MULTIPLE PROPOSALS HANDAL RESOURCES BERHAD ("HANDAL" OR THE "COMPANY") I. PROPOSED ACQUISITION; II. PROPOSED AMENDMENT; AND III. PROPOSED ESOS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

HANDAL RESOURCES BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
HANDAL RESOURCES BERHAD ("HANDAL" OR THE "COMPANY")

I. PROPOSED ACQUISITION; 

II. PROPOSED AMENDMENT; AND 

III. PROPOSED ESOS

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Proposals.

We refer to the earlier announcements dated 16 April 2019 and 30 May 2019 in relation to the Proposals.

On behalf of the Board of Directors of Handal, UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that Bursa Malaysia Securities Berhad ("Bursa Securities") had, vide its letter dated 2 July 2019, resolved to approve the listing of:-

i.          up to 26,061,819 new Handal Shares to be issued pursuant to the conversion of the Consideration ICPS.

ii.          42,857,100 Consideration Shares to be issued pursuant to the Proposed Acquisition.

iii.         such number of new Handal Shares representing up to 10% of the total number of issued shares in Handal (excluding treasury shares) to be issued pursuant to the exercise of ESOS Options under the Proposed ESOS.

The approval granted by Bursa Securities for the listing and quotation of such number of Handal Shares to be issued pursuant to the exercise of ESOS Options under the Proposed ESOS is subject to the following conditions:-

i.          UOBKH is required to submit a confirmation to Bursa Securities of full compliance of the ESOS pursuant to paragraph 6.43(1) of the Main Market Listing Requirements ("Listing Requirements") and stating the effective date of implementation together with a certified true copy of the resolution passed by the shareholders in general meeting; and

ii.          Handal is required to furnish Bursa Securities on a quarterly basis a summary of the total number of Handal Shares listed pursuant to the exercise of ESOS Options as at the end of each quarter together with a detailed computation of listing fees payable.

The approval granted by Bursa Securities for the Proposed Acquisition is subject to the following conditions:-

i.          Handal and UOBKH must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Acquisition and Proposed Amendment.

ii.          Handal and UOBKH to inform Bursa Securities upon the completion of the Proposed Acquisition and Proposed Amendment.

iii.         Handal to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposed Acquisition and Proposed Amendment are completed.

iv.         Compliance by Handal with the public shareholding spread upon completion of the Proposed Acquisition. In this connection, UOBKH is to furnish a schedule containing the information set out in Appendix 8E, Chapter 8 of the Listing Requirements to Bursa Securities, upon completion of the Proposed Acquisition, but prior to the listing of the Consideration Shares.

v.         Handal to furnish Bursa Securities with a certified true copy of the resolutions passed by the shareholders in general meeting approving the Proposed Acquisition and Proposed Amendment.

vi.         Handal to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the conversion of the ICPS as at the end of each quarter together with a detailed computation of listing fees payable.

 

This announcement is dated 3 July 2019.






Announcement Info

Company Name HANDAL RESOURCES BERHAD
Stock Name HANDAL
Date Announced 03 Jul 2019
Category General Announcement for PLC
Reference Number GA1-03072019-00029