1. INTRODUCTION
The Board of Directors of R&A Telecommunication Group Berhad (“RA” or “the Company”) wishes to announce that RA has triggered the prescribed criteria pursuant to Rule 8.04(2) and Paragraph 2.1(f) of Guidance Note 3 (“GN3”) under the ACE Market Listing Requirements (“ACE LR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”). Hence, as of the date hereof, RA is considered as a GN3 company.
The GN3 criteria was triggered pursuant to Paragraph 2.1(f) of GN3 where the auditors had expressed a disclaimer opinion in the Company’s latest Audited Financial Statements for the financial year ended 31 December 2014 that was announced on 30 April 2015.
2. OBLIGATIONS OF THE COMPANY PURSUANT TO GN3
Pursuant to Rule 8.04 and GN3 of the ACE LR, the Company is required to comply with the following:
i) submit to Bursa Securities a regularisation plan and obtain Bursa Securites’ approval to implement the plan within 12 months from the date of this announcement;
(ii) appoint a Sponsor within 3 months from the date of this announcement and retain the said Sponsor until the Company is no longer considered as a GN3 Company by Bursa Securities under Rule 8.04(8) of ACE LR;
(iii) implement the regularisation plan within 6 months from the date the regularisation plan is approved by Bursa Securities. However, in the event court proceedings are involved, the Company has up to 12 months from the date the regularisation plan is approved by Bursa Securities, to complete the implementation of the regularisation plan;
(iv) provide such information as may be prescribed by Bursa Securities from time to time for public release;
(v) retain the services of a Sponsor for at least 3 full financial years after the Company is no longer considered as a GN3 company by Bursa Securities under Rule 8.04(8) of ACE LR;
(vi) announce the status of the Company’s plan to regularize its condition and the number of months to the end of the relevant timeframes on a monthly basis until further notice from Bursa Securities;
(vii) announce the Company’s compliance or non-compliance with a particular obligation imposed pursuant to GN3 on an immediate basis;
(viii) announce details of the regularisation plan, which announcement must fulfill the requirements as set out in Paragraph 4.2 of GN3;
(ix) where the Company fails to regularize its condition, announce the dates of suspension and de-listing of its securities, immediately upon notification of suspension and de-listing by Bursa Securities; and
(x) do such other acts or things as may be required by Bursa Securities.
3. CONSEQUENCE OF NON-COMPLIANCE
In the event the Company fails to comply with the obligations to regularise its condition, all its listed securities will be suspended from trading on the sixth (6th) market day after the date of notification of suspension by Bursa Securities and de-listing procedures shall be taken against the Company, subject to the Company’s right to appeal against the de-listing.
4. STATUS OF PLAN TO REGULARISE CONDITION
The Company is currently evaluating various options in its endeavour to formulate a regularisation plan to address its GN3 status. The Company will make the necessary announcement on the regularisation plan in due course.
This announcement is dated 5 May 2015.
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