The Board of Focus Point wishes to announce that the Company proposes to seek its shareholders’ approval for the following at the forthcoming Second (2nd) Annual General Meeting (“AGM”) to be convened at a date which will be notified later:
(a) proposed shareholders’ ratification for recurrent related party transactions of a revenue or trading nature entered into by Focus Point and/or its subsidiaries (“Focus Point Group”) from 23 August 2010, being its listing date of Focus Point on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”), to the date of the forthcoming AGM (“Proposed Shareholders’ Ratification”).
Bursa Securities had on 2 July 2010, granted the Company an extension of time from the listing date of Focus Point on the ACE Market of Bursa Securities to the date of the forthcoming AGM to obtain the Proposed Shareholders’ Ratification; and
(b) proposed shareholders’ mandate for recurrent related party transactions of a revenue or trading nature, to take effect from the date of passing the ordinary resolution at the forthcoming AGM and shall remain in force until:
(i) the conclusion of the next AGM of the Company following the general meeting at which such mandate was passed;
(ii) the expiration of the period within which the next AGM after the date it is required to be held;
(iii) revoked or varied by resolution passed by the shareholders in a general meeting,
whichever is earlier.
A circular containing the details of the said Proposals will be sent to the shareholders of Focus Point in due course.
This announcement is dated 22 April 2011.
