Announcement Details/Table Section :
Reference is made to the Company's First Announcement pursuant to Practice Note 17 (PN 17) of the Bursa Malaysia Securities Berhad ("Bursa Securities") Main Market Listing Requirements (“Main LR”) dated 26 November 2010.
The Board of Directors of Vastalux wishes to inform that the Company has failed to submit a regularisation plan to the Securities Commission or Bursa Securities for approval within 12 months from the Company's First Announcement in accordance with paragraph 8.04(3)(a)(i) of the Main LR i.e. on or before 25 November 2011 and further, Vastalux's application for an extension of time to submit the regularisation plan was rejected, as communicated by Bursa Securities to the Company on 20 December 2011.
In the circumstances and pursuant to paragraph 8.04(5) of the Main LR, Bursa Securities informed that:-
(a) the trading in the securities of the Company will be suspended with effect from 29 December 2011; and
(b) the securities of the Company will be de-listed on 3 January 2012 unless an appeal is submitted to Bursa Securities on or before 28 December 2011 ("the Appeal Timeframe"). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.
In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the removal of the securities of the Company from the Official List of Bursa Securities on 3 January 2012 shall be deferred pending the decision on the Company’s appeal.
With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn Bhd ("Bursa Depository"), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.
Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the Company have been de-listed from the Official List of Bursa Securities.This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.
Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the Company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.
The Board of Directors of Vastalux wishes to inform that the Company will be submitting an appeal to Bursa Securities by 28 December 2011 and an announcement will be made accordingly.
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