Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the announcements dated 15 November 2013, 28 March 2014, 21 January 2015, 14 August 2015, 28 July 2016, 16 March 2017, 27 July 2017, 28 July 2017, 7 September 2017, 8 February 2018 and 29 March 2018.
Reference is made to the announcements dated 15 November 2013, 28 March 2014, 21 January 2015, 14 August 2015, 28 July 2016, 16 March 2017, 27 July 2017, 28 July 2017, 7 September 2017, 8 February 2018 and 29 March 2018 in relation to the Proposed Regularisation Plan.
On behalf of the Board of Directors, PIVB wishes to announce that a Board meeting was held on 9 August 2018 to deliberate the following in relation to the Proposed Regularisation Plan:
(i) the Company is unable to fully secure suitable placees for the entire tranche of the Placement Shares, despite numerous efforts from the Company to actively engage and source for suitable placees. This is partly due to the commitment required from the placees to subscribe for both the Placement Shares and corresponding Rights Shares as the amount involved is relatively substantial; and
(ii) the current challenging equity market conditions for fund raising exercise.
Based on the above factors, the Board has resolved that due to the uncertainties of the issues mentioned above, the Company is unable to implement the Proposed Regularisation Plan by 11 August 2018 (the extension of time granted by Bursa Securities via its approval letter dated 29 March 2018) and/or to formulate a concrete alternative scheme for a further extension of time application at this juncture.
Pursuant to the approval letter from Bursa Securities dated 29 March 2018 for the extension of time granted up to 11 August 2018 to implement the Proposed Regularisation Plan (“EOT”), the aforesaid EOT is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of PETONE and to de-list the Company in the event the Company fails to implement its Proposed Regularisation Plan within the time frame or extended time frame stipulated by any of the regulatory authorities.
Upon occurrence of the event above, Bursa Securities shall suspend the trading of the listed securities of PETONE on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company’s right to appeal against the delisting.