Key points
- Suspension due to lack of Australian resident directors
- Operations deemed inadequate to warrant continued quotation
- Suspension to continue until compliance with Corporations Act and Listing Rules
Full summary
Merchant House International Ltd (ASX: MHI) has been suspended from quotation on the Australian Securities Exchange (ASX) with immediate effect. The suspension is due to MHI not having the requisite number of Australian resident directors in compliance with section 201A(2) of the Corporations Act 2001. ASX has also determined that MHI's operations are not adequate to warrant the continued quotation of its securities, and therefore MHI is in breach of Listing Rule 12.1. The suspension will continue until MHI appoints sufficient directors to comply with the Corporations Act and is able to demonstrate compliance with Listing Rule 12.1 of the ASX Listing Rules. MHI's securities will remain suspended until the company is otherwise appropriate for reinstatement to quotation.