HK's C.banner Int'l falls 11 pct; UK deal circular delayed by creditor lawsuit

C banner International Holdings

27/07/2018 04:18

** C.banner International Holdings Ltd  1028.HK  falls as
much as 11.4 pct to HK$0.62, its second straight day of decline
    ** The fashion footwear maker further delays dispatch of
circular on its acquisition of a 51 pct stake in struggling
British department store House of Fraser Group Ltd due to a
court case in the UK https://bit.ly/2AbCXxJ
    ** C.banner says House of Fraser's restructuring plan was
challenged by certain creditors in a UK court and more time is
needed to finalise details of the restructuring and
implementation
    ** The circular is expected be to despatched to shareholders
before end-October - C.banner 
    ** House of Fraser creditors last month approved a plan to
close stores and cut jobs  urn:newsml:reuters.com:*:nL8N1TO3BB
    ** C.banner stock has fallen 73.3 pct this year as of last
close
    ** Company said earlier this week it appointed Grant
Thornton Hong Kong Ltd as auditor, replacing resigned Deloitte
Touche Tohmatsu https://bit.ly/2LLm0OW
 
    ** C.banner has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 66.6 percentage points in the
past one month
    ** As of 0307 GMT, about 17.2 mln shares of the
Jiangsu-based company have been traded, compared with their
30-day moving average volume of 24.48 mln

 (RM: donny.kwok.thomsonreuters.com@reuters.net)