General Announcement for PLC
28/04/2020PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN
| EKA NOODLES BERHAD |
| Type | Announcement |
| Subject | PRACTICE NOTE 17 / GUIDANCE NOTE 3 REGULARISATION PLAN |
| Description | EKA NOODLES BERHAD ("EKA" OR "COMPANY")
- CAPITAL RECONSTRUCTION;
- DEBT RESTRUCTURING SCHEME;
- RIGHTS ISSUE WITH WARRANTS; AND
- ACQUISITION
(COLLECTIVELY, THE "REGULARISATION PLAN") |
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Unless otherwise defined, the definitions set out in the announcements dated 27 February 2018, 31 May 2018, 11 October 2018, 31 October 2018, 14 January 2019, 29 May 2019 and 28 June 2019 shall apply.
Reference is made to the announcements dated 27 February 2018, 31 May 2018, 11 October 2018, 31 October 2018, 14 January 2019, 29 May 2019, 28 June 2019, 17 October 2019, 30 October 2019 and 2 March 2020 in relation to the Acquisition, the Company’s Regularisation Plan and the fire incident at the target acquisition company’s factory located at No. 1239, Jalan Lahar Kepar, 13200 Kepala Batas, Penang, belonging to KBB.
On behalf of the Company, M&A Securities wishes to announce that the Board of EKA had on 27 April 2020 resolved not to extend further the date to satisfy or waive the conditions precedent in accordance with the SPA in relation to the Acquisition which is due to expire on 30 April 2020. The Company and the Vendors of KBB have also mutually agreed to terminate the said SPA (“Termination of SPA in relation to the Acquisition”).
Arising from the Termination of SPA in relation to the Acquisition, the Company is no longer able to implement its Regularisation Plan as the Acquisition is inter-conditional with the other respective proposals of the Regularisation Plan. As such, the Company is required to formulate and submit a revised proposed regularisation plan to the regulatory authorities pursuant to the requirements of Practice Note 17 of the Main Market Listing Requirements.
On behalf of the Board of the Company, M&A Securities wishes to announce that it had on 28 April 2020, submitted an application for extension of time of 9 months to Bursa Securities for the Company to submit its revised proposed regularisation plan i.e. by 31 January 2021.
The announcement is dated 28 April 2020. |
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Announcement Info
| Company Name | EKA NOODLES BERHAD |
| Stock Name | EKA |
| Date Announced | 28 Apr 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-28042020-00068 |