R&A Telecommunication Group Bhd
+603 55691801 +603 55695730

Company Name

R&A TELECOMMUNICATION GROUP BERHAD

Stock Name

RA

Date Announced

17 Aug 2015

Category

General Announcement for PLC

Reference Number

GA1-17082015-00051

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : OTHERS

Type

Announcement

Subject

PRACTICE NOTE 17 / GUIDANCE NOTE 3
OTHERS

Description

R&A TELECOMMUNICATION GROUP BERHAD ("RA" OR "THE COMPANY")

- ANNOUNCEMENT PURSUANT TO GUIDANCE  NOTE 3 OF THE ACE MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcement dated 5 May 2015 in relation to GN3 (“First Announcement”), where applicable, unless stated otherwise or defined herein.


1. INTRODUCTION

Further to the Company’s First Announcement made on 5 May 2015 and the subsequent announcements made in relation to the GN3, the Board of Directors of RA wishes to announce that RA has triggered another GN3 criteria.

The new GN3 criteria triggered was in respect of Paragraph 2.1(h) of GN3 in relation to a default in payment by R&A Telecommunication Sdn. Bhd., a wholly-owned subsidiary of RA and the Company was not able to provide a solvency declaration to Bursa Securities, of which was announced on 14 August 2015.

2. OBLIGATIONS OF THE COMPANY PURSUANT TO GN3

Pursuant to Rule 8.04 and GN3 of the ACE LR, the Company as an affected listed issuer 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 the First Announcement;

(ii) appoint a Sponsor within 3 months from the date of the First 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 regularise 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 regularise 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. Premised on the First Announcement, the Company is required to submit a Regularisation Plan to the relevant authorities by 5 May 2016 which is approximately 9 months from the date hereof.

This announcement is dated 17 August 2015.

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