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SGX RegCo Issues Trade With Caution Alert On Shares Of ISOTeam Ltd.
BackDec 03, 2020
| Announcement Title | General Announcement |
| Date & Time of Broadcast | Dec 3, 2020 17:26 |
| Status | New |
| Announcement Sub Title | SGX RegCo issues Trade With Caution alert on shares of ISOTeam Ltd. |
| Announcement Reference | SG201203OTHRQ935 |
| Submitted By (Co./ Ind. Name) | SINGAPORE EXCHANGE REGULATION PTE. LTD. |
| Designation | SURVEILLANCE |
| Description (Please provide a detailed description of the event in the box below) | Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to trade with caution when dealing in shares of ISOTeam Ltd ("ISOTeam"). The share price of ISOTeam surged to $0.149 on 24 September 2020 from $0.139 on 23 September 2020. Its share price has remained steady around $0.147 since then. A small group of accounts was responsible for over 71% of the traded volume in ISOTeam shares between 24 September and 24 November 2020, SGX RegCo's review showed. The same group of accounts was responsible for more than 83% of the buy trades during the surge on 24 September 2020. The individuals behind these accounts appear to be connected to each other. In addition, these accounts appeared to have traded among themselves ("cross trades") during the period reviewed. Their cross trades accounted for 55.05% of on-market traded volume. Between 24 September and 24 November, these accounts engaged in trading among themselves on 41 of the total 44 trading days. The share price movement of ISOTeam occurred amid the release of its results for the 12 months ended 30 June 2020 on 30 October 2020. The company reported a $21.49 million full-year loss compared to a profit of $6.30 million previously. SGX RegCo is further reviewing the trades in ISOTeam shares and will take the necessary actions including referring the case to statutory authorities where warranted. |
DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement. |
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