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The terms used herein, unless the context otherwise states, shall bear the same meaning as those defined in the previous announcement. This announcement should be read in conjunction with the earlier announcements made on 3 November 2010 and 23 November 2010.
We refer to the announcements made by OSK Investment Bank Berhad ("OSK") on behalf of the Board of Directors of QL ("Board") on 3 November 2010 and 23 November 2010 in relation to the Proposals.
On behalf of the Board, OSK wishes to announce that Bursa Malaysia Securities Berhad ("Bursa Securities") had, via its letter dated 29 November 2010 ("Approval Letter"), resolved to approve the following:-
(i) listing and quotation of up to 20,827,920 new ordinary shares of RM0.50 each in QL to be issued pursuant to the Proposed Private Placement;
(ii) Proposed Share Split involving the subdivision of every one (1) existing ordinary share of RM0.50 each into two (2) ordinary shares of RM0.25 each;
(iii) admission to the official list and the listing and quotation of 41,600,000 Warrants to be issued pursuant to the Proposed Free Warrants Issue; and
(iv) listing of up to 41,600,000 new ordinary shares to be issued pursuant to the exercise of the Warrants.
The approval is subject to the following conditions:-
(a) QL and OSK must fully comply with the relevant provisions under the Main Market Listing Requirements ("LR") pertaining to the implementation of the Proposals;
(b) QL and OSK are to inform Bursa Securities upon the completion of the Proposals;
(c) QL to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposals is completed;
(d) in relation to the Proposed Share Split, QL and OSK are required of the following:-
(i) QL and OSK are required to make the relevant announcements pursuant to Paragraph 13.10(2) of the LR;
(ii) To furnish Bursa Securities with a certified true copy of the resolution passed by the shareholders approving the Proposed Share Split prior to the quotation of the QL Shares; and
(e) in relation to the Proposed Free Warrants Issue, to furnish Bursa Securities on a quarterly basis with a summary of the fee payable for the total number of shares listed pursuant to the exercise of Warrants as at the end of each quarter; and
(f) to incorporate the comments provided in the Approval Letter into the circular to shareholders.
QL and OSK will fully comply with the LR with regards to the implementation of the Proposals.
This announcement is dated 30 November 2010. |
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