Atlantic Navigation wants deadline to meet free float requirement extended to July 10

SINGAPORE - Atlantic Navigation is seeking a second extension to meet the free float requirement of the Singapore Exchange after its public float fell below 10 per cent on Dec 21, 2018.

The marine services company first sought, on Feb 12, 2019, to extend the deadline to April 10. The latest extension, if approved, would give the company until July 10 to meet the 10 per cent threshold.

It is seeking an extension as it has made progress since the first extension in restoring its free float amid challenging market conditions, the company said in a bourse filing on Wednesday (April 100.

As it will be releasing its fiscal 2018 financial statements on April 11, and taking into account a blackout period of 14 days before the release of its first quarter (ending March 31) results on or around May 9, the extension would give investors more information to assess the company, it said.

Atlantic Navigation shares last traded at $0.10 before trading was suspended. The percentage of shares in free float fell to 8.43 per cent after it issued 263 million shares to Saeed Investment to raise US$26 million.