Innity ~ another Advertlets wanna be?

Innity ~ another Advertlets wanna be? Innity was not able to pay its publishers last month. Announced “Payment will be issued by 30 April 2010. Apologies for the delay and inconvenience caused”… Well, I still did not get any Innity payment as of now. Really scare (Advertlets case makes me hardly to trust local advertising company). Therefore, I checked out Innity stock price ~ INNITY (0147).

Innity stock performance from January 2009 to May 2010

And found this announcement from Bursa Malaysia…

The Company wishes to announce that the percentage of public shareholding spread of Innity based on the Record of Depositors of the Company as at 3 May 2010 is 24.71%
Pursuant to Paragraph 8.02(1) of the ACE Market Listing Requirements (“ACE LR”), a listed company must ensure that at least 25% of its total listed shares are in the hands of public shareholders (“Required Public Shareholding Spread”). In this respect, Innity has not met the Required Public Shareholding Spread given that less than 25% of its listed shares were in the hands of public shareholders.
The Company will be submitting an application for extension of time to comply with the public shareholding spread requirements pursuant to Paragraph 8.02(4) of the ACE LR.
Innity will monitor its shareholding spread and is currently in the process of exploring feasible measures to comply with the Required Public Shareholding Spread.

Seem like some public are dumping Innity stock… Did some checks again, found out that Innity biggest share holder is Jobstreet Corporation Berhad. JOBST (0058) stock is performing very well lately. Err… Don’t want to continue searching.

Final question, do you still publishing Innity ads?

Update ~ Two-day float: RM481.81 Innity cheque in my Maybank account as at 05/05/2010