia today, Bina Goodyear said that it received a letter notifying that Trinity Group had “considered and decided” not to resume negotiation on the proposed RTO.
The RTO was part of Bina Goodyear’s regularisation plan, which includes a proposed capital restructuring exercise, a proposed share exchange to be carried out between the company and a special purpose vehicle company, and a proposed right issue.
Therefore, Bina Goodyear had in early September this year, signed a Heads of Agreement with Trinity Group to facilitate the new regularisation plan.
On a separate filing to the stock exchange in late October this year, Bina Goodyear declared that its external auditor has issued a disclaimer opinion on its financial statements for the year ended June 30.
“We were unable to obtain sufficient appropriate audit evidence regarding the ability of the group and the company in achieving sustainable and viable operations and its ability to generate sufficient cashflows for its operating activities,” said external auditors Messrs Morison Anuarul Azizan Chew in a statement that was filed with Bursa Malaysia.
Bina Goodyear has fallen into a Practice Note 17 status since November 2012. Its shares have been suspended from trading since August.
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