ISR Capital

ISR signs MOU with Shenzhen-listed company to start talks on joint development of Tantalum mine

SINGAPORE (June 24): ISR Capital, which is on the Singapore Exchange watch-list, is to start talks with a China company to develop its rare earth concession in Africa.

ISR Capital still mired in losses in 1Q; to hold EGM for waiver approval in due time

SINGAPORE (May 16): ISR Capital reported 1Q net loss widened to $0.39 million from $0.37 million a year ago.

This was due to the consolidation of financial statements of newly acquired Tantalum Holding (Mauritius) (THM) and its wholly owned subsidiary Tantalum Rare Earth Malagasy SARLU (TREM) into the group’s 1Q financial statements which increased its other expenses by 87.1% to $379.3 million.

No revenue was also recorded for 1Q19 compared to revenue of $0.17 million in 1Q18 which was related to interest income earned on debt securities.

Prosecutors ask court to bar potential defence witnesses from penny stock crash trial

SINGAPORE (Mar 27): Prosecutors at the penny stock saga trial of John Soh Chee Wen and Quah Su-Ling have asked the court to bar two individuals closely-linked to the defendants from attending the court proceedings -- if they are to be called as defence witnesses.

The two individuals are Quah Su-Yin, sister of Su-Ling, and Ronald Menon, husband of Su-Yin, both of whom are present at the public gallery today.

Su-Yin was the CEO of ISR Capital, one of the stocks allegedly manipulated by Soh. She was appointed to that role back in April 29, 2011.

Hunting for the truth redux: Our coverage of the penny stock saga attracted threats and lawsuits

SINGAPORE (Mar 22): If there’s one story published by The Edge Singapore that I will never forget, it will probably be “Hunting for the truth” (Issue 641, Sept 1, 2014). The piece was intended to mark the first anniversary of the steep rise and sudden collapse of shares in Asiasons Capital, Blumont Group and LionGold Corp, an event that battered confidence in the local stock market and contributed to a subsequent slump in trading volumes.

SGX hones ability to scrutinise asset valuations, pressures auditors — will it close the ‘trust deficit’?

SINGAPORE (Feb 4): On Jan 25, Singapore Exchange Regulation (SGX RegCo) briefed several journalists about its plans to play a more active role in determining the scope of statutory audits of locally listed companies, and beef up its capabilities to scrutinise the value of corporate assets.

SGX RegCo teams up with professional body of valuers to tackle problem of questionable valuations

SINGAPORE (Jan 28): The Singapore Exchange Regulation has enlisted the help of the professional body of valuers, to bring its expertise to bear when listed companies face questions over the value of assets in potential deals.

Under a memorandum of understanding signed between SGX RegCo and the Institute of Valuers and Appraisals, Singapore (IVAS), which is part of the Singapore Accountancy Commission, the exchange can turn to the institute for expert advice and support on matters related to business valuation.

SGX RegCo orders ISR Capital to seek shareholders' approval for waiver of condition

SINGAPORE (Jan 10): Singapore Exchange Regulation (SGX RegCo) has ordered the ISR Capital to hold an extraordinary general meeting (EGM) as soon as possible to seek shareholder approval for the waiver of condition related to its acquisition of a mining concession in Madagascar.

SGX RegCo also said that the US$10 million to US$15 million preliminary estimates provided by ISR Capital would have to be adjusted and updated over time as the numbers were derived by chairman Chen Tong based on his mine development experience and through discussions with consultancies.

ISR Capital spurns SGX request to seek shareholder nod for waiver of condition for acquisition

SINGAPORE (Jan 3): ISR Capital has rejected a call by Singapore Exchange for the company to seek shareholder approval for the waiver of a condition precedent to its acquisition of a Madagascar mining asset.

In a Wednesday night response, ISR insisted shareholder approval was not required as the waiver was not prejudicial to the interest of the shareholders and would not have an adverse impact on the company and the potential development or operation of the commercial production of the target company and the mining asset.

ISR Capital's acquisition target receives renewal of exploration permit

SINGAPORE (Nov 15): Tantalum Rare Earth Malagasy S.A.R.L.U (TRE), a company that holds the exploration licence to a Madagascar rare earth concession, has received a three-year renewal that gives exclusive rights up till Nov 2021, says ISR Capital in an SGX filing on Thursday night.

See: John Soh-linked ISR Capital gets nod for Tantalum deal, but further hurdles remain

John Soh-linked ISR Capital gets nod for Tantalum deal, but further hurdles remain

SINGAPORE (Nov 5): For more than two years, ISR Capital has attracted intense scrutiny from regulators and unflattering media headlines in its bid to acquire a stake in a rare-earth mining asset in Madagascar. Following the go-ahead from the Singapore Exchange, the deal was approved unanimously by shareholders present at an extraordinary general meeting on Oct 30.

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