Singapore Exchange approves Rickmers Maritime’s delisting

Rickmers Maritime, the failed boxship leasor of Bertam Rickmers, will be delisted from the Singapore Exchange (SGX), 10 years after its IPO, back when shipping trusts were all the rage in the Lion Republic.

With Rickmers Maritime being wound up following massive losses, its manager has sought to delist with shareholders braced for a big loss.

Rickmers Maritime claimed in a release the trust the trust is unable to make a reasonable exit offer to unitholders, and that no net cash proceeds will remain for distribution to unitholders following the disposal of the property of the trust, repayment of borrowings to its secured creditors and unsecured creditors and retention of certain, unspecified amounts permitted under the trust deed constituting the trust.

“[U]nitholders will not receive any recovery or distribution in connection with the winding up of the Trust,” the company stressed in a release.

The bust company also said there was not chance of any corporate rehabilitation.

SGX for its part said it had no objection to the proposed delisting. A date for Rickmers Maritime exit from the SGX will be announced shortly.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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