SMI Vantage cancels expansion plans amidst delisting

The company has a net current liability of US$937k.

SMI Vantage is cancelling its earlier expansion plans, including with acquisition of new digital mining machines and sites, the development of Robochef business in London, the increase in the size of the Provino business, and the acquisition of shares in the Whisky Cask Club as part of the company’s plans to stabilise its finances in the absence of external funding due to its delisting.

In an update announcement, the company’s board had consultations with the SGX-ST and reviewed the various exit options.

Based on the latest management accounts as at 30 June 2024, the company is in a net current liability position of approximately $1.24b (US$937k). Meanwhile its cash on hand available to the group is being used by the Group to meet its monthly operating expenses.

According to the group, the impact from the delisting notice was that the company’s earlier financing plans which would have helped to alleviate the Company’s net current liability position, are no longer available as these were contingent on the Company being listed.

Aside from cancelling its expansion plans, the company’s controlling shareholder, Mark Bedingham, after further discussion with the board, has expressed that he would continue to provide financial support to the Company to meet its financial obligations as they arise and allowing for agreements to be reached with the principal creditors.

Both the company’s controlling shareholders reiterate the commitment in the annual report that they would not recall their respective shareholders loans, which stand at approximately US$10.6 million as at 30 June 2024.

On 1 August, SMI Vantage received a delisting notice from SGX-ST after it failed to demonstrate that it would be able to exit the watchlist by 31 July 2025.

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