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Announcement

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : SUSPENSION AND/OR DELISTING

  • Type
    Announcement
  • Subject
    PRACTICE NOTE 17 / GUIDANCE NOTE 3 SUSPENSION AND/OR DELISTING
  • Description
    PETROL ONE RESOURCES BERHAD ("THE COMPANY" OR "PETONE")
    OUTCOME OF THE APPEAL AGAINST DELISTING OF UNDER PARAGRAPH 8.04 OF BURSA MALAYSIA SECURITIES BERHAD MAIN MARKET LISTING REQUIREMENTS ("MAIN LR")

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, 29 March 2018, 10 August 2018, 13 August 2018 and 20 August 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, 29 March 2018, 10 August 2018, 13 August 2018 and 20 August 2018 in relation to the Proposed Regularisation Plan.

The Board of Directors of PETONE wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had vide its letter dated 3 October 2018 informed that after due consideration of all facts and circumstances of the case, including the written and oral presentation of PETONE before the Listing Committee on 13 September 2018 and in the particular of the following:-

(i)   the Company’s representations on the revised regularisation plan which would essentially remain the same as the previous approved regularisation plan vis-à-vis the proposed placement shares, rights issue and settlement with scheme creditors but with different sets of placees;

(ii)   the Company had identified and secured the new placees to fulfil and complete the entire placement shares and rights issue; and

(iii)   the Company’s representations on the commitment of the new placees and support of the Company’s major shareholders to vote in favour for the revised regularisation plan at the general meeting,

Bursa Securities had decided to grant PETONE an extension of time until 20 November 2018 to submit the regularisation plan to the relevant authorities for approval (“the Extended Timeframe”) subject to the appointment of a Principal Adviser by the Company on or before 13 October 2018.

Bursa Securities further decided to de-list the securities of PETONE from the Official List of Bursa Securities pursuant to Paragraph 8.04 of the Main LR in the event:-

(i)   the Company fails to appoint a Principal Adviser on or before 13 October 2018;

(ii)   the Company fails to submit the revised regularisation plan to the relevant authorities for approval within the Extended Timeframe i.e. on or before 20 November 2018;

(iii)   the Company fails to obtain the approval for the implementation of its regularisation plan and does not appeal within the timeframe (or extended timeframe(s), as the case may be) prescribed to lodge an appeal;

(iv)   the Company does not succeed in its appeal; or

(v)   the Company fails to implement its regularisation plan within the timeframe or extended timeframe(s) stipulated by the relevant authorities.

Upon occurrence of any of the events set out in paragraphs (i) to (v) above, the securities of the Company shall be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from the date the Company is notified by Bursa Securities or on such other date as may be specified by Bursa Securities.

This announcement is dated 3 October 2018.

Announcement Info

  • Company Name
    PETROL ONE RESOURCES BERHAD
  • Stock Name
    PETONE
  • Date Announced
    03 Oct 2018
  • Category
    General Announcement for PLC
  • Reference Number
    GA1-03102018-00063

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