OceanScape International Limited – Shareholder Communications and Commencement of Legal Proceedings Against Former Directors

Key Points for Investors

• Trading Suspension: OceanScape International Limited (formerly V2Y Corporation Ltd.) has been under a voluntary trading suspension since 29 September 2025, following an initial trading halt on 25 September 2025.
• Shareholder Concerns: Numerous shareholders have raised pressing questions about the reasons for the trading suspension, its impact on liquidity, and when trading might resume.
• Litigation Initiated: The company has commenced legal proceedings in the High Court of Singapore against its former directors—Mr. Yip Mun Foong, Mr. Geng Guilin, and Mr. Guo Zhipeng—for alleged breaches of fiduciary duties in connection with statements made in a 26 September 2025 company announcement.
• Former Sponsor Also Sued: The company’s former continuing sponsor has also been included as a defendant, specifically concerning the release of the contentious announcement.
• Potential Impact on Share Value: These developments, particularly the unresolved trading suspension and commencement of litigation against former board members, are highly material and could significantly affect investor sentiment and the company’s market value once trading resumes.
• No Timeline for Resumption: The Board cannot commit to a specific date for lifting the trading suspension but assures shareholders that efforts are ongoing to resolve the matter with the Singapore Exchange Regulation (SGX RegCo).

Detailed Article

OceanScape International Limited has provided critical updates regarding its ongoing trading suspension, shareholder communications, and significant legal actions targeting former company leadership and its previous sponsor. The company, which has undergone a recent name change from V2Y Corporation Ltd., has been under a voluntary trading suspension since late September 2025, a development that has triggered widespread concern among its investor base.

Shareholder Questions Over Trading Suspension

OceanScape has received multiple letters from shareholders questioning the necessity and ongoing nature of the trading suspension. Key issues raised include:

• The sufficiency of the grounds for both the trading halt and the continued suspension.
• The specific reasons for the trading suspension’s persistence.
• An urgent demand for clarity on when trading might be restored, given the adverse impact on liquidity and the ability of shareholders to realize the value of their investments.

These concerns were echoed during the company’s extraordinary general meeting (EGM) on 20 March 2026, with management promising to publish the minutes and responses to shareholder questions on SGXNet.

Importantly, the Board acknowledges that it is currently unable to provide a definitive timeline for the lifting of the suspension. However, they have committed to work closely with their continuing sponsor and to submit an application to SGX RegCo for the lifting of the trading suspension as soon as is practicable. Further updates will be communicated to shareholders when there are material developments.

Commencement of Legal Proceedings Against Former Directors and Sponsor

In a highly significant development, OceanScape has commenced litigation in the High Court of Singapore against its former directors, Mr. Yip Mun Foong, Mr. Geng Guilin, and Mr. Guo Zhipeng. The core of the claim relates to statements made in the company’s 26 September 2025 announcement regarding a whistleblowing complaint.

The current Board’s investigations have revealed discrepancies in the previous directors’ statements, including:

• Lack of evidence that the former directors actually sought or obtained legal advice as they had claimed.
• The “whistleblowing complaint” was not, contrary to earlier announcements, lodged by a shareholder.

These inconsistencies have led the Board to suspect breaches of fiduciary duty by the former directors, prompting the company to seek damages via the courts. OceanScape’s former continuing sponsor has also been included as a defendant for its role in the release of the disputed announcement.

What Investors Need to Know

• The ongoing trading suspension means shares remain illiquid, potentially affecting both valuation and investor confidence.
• The legal actions against former directors and the former sponsor are price sensitive and could have a material effect on the company’s prospects, especially if damages are awarded or further irregularities are uncovered.
• There is no set timeline for trading to resume, and investors should closely monitor further company announcements.
• The Board is actively working with SGX RegCo, but resolution may depend on the outcomes of litigation and regulatory deliberations.

Conclusion

The situation at OceanScape International Limited is highly dynamic, with significant legal and regulatory uncertainties. While the Board is taking robust action to resolve past governance issues and restore market confidence, the combination of litigation, regulatory review, and suspended trading creates an environment of elevated risk but also potential opportunity should these issues be satisfactorily resolved.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult financial professionals before making investment decisions. The situation is evolving, and new disclosures may materially alter the outlook for OceanScape International Limited.

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