Enhance Skin Products to deregister its common stock
June 16, 2017
Reno-based Enhance Skin Products Inc. (OTCBB: EHSK), announced Thursday that on June 15, 2017 it voluntarily filed a Form 15 with the United States Securities and Exchange Commission to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
The company cited the significant cost, limited benefit and very limited trading of its stock as some of its reasons in taking this step. In addition, on December 2, 2016, the company sold to Integumen Inc. substantially all of its assets and certain of its liabilities. Its primary asset is now 29,488,144 fully paid ordinary shares of one pence each of Integumen plc representing 17.87% of the issued and outstanding shares of Integumen plc.
After the sale, the company has not engaged in any business activities except to the extent necessary to preserve the value of its assets, transfer its assets and know-how, as it concludes its business affairs and gives effect to the dissolution of the company in accordance with its previously disclosed plan of reorganization, liquidation and dissolution.
As a result of the filing of Form 15 with the commission, the company will no longer be required to file certain reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. Other filing requirements will terminate upon the effectiveness of the deregistration, which is expected to occur 90 days after the filing of the Form 15 with the commission.
Despite electing to suspend its reporting obligations, the company plans to voluntarily file a Form 8-K with the commission, following the close of its current fiscal year, to include certain financial information for the year ended April 30, 2017.
Interested parties can follow the activities of Integumen plc. quoted on the AIM market of the London Stock Exchange via its website http://www.integumenplc.com
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The members of the Enhance Skin Products’ board of directors voted unanimously to file Form 15 after deliberation and consideration of the advantages and disadvantages of being an SEC reporting company. They considered many elements in reaching their decision, including: the substantial costs, both direct and indirect, associated with the preparation and filing of periodic reports with the SEC, the minimal liquidity for the company’s common stock, the additional outside legal and accounting resources required, the amount of time management spends on reporting documents, as well as the limited operations of the Company following the sale of substantially all of its assets to Integumen Inc.