We refer to our announcements dated 6 August 2010, 18 August 2010 and 14 January 2011.
On 6 August 2010, Focus Point extended an option to investors who had subscribed for its ordinary shares as part of its initial public offering to exit should they for any reason wish to do so (“Exit Option”). Arising from the exercise of the Exit Option, Focus Point’s public shareholding spread fell from 25.03% to 19.03%.
Bursa Securities had, vide its letter dated 17 August 2010, waived the requirements for Focus Point to comply with Rules 3.10(1) and 3.19(1)(a) of the Listing Requirements, subject to an undertaking that the promoters will dispose of the additional shares held in Focus Point arising from the underwriting of the Exit Option, within six (6) months from the Company’s listing date (i.e. until 22 February 2011).
Based on Focus Point’s Record of Depositors as at 26 January 2011, Focus Point only had 19.80% of its total issued and paid-up share capital in the hands of 699 public shareholders. As such, Focus Point is still not in compliance with Rule 8.02(1) of the Listing Requirements, which requires the Company to maintain a minimum public shareholding spread of 25%.
As such, the Company had on even date, submitted an application to Bursa Securities for an extension of time of six (6) months to meet the public shareholding spread requirements.
This announcement is dated 31 January 2011.
