Company Announcements

Date: 30 October 2014

OTHERS LATITUDE TREE HOLDINGS BERHAD ("LTHB" OR THE "COMPANY") - Proposed Renewal of Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature ("Proposed Shareholders' Mandate") - Proposed Renewal of Authority for the Company to Purchase its own Ordinary Shares ("Proposed Renewal of Share Buy-Back Authority")

 

Type Announcement
Subject OTHERS
Description LATITUDE TREE HOLDINGS BERHAD ("LTHB" OR THE "COMPANY")
- Proposed Renewal of Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature ("Proposed Shareholders' Mandate")
- Proposed Renewal of Authority for the Company to Purchase its own Ordinary Shares ("Proposed Renewal of Share Buy-Back Authority")

1. INTRODUCTION
The Board of Directors of LTHB is proposing the following:-
(i) To seek a renewal of shareholders' mandate for recurrent related party transactions of a revenue or trading nature which are in the ordinary course of business ("Recurrent Transactions") of LHTB and its subsidiaries ("LTHB Group") ("Proposed Shareholders' Mandate") pursuant to Paragraph 10.09 of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") at the Twentieth Annual General Meeting ("AGM") of the Company to be convened; and

(ii) To seek a renewal of the authority from the shareholders of LTHB at the Twentieth AGM to be convened, for the Company to purchase and/or hold in aggregate such number of ordinary shares of RM1.00 each in LTHB ("LTHB Shares") representing up to ten per centum (10%) of the issued and paid-up share capital of LTHB ("Proposed Renewal of Share Buy-Back Authority") through Bursa Securities, subject to all other applicable and prevailing laws, rules, regulations, orders, guidelines and requirements.

2. DETAILS OF THE PROPOSAL

2.1 Proposed Shareholders' Mandate

At the Nineteenth AGM of the Company on 23 December 2013, the Board obtained shareholders' mandate for Recurrent Transactions of the LTHB Group. However, this mandate will lapse at the conclusion of the Twentieth AGM of LTHB to be convened, unless it is renewed.

The Board therefore proposes to seek the approval of the shareholders of LTHB for the Proposed Shareholders' Mandate at the Twentieth AGM of the Company to be convened.

2.2 Proposed Renewal of Share Buy-Back Authority

At the Nineteenth AGM of the Company on 23 December 2013, the Board obtained shareholders' approval for LTHB to undertake the share buy-back of up to ten per centum (10%) of the issued and paid-up share capital of LTHB through Bursa Securities. The authority to undertake the share buy-back shall lapse at the conclusion of the Twentieth AGM of LTHB to be convened, unless the authority is renewed.

The Board therefore proposes to seek the renewal of the authority from the shareholders of LTHB for the Company to purchase and/or hold in aggregate such number of LTHB Shares representing up to ten per centum (10%) of the issued and paid-up share capital of LTHB through Bursa Securities, subject to the prevailing laws, rules, regulations, orders, guidelines and requirements.

A circular containing further details on the Proposed Shareholders' Mandate and statement containing further details on the Proposed Renewal of Share Buy-Back Authority will be despatched to the shareholders together with the Annual Report of the Company for the financial year ended 30 June 2014 in due course.

This announcement is dated 30 October 2014.

 



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