The company announced:
The Board wishes to announce that the Company had on 30 January 2016 received a letter from Maybank IB (“Letter”) serving notice to the Board of its resignation as Principal Adviser to the Company for the Proposed Acquisition and Proposed Rights Issue with Warrants with effect from 6 February 2016, being seven (7) days from the date of the Letter pursuant to the terms of its appointment letter.
Ouch ...... that is a very clear red flag, another one.
Is it time for the Board of Directors to call off the proposed acquisition? I definitely think so.