Latest news with #CeaseTradeOrder
Globe and Mail
12-07-2025
- Business
- Globe and Mail
Canadian Investment Regulatory Organization Trading Halt
VANCOUVER, BC , July 4, 2025 /CNW/ - The following issues have been halted by CIRO: Company: Red White & Bloom Brands Inc. CSE Symbol: RWB All Issues: Yes Reason: Cease Trade Order Halt Time (ET): 7:39 AM CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada .
Cision Canada
11-07-2025
- Business
- Cision Canada
RevoluGROUP Proxy Shareholder Group Issues Escalation Notice to Shareholders
VANCOUVER, BC, July 11, 2025 /CNW/ -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) A group of shareholders representing over 10% of the issued and outstanding shares of RevoluGROUP Canada Inc. (TSXV: REVO) (the "Proxy Shareholder Group") is compelled to issue this formal statement in response to ongoing failures by the Company's Board of Directors to implement agreed-upon governance reforms, disclose material financial agreements, or comply with continuous disclosure obligations. Despite a public announcement on June 17, 2025, by the Company acknowledging the shareholder proposal submitted on May 31, 2025, none of the proposed board resolutions have been adopted or executed. This includes the non-appointment of Mr. Juan Cruz Nuez as the shareholder-nominated executive director, a step which the Board itself had welcomed publicly. Non-Implementation of Resolutions The Proxy Shareholder Group provided the Board with a formal directors' resolution on June 27, 2025, detailing clear steps to: Appoint a qualified director; Authorize creditor negotiations; Approve and secure a CAD $350,000 loan to settle liabilities; Despite the board's prior request for this formal narrative and structure, the resolution remains unsigned and unexecuted. No explanation has been offered. Undisclosed Loan, Breach of Disclosure Obligations Director Gavin McMillan has acknowledged in writing that the Company has received loan funding. Yet no public disclosure has been made regarding: The amount received; The identity of the lender; The terms or duration of the loan; Any assets or subsidiaries pledged as collateral. This failure to disclose constitutes a likely breach of TSXV Policy 3.3 (Timely Disclosure) and CSA National Policy 51-201 (Section 4.3), which explicitly require public issuers to disclose any borrowing of funds or mortgaging of assets as material information. During a Cease Trade Order (CTO), such non-disclosure not only violates regulatory policy but also signals a troubling disregard for basic governance obligations. Inappropriate Governance Conduct Further concern arises from Mr. McMillan's recent communication encouraging a proxy group leader to engage privately with an unnamed third party ("Patrick") on WhatsApp regarding the Company's financial future. This individual has not been publicly disclosed as a company officer or consultant. The Proxy Shareholder Group views this as a breach of fiduciary protocol, a potential violation of confidentiality, and a serious failure in governance transparency. Shareholder Position and Next Steps The Proxy Shareholder Group reaffirms that: The May 31, 2025, proposal remains active and enforceable. The failure to adopt the resolutions or admit the proposed director is a direct obstruction of governance reform. Any further delays or obstructions may trigger escalation under Section 167 of the BCBCA to requisition a formal shareholder meeting. Shareholders are strongly encouraged to contact the Company and demand: Immediate disclosure of any financial agreements; Clarification on who is influencing board decisions; Accountability for the continued failure to act in accordance with stated commitments. The Proxy Shareholder Group is prepared to continue engaging with regulators, legal counsel, and fellow shareholders to restore transparency, protect investor interests, and relist the Company under responsible management.
Yahoo
24-06-2025
- Business
- Yahoo
Raffles Financial Group Shareholders Update, June 24, 2025
Completion of audit for the financial year ended June 30, 2021, 2022, 2023 & 2024 and Disclosure of key audited financial information Singapore, Singapore--(Newsfile Corp. - June 24, 2025) - Raffles Financial Group Limited (CSE: RICH) ("Raffles", "RFG", the "Company" and together with its subsidiaries collectively as the "Group") This is to give shareholders an update on the development of the Company. Further to our news release dated May 29, 2025, we are pleased to announce that our Auditor HML PLT has completed the financial audits and issued the audit reports for all the outstanding financial years ended June 30, 2021 to 2024 (the "FY2021 - FY2024") to the Board. The audit reports for FY2021 - FY2024 all contain unqualified audit opinions. This represents that our consolidated financial statements presented fairly, in all material respects, the consolidated financial position of the Company and its consolidated financial performance and its consolidated cash flows for the respective financial years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. The Board is confident that these unqualified audit reports ensure Raffles complies fully with the CSE's and other stock exchanges' listing requirements. We have uploaded the (i) full audit reports and (ii) management discussion and analysis (MD&A) reports for FY2021 - FY2024 to the Company's website for shareholders' information. Shareholders may access the documents at the following links: Audit Reports: MD&A: We are now working with various professionals to prepare an application for the release of the Cease Trade Order and trading resumption of the Company shares on the CSE and OTCQB. In the meantime, we are working on the necessary documents and procedures for the filings of the audited financial statements on SEDAR Plus and the CSE disclosure sites. The Board wishes to present the following selected audited financial information and summary of management discussion and analysis for FY2021 - FY2024 to our shareholders; Selected audited financial information FY2024S$ FY2023S$ FY2022S$ FY2021S$ FY2020S$Revenue- - - 4,999,880 8,866,672(Loss)/Income before other items and income tax expenses(550,666 )(514,043 )(1,460,345 )2,687,784 7,301,229Net income/(loss)17,112,388 2,372,344 (3,959,018 )(4,255,859 )(425,229 ) Comprehensive income/(loss)17,591,338 (757,005 )(8,707,657 )(10,007,985 )4,494,115Basic and diluted earnings/(loss) per share0.34 0.05 (0.08 )(0.08 )(0.05 ) Total assets37,317,262 19,197,755 24,570,045 30,894,168 34,730,979Current liabilities1,089,540 561,371 3,068,675 3,056,746 2,245,032Non-current liabilities- - 2,107,981 2,107,981 1,258,001 Revenue: For the financial period ended June 30, 2021: The revenue decreased from S$8,866,672 in FY2020 to S$4,999,880 in FY2021, which was attributable to the below factors: (i) the COVID-19 pandemic which caused travel restrictions and shutdowns that delayed and suspended the delivery of our advisory and licensing services, and created difficulties for the Company in serving clients in most of the major cities the Company was operating including, among others, China, Hong Kong and Singapore; (ii) suspension in Finlass licensing service with several PRC clients (the Regional Representative) in prior period FY2020 pursuant to force majeure clause in response to the COVID-19 outbreak in 2020. The Company had agreed with them to suspend the contracted licensing services since January 2020 to date. The COVID-19 outbreak had resulted in a significant impact not only on the Company itself but also the Company's clients in PRC, as they had been hindered from performing their obligations under their service agreements due to the market recession and slow recovery after the COVID-19 outbreak. For the financial period ended June 30, 2022, 2023 & 2024: There was no revenue recorded for the years under review, which was attributable to the below factors: (i) the COVID-19 pandemic which caused travel restrictions and shutdowns that delayed and suspended the delivery of our advisory and licensing services, and created difficulties for the Company in serving clients in most of the major cities the Company was operating including, among others, China, Hong Kong and Singapore; (ii) the COVID-19 outbreak had resulted in a significant impact not only on the Company itself but also the Company's clients in PRC, as they had been hindered from performing their obligations under their service agreements due to the market recession and slow recovery after the COVID-19 outbreak; (iii) the cease trade order in place affected the confidence of the client. Total Comprehensive Income/loss: For the financial year ended June 30, 2021: The total comprehensive loss for the year was S$10,007,985 compared with the total comprehensive income of S$4,494,115 in FY2020, which was attributable mainly to the impairment loss on other receivables and unrealised loss on financial assets at fair value through other comprehensive income. For the financial year ended June 30, 2022: The total comprehensive loss for the year was S$8,707,657 compared with S$10,007,985 in FY2021, which was attributable mainly to the impairment loss on other receivables and unrealised loss on financial assets at fair value through other comprehensive income. For the financial year ended June 30, 2023: The total comprehensive loss for the year was S$757,005 compared with S$8,707,657 in FY2022, which was attributable mainly to the loss on foreign currency translation and unrealised loss on financial assets at fair value through other comprehensive income, which were offset by the gain of S$3,461,812 on disposal of 100% equity interest in a subsidiary - Raffles Financial Private Limited ("RFPL"). For the financial year ended June 30, 2024: The total comprehensive income for the year was S$17,591,338 compared with the total comprehensive loss of S$757,005 in FY2023, which was attributable mainly to the gain arising from the derecognition of financial assets measured at amortised costs of S$17,228,141. It pertained to the transfer of deposit in term of public listed share. The fair value of the shares at the date of reclassification was S$36,247,421, resulting in the gain of S$17,228,141 recognised in profit or loss on the derecognition of the financial asset previously measured at amortised cost. Total Assets: As at June 30, 2021: The Company recorded a decrease in the current assets from S$34,730,979 as at June 30, 2020 to S$30,894,168 as at June 30, 2021, attributable to the decrease in investment in equity securities by S$5,213,729 compared with June 30, 2020. The decrease was partially offset by the increase in the trade and other receivables by S$576,881. As at June 30, 2022: The Company recorded a decrease in the current assets from S$30,894,168 as at June 30, 2021 to S$24,570,045 as at June 30, 2022, mainly attributable to (i) the decrease in investment in equity securities by S$4,650,786 compared with June 30, 2021, (ii) the decrease in other receivables by S$1,205,120, and (iii) the decrease in cash balance by S$403,126. As at June 30, 2023: The Company recorded a decrease in the current assets from S$24,570,045 as at June 30, 2022 to S$19,197,755 as at June 30, 2023, mainly attributable to (i) the decrease in investment in equity securities by S$3,090,268, and (ii) the decrease in other receivables, prepaid expenses and deposit by S$2,068,912. As at June 30, 2024: The Company recorded an increase in the current assets from S$19,197,755 as at June 30, 2023 to S$37,317,262 as at June 30, 2024, mainly attributable to (i) the increase in investment in equity securities by S$37,311,314, partially offset by (ii) the decrease in prepaid expenses and deposit by S$19,100,546. Current and non-current liabilities: As at June 30, 2021: The current liabilities of the Company as at June 30, 2021 comprised of accrued liabilities of S$278,959, other payable of S$794,417 which were amounts due to directors and amount due to a joint venture, and an income tax payable of S$1,983,370. The non-current liabilities of the Company as at June 30, 2021 were S$2,107,981, pertaining to a provision of deferred income tax liabilities in connection to unremitted foreign income. The Company recorded an increase in the total liabilities from S$3,503,033 as at June 30, 2020 to S$5,164,727 as at June 30, 2021, attributable to the increase in accrued liabilities and other payables, and deferred income tax liabilities. The increase in accrued liabilities and other payables from S$215,952 as at June 30, 2020 to S$1,073,376 as at June 30, 2021 was due to the payment of various operating expenses by the Directors on behalf of the Company and a fund advanced from a joint venture company during FY2021. As at June 30, 2022: The current liabilities of the Company as at June 30, 2022 comprised of accrued liabilities of S$348,444, other payable of S$610,941 which were amounts due to a director, and an income tax payable of S$2,109,290. The non-current liabilities of the Company as at June 30, 2022 were S$2,107,981, pertaining to a provision of deferred income tax liabilities in connection to unremitted foreign income. The Company recorded a slightly increase in the total liabilities from S$5,164,727 as at June 30, 2021 to S$5,176,656 as at June 30, 2022, attributable to the increase in income tax liabilities. The increase in income tax liabilities from S$1,983,370 as at June 30, 2021 to S$2,109,290 as at June 30, 2022 was due to the additional provision of income tax liabilities arising from the receipt of foreign income during FY2022. As at June 30, 2023: The current liabilities of the Company as at June 30, 2023 comprised of accrued liabilities of S$386,597, borrowings of S$164,220 and other payable of S$10,554 which were amounts due to a director. The Company recorded a significant decrease in the total liabilities from S$5,176,656 as at June 30, 2022 to S$561,371 as at June 30, 2023, attributable to the decrease in accrued liabilities and income tax liabilities. The decrease in income tax liabilities from S$2,109,290 (current portion) and S$2,107,981 (non-current portion) as at June 30, 2022 to Nil as at June 30, 2023 was due to the disposal of the subsidiary RFPL during FY2023 which held those liabilities. As at June 30, 2024: The current liabilities of the Company as at June 30, 2024 comprised of accrued liabilities of S$853,196, other payable of S$19,053 which were amounts due to a director and borrowings of S$217,291. The Company recorded an increase in the total liabilities from S$561,371 as at June 30, 2023 to S$1,089,540 as at June 30, 2024, attributable largely to the increase in accrued liabilities About Raffles Financial Group Limited (CSE: RICH) Raffles Financial Group is listed on the Canadian Securities Exchange Purchasable under the stock symbol (CSE: RICH). On behalf of the RFG Board of Directors Monita Faris Corporate Secretary Phone: +1 604-283-6110Email: monita@ Website: The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements'' or "forward-looking information" (collectively "forward-looking information") as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
RevoluGROUP Shareholders Demand Transparency and Governance Reform as Board Ignores Material Proposal
VANCOUVER, BC, June 10, 2025 /CNW/ -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) A group of shareholders representing more than 10% of the issued and outstanding shares of RevoluGROUP Canada Inc. (TSXV: REVO) has submitted a formal proposal to the Board of Directors that outlines a fully financed and executable plan to resolve the Company's known financial liabilities and satisfy key conditions required for relisting on the TSX Venture Exchange. The proposal, delivered on May 31, 2025, was not disclosed publicly, and no acknowledgment has been made by the Board. Under TSXV Policy 3.3, listed issuers are required to disclose all material information regarding the affairs of the company immediately upon management becoming aware. The shareholder proposal delivered to the Board on May 31, 2025, includes provisions that would affect board composition, capital structure, debt resolution, and relisting strategy. These are all considered material matters under Policy 3.3 and should have been disclosed promptly via news release or SEDAR+ filing. The Board's failure to do so appears to breach its regulatory obligations and reflects a troubling disregard for shareholder transparency. The plan includes an operational roadmap addressing debt resolution, secured financing, and the appointment of a qualified executive director to stabilize and restore governance. Given the current Cease Trade Order (CTO) in place since October 2024, this proposal constitutes material information under TSXV Policy 3.3, which mandates that issuers must disclose such information immediately upon becoming aware. The Board's continued silence is a troubling breach of transparency and fiduciary duty. "Our proposal reflects not only our legal right under Section 167 of the BCBCA to requisition a shareholder meeting, but also a proactive and fully funded path to restore investor confidence and financial health," said Bernard Lonis, one of the signatories. "It is highly irregular that a plan with the capacity to resolve liabilities and support relisting would be ignored. Shareholders deserve better." This action aligns with recent successful Canadian proxy battles, where shareholders have held boards accountable through firm, transparent communication and legal recourse. The RevoluGROUP proposal follows this tradition—placing the focus on value preservation, governance, and shareholder democracy. The group is actively seeking the support of both institutional and retail investors. The requisitioned Extraordinary General Meeting (EGM) will provide shareholders the opportunity to vote for governance reform and evaluate new board candidates aligned with the Company's recovery plan. Shareholders concerned about these developments are urged to contact Company management directly and request justification for the lack of transparency. This proxy initiative represents a critical inflection point. RevoluGROUP must decide whether to uphold shareholder democracy and disclose material events—or continue to alienate its own investor base. The proxy group is committed to holding the Board accountable to ensure that fiduciary duties are respected and value is preserved. View original content: SOURCE Proxy Group RevoluGROUP View original content:
Cision Canada
10-06-2025
- Business
- Cision Canada
RevoluGROUP Shareholders Demand Transparency and Governance Reform as Board Ignores Material Proposal
VANCOUVER, BC, /CNW/ -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) A group of shareholders representing more than 10% of the issued and outstanding shares of RevoluGROUP Canada Inc. (TSXV: REVO) has submitted a formal proposal to the Board of Directors that outlines a fully financed and executable plan to resolve the Company's known financial liabilities and satisfy key conditions required for relisting on the TSX Venture Exchange. The proposal, delivered on May 31, 2025, was not disclosed publicly, and no acknowledgment has been made by the Board. Under TSXV Policy 3.3, listed issuers are required to disclose all material information regarding the affairs of the company immediately upon management becoming aware. The shareholder proposal delivered to the Board on May 31, 2025, includes provisions that would affect board composition, capital structure, debt resolution, and relisting strategy. These are all considered material matters under Policy 3.3 and should have been disclosed promptly via news release or SEDAR+ filing. The Board's failure to do so appears to breach its regulatory obligations and reflects a troubling disregard for shareholder transparency. The plan includes an operational roadmap addressing debt resolution, secured financing, and the appointment of a qualified executive director to stabilize and restore governance. Given the current Cease Trade Order (CTO) in place since October 2024, this proposal constitutes material information under TSXV Policy 3.3, which mandates that issuers must disclose such information immediately upon becoming aware. The Board's continued silence is a troubling breach of transparency and fiduciary duty. "Our proposal reflects not only our legal right under Section 167 of the BCBCA to requisition a shareholder meeting, but also a proactive and fully funded path to restore investor confidence and financial health," said Bernard Lonis, one of the signatories. "It is highly irregular that a plan with the capacity to resolve liabilities and support relisting would be ignored. Shareholders deserve better." This action aligns with recent successful Canadian proxy battles, where shareholders have held boards accountable through firm, transparent communication and legal recourse. The RevoluGROUP proposal follows this tradition—placing the focus on value preservation, governance, and shareholder democracy. The group is actively seeking the support of both institutional and retail investors. The requisitioned Extraordinary General Meeting (EGM) will provide shareholders the opportunity to vote for governance reform and evaluate new board candidates aligned with the Company's recovery plan. Shareholders concerned about these developments are urged to contact Company management directly and request justification for the lack of transparency. This proxy initiative represents a critical inflection point. RevoluGROUP must decide whether to uphold shareholder democracy and disclose material events—or continue to alienate its own investor base. The proxy group is committed to holding the Board accountable to ensure that fiduciary duties are respected and value is preserved.
