Le Saunda seeks delay on circular

LOCALLY listed retailer Le Saunda Holdings has applied to the stock exchange for permission to produce a shareholder circular which does not meet normal listings rules compliance.

The circular on the proposed acquisition of a mainland firm presented specific difficulties, the company said in a statement.

Le Saunda has been working on the circular on its proposed acquisition of 70 per cent of Shunde Special Transformer Works since the deal was announced on February 15.

With listings rules requiring the circular to be issued by tomorrow, Le Saunda is asking the exchange for a waiver from full compliance with the listings rules.

''Since the target company is incorporated in China there are more issues to be dealt with in the accountants' report and in the valuers' report,'' the company said.

The company said it would produce the report by April 30.