METALR

0.200

(%)

DELISTING OF SECURITIES

METAL RECLAMATION BHD

Type Announcement
Subject DELISTING OF SECURITIES
Description
METAL RECLAMATION BHD (METALR OR THE COMPANY)
APPEAL AGAINST DE-LISTING UNDER PARAGRAPH 8.04 OF THE BURSA MALAYSIA SECURITIES BERHAD MAIN MARKET LISTING REQUIREMENTS (MAIN LR)

The Board of Directors of METALR hereby announces that Bursa Malaysia Securities Berhad ("Bursa Securities") had vide its letter dated 18 November 2015 informed that after due consideration of all facts and circumstances of the matter including the written representations and oral representations on 15 October 2015 had decided to :-

(1) dismiss the Company’s appeal for an extension of time to submit its regularisation plan to the relevant authorities for approval; and 

(2) de-list the securities of the Company from the Official List of Bursa Securities pursuant to paragraph 8.04 of the Main LR.

In the circumstances, the securities of the Company will be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from 18 November 2015, i.e. on Monday, 23 November 2015.

Bursa Securities had arrived at the aforesaid decision after having considered, amongst others, the following factors:-

(a)

since the First Announcement on 29 August 2014, METALR has had approximately 15 months to submit its regularisation plan;

(b)

METALR had failed to regularise the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and PN17;

(c)

there was no reasonable justification/material development to allow the extension of time as requested particularly in view of the following:-

 

-

the Company has yet to appoint a principal adviser for the proposed regularisation plan; and

 

-

there was lack of clarity/certainty of a regularisation plan to address the business of the Company and resolve all problems, financial or otherwise that had caused METALR to trigger PN17 particularly where it was noted that its major lender, Sabah Development Bank Berhad had not provided any agreement-in-principle/letter of support on the proposed debt settlement;

(d)

METALR had been reporting losses since the financial year ended (“FYE”) 30 June 2012 until 30 June 2015 based on the Company’s audited accounts and latest quarterly report;

(e)

all PN17 companies are required to regularise their financial condition and level of operations expeditiously within the timeframes prescribed in paragraph 8.04 of the Main LR and PN17 or extended timeframe as may be granted by Bursa Securities;

(f)

the requirement for companies to have an adequate level of financial condition and level of operations serves to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors’ confidence; and

(g)

in the opinion of Bursa Securities, adequate time and opportunity had been accorded to METALR to regularise the Company’s financial condition since METALR’s First Announcement on 29 August 2014.

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 any time 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.

This announcement is dated 19 November 2015.






Announcement Info

Company Name METAL RECLAMATION BHD
Stock Name METALR
Date Announced 19 Nov 2015
Category General Announcement for PLC
Reference Number GA1-19112015-00051