March 15, 2021

Oceanus refutes rumours of ‘pump-and-dump’ scheme, financial probe and move to Catalist

By ellen

SINGAPORE (THE BUSINESS TIMES) – Oceanus Group has refuted rumours about a purported move to the Catalist board, an investigation into the group’s financials, and its management being in a “pump-and-dump” scheme of the group’s shares, calling them “untrue and misleading information”.

The seafood supplier said on Friday (March 12) it will investigate the circumstances surrounding the rumours which have been circulating on instant messaging platforms and online forums, and pursue “all legal avenues” including but not limited to lodging civil suits and police reports.

According to Oceanus’ bourse filing, one of the rumours claims that there is an application by the company to transfer itself from the Singapore Exchange’s (SGX) mainboard to the Catalist board. Oceanus said that this is not true, as it is seeking to exit the SGX’s watch list based on the financial exit criteria.

Another rumour claims that Oceanus’ financial accounts are “inaccurate” and currently subject to investigations by the Commercial Affairs Department (CAD). However, Oceanus said that it is not aware of any investigations by the CAD.

Also, the company’s independent auditors, who are currently in the advanced stages of finalising their audit of the company’s financial statements for the year ended Dec 31, 2020, have not raised material concerns in respect of the financial statements.

To a third rumour claiming that Oceanus is seeking a mandatory suspension of the trading of its shares, the company said it is “not true” and that “there is no basis” for the statement.

Oceanus also refuted a rumour that its chief executive and management are colluding with institutional investors in a “pump-and-dump” scheme of the company’s shares, saying it is “not true” and that “there is no basis” for the statement.

The group’s clarifications come as its shares hit a new low for the year to date on Wednesday, continuing a downward spiral that started earlier this month. Oceanus shares fell to an intra-day low of $0.019 on Wednesday.

They have since rebounded and closed up 24.14 per cent at $0.036 on Friday.