PRACTICE NOTE 17 / GUIDANCE NOTE 3 : FIRST ANNOUNCEMENT

GETS GLOBAL BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
FIRST ANNOUNCEMENT
Description
ANNOUNCEMENT PURSUANT TO PARAGRAPH 8.04(2) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("MMLR")

The Company wishes to announce that it has triggered the Prescribed Criteria of paragraph 2.1(e) of Practice Note 17 ("PN17")  pursuant to paragraph 8.04(2) of the  Main Listing Requirements ("MMLR") whereby its shareholders’ equity as at 31 March 2020 of RM31.156 million is less than 50% of its share capital of RM69.145 million and the auditors have highlighted a material uncertainty related to going concern in its latest audited financial statement for the financial period ended 30 June 2019.

Pursuant to the Bursa Malaysia's Circular dated 16 April 2020: Additional Temporary Relief Measures To Listed Issuer, Bursa will be granting affected listed issuers that trigers any of the following criteria under PN 17 of the MMLR ("Suspended Criteria") from 17 April 2020 to 30 June 2021 ("Relief Period") relief from complying with the obligations under paragraph 8.04 and PN17 :-

(a) its shareholders' equity on a consolidated basis is 25% or less of its share capital (excluding treasury shares) and such shareholders' equity is less than RM40 million;

(b) auditors have highlighted a material uncertainty related to going concern or expressed a qualification on the listed issuer's ability to continue as a going concern in its latest audited financial statemens and its shareholders' equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares); and 

(c) default in payment by the listed issuers, its major subsidiary or major associated company, as the case may be, as announced pursuant to paragraph 9.19A of the MMLR and the listed issuer is unable to provide a solvency declaration to the Exchange.

As the Company has trigerred the Suspended Criteria (b) during the Relief Period, the Company has been granted a relief from complying with the obligations under the paragraph 8.04(2) and Practice Note 17 (“PN17”) of the Main Market Listing Requirements (“PN17 Relief Measures”) for a period of 12 months from the date of triggering the criteria.

Under the PN17 Relief Measures:-

(a) the Company will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to paragraph 8.04 and PN17 of the MMLR for a period of 12 months from the date of trigering the criteria;

(b) the Company is still required to make an immediate announcement that it has trigerred the Suspended Criteria and the relief provided ("Relief Announcement").

(c) Upon the the expiry of the 12 months from the Relief Announcement, the Company must re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the MMLR ("said Announcement"). 

(d) if the Company continues to trigger any of the criteria in PN17 of the MMLR, it will then be classified as a PN17 listed issuer and must comply with all the obligations under paragraph 8.04 and PN17 of the MMLR, including the obligation to submit a regularisation plan to the relevant authorities within 12 months from the said Announcement.

 

This announcement is dated 30 June 2020.






Announcement Info

Company Name GETS GLOBAL BERHAD
Stock Name GETS
Date Announced 30 Jun 2020
Category General Announcement for PLC
Reference Number GA1-30062020-00168