SINGAPORE – Attilan Group is unable to redeem $2 million of preference shares in its TAP Venture Fund I (TAPVF) after another investor in the fund exercised a put option, the company said on Thursday (Feb 28) after the market closed.

Attilan, a listed investment firm, has until June 1, 2019 to complete the redemption. The company said it will engage the investor for a settlement.

This is the second round of put redemptions that the company is facing on TAPVF this year.

On Jan 14, 2019, three TAPVF investors exercised their put options for $5 million of redemptions. Attilan was also unable to meet those redemptions, and sought to reach a settlement with those investors. Those redemptions must be completed by April 1, 2019.

Attilan granted the put options to 11 investors between January 2013 and April 2014. The company has not said what its potential exposure could be if all the other investors exercised their options.

Shares of Attilan are currently suspended. It last traded at $0.002 on June 21, 2018.

Source: Read Full Article