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New Sparkle Roll International Group Limited ( (HK:0970) ) has issued an update.
New Sparkle Roll International Group has reached a full and final settlement with its former joint provisional liquidators in Bermuda, agreeing to pay a lump sum of US$600,000 to cover their remuneration, fees and expenses arising from their appointment. Subject to approval by the Supreme Court of Bermuda, this will fully discharge the company’s liabilities linked to the liquidators’ costs and reduce the uncertainty and expense of further litigation.
In parallel, Hong Kong’s Court of First Instance has ordered three former directors to pay US$700,000 into court as a condition for leave to set aside an earlier order, and to pay HK$1,100,000 in application costs to the company. With that payment completed, the Hong Kong proceedings against several former directors will continue as if commenced by writ, as the company pursues claims including indemnification for all costs associated with the Bermudan winding-up proceedings.
More about New Sparkle Roll International Group Limited
New Sparkle Roll International Group Limited, incorporated in Bermuda and listed in Hong Kong, operates under stock code 970. The company has recently undergone significant governance changes, including the removal of multiple former directors and the appointment, and subsequent discharge, of joint provisional liquidators in Bermuda-related winding-up proceedings.
Average Trading Volume: 145,324
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$290.4M
For a thorough assessment of 0970 stock, go to TipRanks’ Stock Analysis page.