General Announcement

16/12/2005

EXCEL FORCE MSC BERHAD ("Excel Force" or "Company") · Proposed extension of time for the utilisation of listing proceeds ("Proposed Extension") · Proposed variation to the utilisation of the unutilised portion of listing proceeds allocated to estimated listing expenses ("Proposed Variation") (Collectively referred to as the "Proposals")

EXCEL FORCE MSC BERHAD

Type

Announcement
Subject
EXCEL FORCE MSC BERHAD ("Excel Force" or "Company")
· Proposed extension of time for the utilisation of listing proceeds ("Proposed Extension")
· Proposed variation to the utilisation of the unutilised portion of listing proceeds allocated to estimated listing expenses ("Proposed Variation")
(Collectively referred to as the "Proposals")

Contents :

1. INTRODUCTION

      Alliance Merchant Bank Berhad ("Alliance"), on behalf of the Board of Directors of Excel Force (Board), wishes to announce that the Board decided to extend the timeframe for the utilisation of listing proceeds and vary the utilisation of the unutilised portion of listing proceeds allocated to estimated listing expenses, subject to the approval of the Securities Commission (SC).

2. DETAILS OF THE PROPOSALS

      The details of the utilisation of the gross listing proceeds raised amounting to RM10,288,000, the timeframe for utilisation as disclosed in the prospectus to the public dated 30 November 2004 (Prospectus) and the actual utilisation as at 30 November 2005 are as follows:
[Please refer to the attachment to view the details]
3. RATIONALE FOR THE PROPOSALS

      The Proposed Extension will enable Excel Force to utilise the unutilised balance of the listing proceeds allocated to working capital and R&D expenses within parameters that have been considered and approved by the SC.

      The Proposed Variation will result in additional injection of working capital which would further strengthen the liquidity of the Company and provide flexibility for future expansion and business opportunities.

4. EFFECTS

      The Proposals will not have any effect on the issued and paid-up share capital of the Company or on the substantial shareholdings in the Company. The Proposals are not expected to have any material effect on the earnings and the net tangible assets of the Company for the financial year ending 31 December 2005.

5. APPROVALS REQUIRED
    The Proposals are subject to the approval of the SC.

    6. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

        None of the Directors or substantial shareholders and/or persons connected to them has any interest, direct or indirect, in the Proposals.

    7. DIRECTORS OPINION

        The Board, having considered all aspects of the Proposals, is of the opinion that the Proposals are in the best interests of the Company.


    8. ADVISER FOR THE PROPOSALS

        Alliance has been appointed by Excel Force as the adviser in relation to the Proposals.

    9. APPLICATION TO THE SC FOR THE PROPOSALS
        The application to the SC for the Proposals has been made on even date.


    This announcement is dated 16 December 2005.


    MM-051216-56637.pdf MM-051216-56637.pdf

    Attachments

    MM-051216-56637.pdf
    88 KB


    Announcement Info

    Company NameEXCEL FORCE MSC BERHAD (MESDAQ Market) 
    Stock Name EFORCE
    Date Announced16 Dec 2005  
    CategoryGeneral Announcement
    Reference NoMM-051216-56637

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