December 11, 2017 / 6:49 AM / 2 years ago

BRIEF-Eoh Holdings Says Drop In Share Price Was Triggered By Forced Sale Of Shares By Financial Institutions

Dec 11 (Reuters) - EOH Holdings Ltd:

* SAYS ‍ON DECEMBER 7, EXTRAORDINARY VOLUMES OF EOH SHARES WERE TRADED​

* BOTH HIGH VOLUMES AND SUBSTANTIAL DROP IN SHARE PRICE WAS TRIGGERED BY FORCED SALE OF SHARES BY FINANCIAL INSTITUTIONS AGAINST EQUITY FINANCED TRANSACTIONS

* CONFIRMS DIRECTORS AFFECTED DID NOT VOLUNTARILY SELL SHARES, BUT SALE WAS CAUSED BY MARGIN CALLS AGAINST THESE EQUITY FINANCED TRANSACTIONS​

* FORCED SALE OF SHARES BY FINANCIAL INSTITUTIONS AGAINST EQUITY FINANCED TRANSACTIONS TO VARIOUS INDIVIDUAL SHAREHOLDERS, INCLUDING TWO EOH DIRECTORS

* BEEN IN DISCUSSIONS ON SELL-BACK DEAL TO UNWIND ACQUISITION OF GRID CONTROL TECHNOLOGIES, FORENSIC DATA ANALYSTS, INVESTIGATIVE SOFTWARE SOLUTIONS

* IN VIEW OF ALLEGATIONS, APPOINTED EDWARD NATHAN SONNENBERGS INC TO CONDUCT A FULL FACT-FINDING REVIEW OF COMMERCIAL ACTIVITIES OF 3 COS

* ‍”IT WILL ACT AGAINST ANY IDENTIFIED WRONGDOING OR MISCONDUCT INVOLVING ANY INDIVIDUAL OR ENTITY”​ Source text for Eikon: Further company coverage:

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