INVESTOR RELATIONS

FORM OF NOTICE OF CONVERSION OF 5-YEAR 3.5% REDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS ("RCULS" OR "BARAKAH-LA")

BURSA ANNOUNCEMENTS
Date : 01 July 2019

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
MONTHLY ANNOUNCEMENT
Description
BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR "THE COMPANY")

- MONTHLY ANNOUNCEMENT PURSUANT TO THE PRACTICE NOTE 17 ("PN17") OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES")

We refer to the First Announcements made by the Company on 17 May 2019 and 21 May 2019 and the monthly announcement made on 3 June 2019 in relation to the Company being classified as an affected listed issuer under PN17. Unless otherwise defined, the definitions set out in the First Announcements shall apply herein.

 

On 25 June 2019, it was announced that the Company has triggered the prescribed criteria under Paragraphs 2.1(a) and 2.1 (e) of PN17 of the Listing Requirements as:

 

(a)     the shareholder’s equity of Barakah on a consolidated basis is 25% or less of its issued share capital and such shareholders’ equity is less than RM40.00 million, calculated based on the unaudited interim financial results of Barakah as at 31 May 2019. As a result, the Company had triggered Paragraph 2.1(a) of PN17 of Listing Requirements; and

 

(b)     the external auditors of the Company, Messrs. Crowe Malaysia, had express material uncertainty related to the going concern of Barakah in the audited financial statements of FYE 31 December 2017 of Barakah and the shareholders’ equity of Barakah on a consolidated basis is 50% or less of its issued share capital calculated based on the unaudited interim financial results of Barakah as at 31 May 2019. As a result, the Company had triggered Paragraph 2.1(e) of PN17 of Listing Requirements.

 

The Board of Directors wishes to inform that the Company is in the midst of formulating a plan to regularise its financial conditions (“Regularisation Plan”). The Company has approximately ten (10) months to submit its Regularisation Plan to the relevant authorities for approval.

 

Further announcement will be made to Bursa Securities with regards to the development of the Regularisation Plan in due course.

 

This announcement is dated 1 July 2019.






Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 01 Jul 2019
Category General Announcement for PLC
Reference Number GA1-01072019-00115


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