zoomImage Courtesy: Rickmers Maritime

Rickmers Trust Management, the trustee-manager of Rickmers Maritime, has received an approval to delist from the Singapore Exchange as part of its efforts to wind up the Trust.

The move comes on the back of the company’s inability to make a reasonable exit offer to unitholders, whether by way of a voluntary liquidation of the Trust’s assets and distribution of cash back to unitholders or otherwise.

Additionally, the company said that the winding up of the Trust has commenced and no net cash proceeds will remain for distribution to its unitholders following the disposal of the property of the Trust.

Further reasons for delisting include no prospect of a corporate rescue and the failed attempts by the Trust to restructure its liabilities or attract new equity investment.

In April 2017, the Trustee-manager submitted an application to the Singapore Exchange Securities Trading Limited (SGXST) for the delisting approval.

SGX-ST on July 20, 2017 informed it has no objection to the proposed delisting of the Trust from the Official List of the SGX-ST, and that pursuant to Rule 1309 of the Listing Manual has been complied with as the Trust will be wound up.

In connection with the winding up of the Trust, the Trustee-Manager will advise the specific amount of recoveries to unsecured creditors via their respective agents and trustees and the distribution of such recoveries is expected to be made in the third quarter of 2017.