PELIKAN - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: PELIKAN INTERNATIONAL CORPORATION BERHAD
Stock Name: PELIKAN
Date Announced: 06/10/2011
Announcement Detail:
Date of buy back: 06/10/2011
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 20,000
Minimum price paid for each share purchased ($$): 0.800
Maximum price paid for each share purchased ($$): 0.800
Total consideration paid ($$): 16,000.00
Number of shares purchased retained in treasury (units): 20,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 5,873,600
Adjusted issued capital after cancellation (no. of shares) (units): 0
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 1.15
Company Name: PELIKAN INTERNATIONAL CORPORATION BERHAD
Stock Name: PELIKAN
Date Announced: 06/10/2011
Announcement Detail:
Date of buy back: 06/10/2011
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 20,000
Minimum price paid for each share purchased ($$): 0.800
Maximum price paid for each share purchased ($$): 0.800
Total consideration paid ($$): 16,000.00
Number of shares purchased retained in treasury (units): 20,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 5,873,600
Adjusted issued capital after cancellation (no. of shares) (units): 0
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 1.15
HIGHTEC - Change of Address
Announcement Type: Change of Address
Company Name: KUMPULAN H & L HIGH-TECH BERHAD
Stock Name: HIGHTEC
Date Announced: 06/10/2011
Announcement Detail:
Change description: Registered
Old address: 1st Floor, 275 Jalan Haruan 1, Oakland Industrial Park, 70200 Seremban N.S.D.K.
New address: Chamber E, Lian Seng Courts, 275 Jalan Haruan 1, Oakland Industrial Park, 70200 Seremban N.S.D.K.
Telephone no: 06 7623339
Facsimile no: 06 7629693
E-mail address: bee.lian.ng@my.tricorglobal.com
Effective date: 06/10/2011
Company Name: KUMPULAN H & L HIGH-TECH BERHAD
Stock Name: HIGHTEC
Date Announced: 06/10/2011
Announcement Detail:
Change description: Registered
Old address: 1st Floor, 275 Jalan Haruan 1, Oakland Industrial Park, 70200 Seremban N.S.D.K.
New address: Chamber E, Lian Seng Courts, 275 Jalan Haruan 1, Oakland Industrial Park, 70200 Seremban N.S.D.K.
Telephone no: 06 7623339
Facsimile no: 06 7629693
E-mail address: bee.lian.ng@my.tricorglobal.com
Effective date: 06/10/2011
PERMAJU - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: PERMAJU INDUSTRIES BERHAD
Stock Name: PERMAJU
Date Announced: 06/10/2011
Announcement Detail:
Date of buy back: 06/10/2011
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 11,000
Minimum price paid for each share purchased ($$): 0.280
Maximum price paid for each share purchased ($$): 0.280
Total consideration paid ($$): 3,124.93
Number of shares purchased retained in treasury (units): 11,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 8,089,000
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 4.13
Company Name: PERMAJU INDUSTRIES BERHAD
Stock Name: PERMAJU
Date Announced: 06/10/2011
Announcement Detail:
Date of buy back: 06/10/2011
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 11,000
Minimum price paid for each share purchased ($$): 0.280
Maximum price paid for each share purchased ($$): 0.280
Total consideration paid ($$): 3,124.93
Number of shares purchased retained in treasury (units): 11,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 8,089,000
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 4.13
POHUAT - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Submitting Merchant Bank: N/A
Company Name: POH HUAT RESOURCES HOLDINGS BERHAD
Stock Name: POHUAT
Date Announced: 06/10/2011
Announcement Detail:
Date of buy back: 06/10/2011
Description of shares purchased: Ordinary shares of RM1-00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 142,200
Minimum price paid for each share purchased ($$): 0.400
Maximum price paid for each share purchased ($$): 0.400
Total consideration paid ($$): 57,295.35
Number of shares purchased retained in treasury (units): 142,200
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 2,342,200
Adjusted issued capital after cancellation (no. of shares) (units): 0
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 2.11
Remarks: The share buy back authority was granted by the shareholders of Poh Huat Resources Holdings Berhad at the Annual General Meeting held on 21 April 2011.
Submitting Merchant Bank: N/A
Company Name: POH HUAT RESOURCES HOLDINGS BERHAD
Stock Name: POHUAT
Date Announced: 06/10/2011
Announcement Detail:
Date of buy back: 06/10/2011
Description of shares purchased: Ordinary shares of RM1-00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 142,200
Minimum price paid for each share purchased ($$): 0.400
Maximum price paid for each share purchased ($$): 0.400
Total consideration paid ($$): 57,295.35
Number of shares purchased retained in treasury (units): 142,200
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 2,342,200
Adjusted issued capital after cancellation (no. of shares) (units): 0
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 2.11
Remarks: The share buy back authority was granted by the shareholders of Poh Huat Resources Holdings Berhad at the Annual General Meeting held on 21 April 2011.
EUROSP - GENERAL MEETINGS: NOTICE OF MEETING
Announcement Type: General Announcement
Company Name: EUROSPAN HOLDINGS BERHAD
Stock Name: EUROSP
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: GENERAL MEETINGS
NOTICE OF MEETING
Description: The Board of Directors of Eurospan Holdings Berhad ("the Company") wishes to announce that the Sixteenth Annual General Meeting ("AGM") of the Company will be held at Enggang Room, Ground Floor, Hotel Equatorial, No. 1, Jalan Bukit Jambul, 11900 Bayan Lepas, Penang on Monday, 31 October 2011 at 11.30 a.m..
The full text of the Notice of AGM is attached herewith.
Attachments: 16th AGM notice_1.pdf
Company Name: EUROSPAN HOLDINGS BERHAD
Stock Name: EUROSP
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: GENERAL MEETINGS
NOTICE OF MEETING
Description: The Board of Directors of Eurospan Holdings Berhad ("the Company") wishes to announce that the Sixteenth Annual General Meeting ("AGM") of the Company will be held at Enggang Room, Ground Floor, Hotel Equatorial, No. 1, Jalan Bukit Jambul, 11900 Bayan Lepas, Penang on Monday, 31 October 2011 at 11.30 a.m..
The full text of the Notice of AGM is attached herewith.
Attachments: 16th AGM notice_1.pdf
OCTAGON - OTHERS
Announcement Type: General Announcement
Company Name: OCTAGON CONSOLIDATED BERHAD
Stock Name: OCTAGON
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: Octagon Ground Breaking Waste to Energy Plant in Colombo, Sri Lanka
Attachments: Press Release Octagon WTE 6Oct11.pdf
Company Name: OCTAGON CONSOLIDATED BERHAD
Stock Name: OCTAGON
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: Octagon Ground Breaking Waste to Energy Plant in Colombo, Sri Lanka
Attachments: Press Release Octagon WTE 6Oct11.pdf
XIANLNG - POSSIBLE FINANCIAL IRREGULARITIES
Announcement Type: General Announcement
Company Name: XIAN LENG HOLDINGS BERHAD
Stock Name: XIANLNG
Date Announced: 06/10/2011
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: IJ-111005-36244
Subject: POSSIBLE FINANCIAL IRREGULARITIES
Description: XIAN LENG HOLDINGS BERHAD ("XIANLENG" or "the Company")
Query Letter content: We refer to the Company's announcement dated 4 October 2011, in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-
The financial and operational impact of the financial irregularities on the
Group;
The measures or steps taken to address the financial irregularities;
The financial year for which the financial irregularities occured; and
The following information upon the appointment of the independent party to
carry out the special audit:
a) Name of auditor;
b) Date of appointment;
c) Timeframe required to conduct the special audit; and
d) Scope of the special audit.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
HENG TECK HENG
Head, Issuers
Listing Division
Regulation
HTH/IJ
copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax)
Company Name: XIAN LENG HOLDINGS BERHAD
Stock Name: XIANLNG
Date Announced: 06/10/2011
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: IJ-111005-36244
Subject: POSSIBLE FINANCIAL IRREGULARITIES
Description: XIAN LENG HOLDINGS BERHAD ("XIANLENG" or "the Company")
Query Letter content: We refer to the Company's announcement dated 4 October 2011, in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-
The financial and operational impact of the financial irregularities on the
Group;
The measures or steps taken to address the financial irregularities;
The financial year for which the financial irregularities occured; and
The following information upon the appointment of the independent party to
carry out the special audit:
a) Name of auditor;
b) Date of appointment;
c) Timeframe required to conduct the special audit; and
d) Scope of the special audit.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
HENG TECK HENG
Head, Issuers
Listing Division
Regulation
HTH/IJ
copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax)
LONBISC - TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): NON RELATED PARTY TRANSACTIONS
Announcement Type: General Announcement
Company Name: LONDON BISCUITS BERHAD
Stock Name: LONBISC
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description: PROPOSED DISPOSAL OF TWENTY SIX MILLION NINE HUNDRED AND EIGHTEEN THOUSAND (26,918,000) ORDINARY SHARES OF RINGGIT MALAYSIA FIFTY SEN (RM0.50) EACH IN TPC PLUS BERHAD ("TPC") REPRESENTING 33.65% OF TPC TO HUAT LAI RESOURCES BERHAD ("HUATLAI") FOR A TOTAL CONSIDERATION OF RINGGIT MALAYSIA EIGHT MILLION SEVENTY FIVE THOUSAND AND FOUR HUNDRED (RM8,075,400.00) ONLY ("PROPOSED DISPOSAL")
Company Name: LONDON BISCUITS BERHAD
Stock Name: LONBISC
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description: PROPOSED DISPOSAL OF TWENTY SIX MILLION NINE HUNDRED AND EIGHTEEN THOUSAND (26,918,000) ORDINARY SHARES OF RINGGIT MALAYSIA FIFTY SEN (RM0.50) EACH IN TPC PLUS BERHAD ("TPC") REPRESENTING 33.65% OF TPC TO HUAT LAI RESOURCES BERHAD ("HUATLAI") FOR A TOTAL CONSIDERATION OF RINGGIT MALAYSIA EIGHT MILLION SEVENTY FIVE THOUSAND AND FOUR HUNDRED (RM8,075,400.00) ONLY ("PROPOSED DISPOSAL")
KNM - BURSA MALAYSIA REPRIMANDS KNM GROUP AND FINES EIGHT DIRECTORS A TOTAL OF RM200,000
Announcement Type: Listing Circular
Company Name: KNM GROUP BERHAD
Stock Name: KNM
Date Announced: 06/10/2011
Announcement Detail:
Subject: BURSA MALAYSIA REPRIMANDS KNM GROUP AND FINES EIGHT DIRECTORS A TOTAL OF RM200,000
Contents: Bursa Malaysia Securities Berhad ("Bursa Securities") has publicly reprimanded KNM Group Berhad ("KNM" or "the Company") for breach of the Main Market Listing Requirements ("Main LR"), and publicly reprimanded and fined its directors a total of RM200,000.
Bursa Securities publicly reprimanded KNM for breach of paragraphs 9.16(1)(a) and (c)(i) of the Main LR in respect of KNM's announcement, dated 4 February 2010, of an offer to buy the business and undertakings of the Company. The announcement was not factual, unclear, inaccurate and lacked sufficient information and material facts to enable investors to make informed investment decisions.
The following directors of KNM were found to be in breach of paragraph 16.13(b) of the Main LR for permitting, knowingly or where they had reasonable means of obtaining such knowledge, KNM to commit the breach and the penalties imposed are as follows:-
No. Director Penalty 1. Lee Swee Eng
Managing Director Public Reprimand & Fine of RM25,000 2. Gan Siew Liat
Executive Director Public Reprimand & Fine of RM25,000 3. Chew Fook Sin
Executive Director Public Reprimand & Fine of RM25,000 4. Dato' Mohamad Idris bin Mansor
Independent Non-Executive Chairman
(Resigned on 28 April 2010) Public Reprimand & Fine of RM25,000 5. Ng Boon Su
Executive Director Public Reprimand & Fine of RM25,000 6. Lee Hui Leong
Executive Director
(Retired on 8 April 2010) Public Reprimand & Fine of RM25,000 7. Dato' Ab. Halim Bin Mohyiddin
Independent Non-Executive Director Public Reprimand & Fine of RM25,000 8. Lim Yu Tey
Independent Non-Executive Director Public Reprimand & Fine of RM25,000
Bursa Securities views the above contravention seriously as it is the fundamental obligation of listed companies to ensure that all announcements made are factual, unambiguous, accurate, succinct, and contain material and sufficient information to allow investors to make informed investment decisions.
BACKGROUND
PUBLIC REPRIMAND ON KNM GROUP BERHAD
KNM had on 4 February 2010 announced that the Company had on even date received from BlueFire Capital Group Ltd ("Bidco"), an entity controlled by Ir. Lee Swee Eng, the Group Managing Director and major shareholder of KNM, a proposal to acquire the entire business and undertakings of KNM ("the Proposal"). The proposed price was equivalent to RM0.90 per issued ordinary share of KNM. However, the announcement dated 4 February 2010 failed to disclose the following material terms, which were clearly stated in the Letter of Offer from Bidco:-
(a) The proposed acquisition will be fully settled by the issuance of redeemable convertible preference shares ("RCPS") in a new entity and the RCPS can be converted into non-voting ordinary shares in Bidco or redeemed for cash; and
(b) Bidco intended to include as one of the conditions precedent of the proposed acquisition that as of the day prior to or the day of KNM's extraordinary general meeting to consider and approve the proposed acquisition, there has not been: i any new shareholder holding 5% or more in KNM or existing shareholder increasing their shares by 5% or more; or
ii more than 10 new shareholders holding 1% or more in KNM shares, compared to at the day of announcement of the transaction by KNM, [collectively referred to as "the Conditions"].
The Conditions which formed an integral part of the Proposal were clearly of interest and material to shareholders and investors to enable them to make an informed decision regarding the Proposal. In particular, the Conditions were material as to, amongst others, the reasonableness of the offer and certainty of the acceptance by KNM of the Proposal. The announcement of the Proposal without stating the Conditions (particularly the new shareholder condition as stated in sub-paragraph (b) above which had or may have the effect of minimising the positivity / certainty of the Proposal) had resulted in a one-sided / unbalanced announcement.
It was also noted that KNM's share price and volume traded had increased following the announcement of the Proposal. KNM's share price had increased from RM0.75 to RM0.815 on 5 February 2010 and the volume traded on 5 February 2010 was 142 million (representing 3.5% of KNM's share capital) versus the past 5-day average of 15.9 million shares traded.
The Proposal subsequently lapsed on 14 April 2010.
PUBLIC REPRIMAND AND A TOTAL FINE OF RM200,000 IMPOSED ON EIGHT DIRECTORS
All the directors were in possession of and were aware of the Letter of Offer from Bidco dated 4 February 2010 and its contents. As such, they were or should have been aware of the Conditions.
However, Dato' Mohamad Idris bin Mansor, Dato' Ab. Halim Bin Mohyiddin, Lim Yu Tey, Ng Boon Su and Lee Hui Leong had proceeded to approve the announcement on the Proposal on 4 February 2010 without ensuring / requiring full disclosure of the terms and in particular, the Conditions. Lee Swee Eng, Gan Siew Liat and Chew Fook Sin who were interested parties in the Proposal had also failed to discharge their duties to ensure disclosure of the Conditions by the Company. Notwithstanding that they abstained from deliberating and voting on the Proposal, they were in possession of, and hence, were aware of or were in a position to ascertain the terms of the Letter of Offer / Proposal. In addition, they were given a copy of the Company's announcement dated 4 February 2010 on the Proposal subsequently on 5 February 2010. As such, through their silence / inaction, they had consented / acquiesced to the announcement and hence, permitted the breach of paragraphs 9.16(1)(a) and (c)(i) of the Main LR by KNM. The explanations that the Conditions were preliminary, in a state of flux, uncertain, subject to negotiations / due diligence and unresolved do not absolve the Company and the directors from their obligation to disclose comprehensively all the material terms set out in the Letter of Offer, including the Conditions, when KNM announced the Letter of Offer / Proposal on 4 February 2010. The finding of breach and the imposition of the above penalties on KNM and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter, including the materiality and impact of the breach and in relation to the directors, their awareness, knowledge and respective roles and responsibilities in the Company.
Company Name: KNM GROUP BERHAD
Stock Name: KNM
Date Announced: 06/10/2011
Announcement Detail:
Subject: BURSA MALAYSIA REPRIMANDS KNM GROUP AND FINES EIGHT DIRECTORS A TOTAL OF RM200,000
Contents: Bursa Malaysia Securities Berhad ("Bursa Securities") has publicly reprimanded KNM Group Berhad ("KNM" or "the Company") for breach of the Main Market Listing Requirements ("Main LR"), and publicly reprimanded and fined its directors a total of RM200,000.
Bursa Securities publicly reprimanded KNM for breach of paragraphs 9.16(1)(a) and (c)(i) of the Main LR in respect of KNM's announcement, dated 4 February 2010, of an offer to buy the business and undertakings of the Company. The announcement was not factual, unclear, inaccurate and lacked sufficient information and material facts to enable investors to make informed investment decisions.
The following directors of KNM were found to be in breach of paragraph 16.13(b) of the Main LR for permitting, knowingly or where they had reasonable means of obtaining such knowledge, KNM to commit the breach and the penalties imposed are as follows:-
No. Director Penalty 1. Lee Swee Eng
Managing Director Public Reprimand & Fine of RM25,000 2. Gan Siew Liat
Executive Director Public Reprimand & Fine of RM25,000 3. Chew Fook Sin
Executive Director Public Reprimand & Fine of RM25,000 4. Dato' Mohamad Idris bin Mansor
Independent Non-Executive Chairman
(Resigned on 28 April 2010) Public Reprimand & Fine of RM25,000 5. Ng Boon Su
Executive Director Public Reprimand & Fine of RM25,000 6. Lee Hui Leong
Executive Director
(Retired on 8 April 2010) Public Reprimand & Fine of RM25,000 7. Dato' Ab. Halim Bin Mohyiddin
Independent Non-Executive Director Public Reprimand & Fine of RM25,000 8. Lim Yu Tey
Independent Non-Executive Director Public Reprimand & Fine of RM25,000
Bursa Securities views the above contravention seriously as it is the fundamental obligation of listed companies to ensure that all announcements made are factual, unambiguous, accurate, succinct, and contain material and sufficient information to allow investors to make informed investment decisions.
BACKGROUND
PUBLIC REPRIMAND ON KNM GROUP BERHAD
KNM had on 4 February 2010 announced that the Company had on even date received from BlueFire Capital Group Ltd ("Bidco"), an entity controlled by Ir. Lee Swee Eng, the Group Managing Director and major shareholder of KNM, a proposal to acquire the entire business and undertakings of KNM ("the Proposal"). The proposed price was equivalent to RM0.90 per issued ordinary share of KNM. However, the announcement dated 4 February 2010 failed to disclose the following material terms, which were clearly stated in the Letter of Offer from Bidco:-
(a) The proposed acquisition will be fully settled by the issuance of redeemable convertible preference shares ("RCPS") in a new entity and the RCPS can be converted into non-voting ordinary shares in Bidco or redeemed for cash; and
(b) Bidco intended to include as one of the conditions precedent of the proposed acquisition that as of the day prior to or the day of KNM's extraordinary general meeting to consider and approve the proposed acquisition, there has not been: i any new shareholder holding 5% or more in KNM or existing shareholder increasing their shares by 5% or more; or
ii more than 10 new shareholders holding 1% or more in KNM shares, compared to at the day of announcement of the transaction by KNM, [collectively referred to as "the Conditions"].
The Conditions which formed an integral part of the Proposal were clearly of interest and material to shareholders and investors to enable them to make an informed decision regarding the Proposal. In particular, the Conditions were material as to, amongst others, the reasonableness of the offer and certainty of the acceptance by KNM of the Proposal. The announcement of the Proposal without stating the Conditions (particularly the new shareholder condition as stated in sub-paragraph (b) above which had or may have the effect of minimising the positivity / certainty of the Proposal) had resulted in a one-sided / unbalanced announcement.
It was also noted that KNM's share price and volume traded had increased following the announcement of the Proposal. KNM's share price had increased from RM0.75 to RM0.815 on 5 February 2010 and the volume traded on 5 February 2010 was 142 million (representing 3.5% of KNM's share capital) versus the past 5-day average of 15.9 million shares traded.
The Proposal subsequently lapsed on 14 April 2010.
PUBLIC REPRIMAND AND A TOTAL FINE OF RM200,000 IMPOSED ON EIGHT DIRECTORS
All the directors were in possession of and were aware of the Letter of Offer from Bidco dated 4 February 2010 and its contents. As such, they were or should have been aware of the Conditions.
However, Dato' Mohamad Idris bin Mansor, Dato' Ab. Halim Bin Mohyiddin, Lim Yu Tey, Ng Boon Su and Lee Hui Leong had proceeded to approve the announcement on the Proposal on 4 February 2010 without ensuring / requiring full disclosure of the terms and in particular, the Conditions. Lee Swee Eng, Gan Siew Liat and Chew Fook Sin who were interested parties in the Proposal had also failed to discharge their duties to ensure disclosure of the Conditions by the Company. Notwithstanding that they abstained from deliberating and voting on the Proposal, they were in possession of, and hence, were aware of or were in a position to ascertain the terms of the Letter of Offer / Proposal. In addition, they were given a copy of the Company's announcement dated 4 February 2010 on the Proposal subsequently on 5 February 2010. As such, through their silence / inaction, they had consented / acquiesced to the announcement and hence, permitted the breach of paragraphs 9.16(1)(a) and (c)(i) of the Main LR by KNM. The explanations that the Conditions were preliminary, in a state of flux, uncertain, subject to negotiations / due diligence and unresolved do not absolve the Company and the directors from their obligation to disclose comprehensively all the material terms set out in the Letter of Offer, including the Conditions, when KNM announced the Letter of Offer / Proposal on 4 February 2010. The finding of breach and the imposition of the above penalties on KNM and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter, including the materiality and impact of the breach and in relation to the directors, their awareness, knowledge and respective roles and responsibilities in the Company.
RESINTC - NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS): BONUS ISSUES
Announcement Type: General Announcement
Submitting Merchant Bank: M & A SECURITIES SDN BHD
Company Name: RESINTECH BERHAD
Stock Name: RESINTC
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
BONUS ISSUES
Description: RESINTECH BERHAD ("RESINTECH" OR THE "COMPANY")
BONUS ISSUE OF 68,600,000 WARRANTS IN RESINTECH ("WARRANTS") ON THE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN RESINTECH ("BONUS ISSUE OF WARRANTS")
Submitting Merchant Bank: M & A SECURITIES SDN BHD
Company Name: RESINTECH BERHAD
Stock Name: RESINTC
Date Announced: 06/10/2011
Announcement Detail:
Type: Announcement
Subject: NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
BONUS ISSUES
Description: RESINTECH BERHAD ("RESINTECH" OR THE "COMPANY")
BONUS ISSUE OF 68,600,000 WARRANTS IN RESINTECH ("WARRANTS") ON THE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN RESINTECH ("BONUS ISSUE OF WARRANTS")
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