Ezra Holdings gets permission to put off AGM by 2 months

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

The extension follows a delay in the release of the group's results for the financial year ended Aug 31.

The mainboard-listed company announced its results on Nov 29 after obtaining a 30-day extension from the Singapore Exchange.

Due to the delay, the company said it needs more time to finalise audited financial statements and annual report, and then seek board approval for their publication.

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

Ezra had sought an extension on the release of its full-year results to assess its investment in Malaysian associate Perisai Petroleum Teknologi and the accounting impact of the troubled oil and gas contractor's debt restructuring.

Kuala Lumpur-listed offshore services firm Perisai, in which Ezra holds a 19.47 per cent stake, had defaulted on $125 million worth of Singdollar notes due on Oct 3 that came this year. Perisai's bond holders rejected its proposal to restructure the notes.

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

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

Perisai Capital, a unit of Perisai Petroleum Teknologi, said the firm filed an application on Nov 25 to strike out the winding-up petition.

These issues raised uncertainties over whether Ezra needed additional impairment in its investments in Perisai in its full-year financial statements, which led to the delay.

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.

A version of this article appeared in the print edition of The Straits Times on December 23, 2016, with the headline 'Ezra Holdings gets permission to put off AGM by 2 months'. Print Edition | Subscribe