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General Announcement |
| Reference No MM-100531-68183 |
| Submitting Merchant Bank |
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MIMB INVESTMENT BANK BERHAD |
| Company Name |
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H-DISPLAYS (MSC) BERHAD (ACE Market) |
| Stock Name |
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HDISPLY |
| Date Announced |
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31/05/2010 |
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Public Investment Bank Bhd |
| Sponsor |
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MIMB Investment Bank Bhd |
| Type |
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Announcement |
| Subject |
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H-DISPLAYS (MSC) BERHAD (“HDISPLY” or “the Company”)
- ANNOUNCEMENT PURSUANT TO CRITERIA AS PRESCRIBED UNDER RULES 2.1 (A), (B) AND (C) OF GUIDANCE NOTE 3 ("GN3") OF THE ACE MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) ("AMLR") |
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| Contents |
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1. INTRODUCTION
The Board of Directors of HDISPLY hereby announces that the Company is a GN3 Company based on criteria as prescribed under Rules 2.1 (a), (b) and (c) of the GN3.
2. OBLIGATIONS OF THE COMPANY AS A GN3 COMPANY
As a GN3 Company, HDISPLY is required to comply with the following obligations:
(i) announce the status of its plan and the number of months to the end of the relevant timeframes on a monthly basis (Monthly Announcement) until further notice from Bursa Securities;
(ii) announce details of the regularisation plan, which announcement must fulfill the requirements as set out in Rule 4.2 of GN3;
(iii) submit to Bursa Securities a regularisation plan and obtain Bursa Securities’ approval to implement the plan within 12 months from this announcement;
(iv) implement the regularisation plan within six (6) months from the date it is approved by Bursa Securities. However, in the event court proceedings is involved, the Company has up to twelve (12) months from the date the regularisation plan is approved by Bursa Securities, to complete implementation;
(v) appoint a Sponsor within three (3) months from the date the listed corporation announces that it is a GN3 Company 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 AMLR. We wish to highlight that MIMB Investment Bank Berhad is presently the Sponsor to the Company;
(vi) retain the services of a Sponsor for at least three (3) full financial years after the Company is no longer considered as a GN3 Company by Bursa Securities;
(vii) announce its compliance or non-compliance with a particular obligation imposed pursuant to GN3 on an immediate basis;
(viii) provide such information as may be prescribed by Bursa Securities from time to time for public release; and
(ix) do such other acts or things as may be required by Bursa Securities.
3. CONSEQUENCES OF NON-COMPLIANCE WITH THE OBLIGATIONS
In the event HDISPLY fails to comply with the obligations as prescribed above, Bursa Securities shall:
i) suspend the trading of HDISPLY’s listed securities on the next market day after five (5) market days from the date of notification of suspension by Bursa Securities; and
ii) de-list HDISPLY subject to HDISPLY’s right to appeal against the de-listing under Rule 8.04(6) of the AMLR.
4. STATUS OF HDISPLY’S PLAN TO COMPLY WITH THE OBLIGATIONS UNDER RULES 8.04 AND GN3 OF THE AMLR
At this juncture, the Company has yet to formulate a regularisation plan and shall immediately release an announcement to Bursa Securities upon doing so.
This announcement is dated 31 May 2010. |
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