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Date : 18 January 2019

MULTIPLE PROPOSALS EASTLAND EQUITY BHD ("EASTLAND") (I) PROPOSED RIGHTS ISSUE WITH WARRANTS; AND (II) PROPOSED ACQUISITION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

EASTLAND EQUITY BHD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
EASTLAND EQUITY BHD ("EASTLAND") 

(I)	PROPOSED RIGHTS ISSUE WITH WARRANTS; AND

(II)	PROPOSED ACQUISITION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

The terms used herein shall have the same meaning as those defined in the announcement released on 6 November 2017 unless otherwise stated.

We refer to the announcements in relation to the Proposals released on 6 November 2017, 12 March 2018, 13 March 2018 and 4 July 2018.

The Vendor had, on 16 January 2019, informed the Board that it is not able to fulfil a representation and warranty in the SPA as the Planning Approval for the Proposed Development granted by Dewan Bandaraya Kota Kinabalu has lapsed on 9 January 2019. As there is much uncertainty as to when the extension of the Planning Approval may be obtained, FBO and PCK had, on 18 January 2019, entered into a deed of mutual termination to terminate the SPA in relation to the Proposed Acquisition.

Further, upon evaluating the current business condition, financial position and working capital requirements of the Company, the amount to be raised from the Proposed Rights Issue with Warrants may not be sufficient to meet the Company’s funding requirements. Accordingly, the Company has decided to abort the Proposed Rights Issue with Warrants. As an on-going initiative, the management of the Company is currently evaluating various proposals for a more holistic corporate exercise to be undertaken to meet the Company’s funding requirements and to improve its financial performance.

An announcement will be made in due course when the Company has decided on the corporate proposals to be undertaken.

The Company will submit a letter to Bursa Securities to request for the withdrawal of the listing application in respect of the Proposed Rights Issue with Warrants.

 

This announcement is dated 18 January 2019.






Announcement Info

Company Name EASTLAND EQUITY BHD
Stock Name EASTLND
Date Announced 18 Jan 2019
Category General Announcement for PLC
Reference Number GA1-20122018-00063



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