Further to our announcement dated 19 August 2013, we wish to announce that Bursa Securities has, vide its letter dated 11 November 2013, granted BERNAS an extension of time of six (6) months up to 19 February 2014 to comply with the public shareholding spread requirement pursuant to paragraph 8.02(1) of the MMLR.
Based on the Company’s Record of Depositors as at 31 October 2013, the public shareholding spread of BERNAS is approximately 16.31%, comprising 76,695,837 ordinary shares of RM1.00 each in BERNAS.
As announced by the Board of Directors of BERNAS (“Board”) on 6 November 2013, Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd (collectively referred to as the “Joint Offerors”) had, vide its letter dated 6 November 2013, requested the Board to consider undertaking a voluntary withdrawal of its listing from the Official List of Bursa Securities pursuant to Paragraph 16.06 of the MMLR (“Proposed Delisting”).
As required under Paragraph 16.06 of the MMLR and in conjunction with the Proposed Delisting, the Joint Offerors will extend a voluntary take-over to acquire all the remaining ordinary shares of RM1.00 each in BERNAS ("BERNAS Shares") not already owned by the Joint Offerors and Tradewinds (M) Berhad, being the person acting in concert with the Joint Offerors in accordance with Section 216 of the Capital Markets and Services Act, 2007, at an offer price of RM3.70 per BERNAS Share (“Proposed Exit Offer”).
In view of the impending Proposed Delisting and Proposed Exit Offer mentioned above, the extension of time will allow BERNAS Shares to remain listed on the Main Market of Bursa Securities pending the completion of the Proposed Delisting and Proposed Exit Offer. Barring any unforeseen circumstances, the Proposed Delisting and Proposed Exit Offer are expected to be completed by the second (2nd) quarter of 2014.
This announcement is dated 13 November 2013.