SINGAPORE - The two-member board of Axington Inc has extended the offer period for a proposed rights issue as it awaits"further clarity" from the firm's controlling shareholders, who are also owners of the controversial firm which made a bid for English Premier League football club Newcastle United.
The board noted that Axington shares continue to remain voluntarily suspended since Aug 31 pending news of strategic changes to be made in the company's business direction. Further announcements on the extension and the rights issue will be made by the company as and when appropriate, it said. But the company became mired in controversy because of revelations ranging from doctored images showing former US president Barack Obama to inconsistencies in claims and retracted press statements.
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