Summary:

• Mercurius Capital Investment has only about S$1,000 in cash and bank balances as at 31 December 2025, with net liabilities of roughly S$9.0 million (about S$3.1 million after including a S$5.95 million JV stake).

• Three convertible loans that fell due in June 2025 and a US$460,000 loan due 3 July 2025 have not been repaid; maturity has been verbally extended with lenders until completion of a proposed RTO.

• The planned liquidation of Grand Bay Hotel has been paused as the group explores an alternative exit via capital reduction, with legal and structural work still ongoing.

• FY2023 and FY2024 audits remain incomplete because outstanding audit fees have yet to be settled, delaying both AGMs and leaving the company in prolonged financial reporting default.

• Mercurius failed to sign a definitive RTO agreement by the 31 December 2025 deadline attached to its THB 25 million working-capital approval, and now “is considering its options and next steps”, including a potential voluntary delisting.

https://links.sgx.com/FileOpen/GGL_Annual%20Report%20FY2025.ashx?App=Announcement&FileID=871789