Thursday, May 17, 2007

Strike Three For KarenSoft


  • The company wishes to announce that we had today received a letter from Bursa Securities dated 17 April 2007 in respect of the above matter.

    Bursa Securities had earlier announced on 17 April 2007 its decision to de-list the securities of KRNSOFT from the Official List of Bursa Securities as the Company had failed to comply with the extended timeframe granted by Bursa Securities until 16 April 2007 to make the Requisite Announcement in accordance with Rule 8.16 of the Listing Requirements of Bursa Securities for Mesdaq Market and GN3.

    Bursa Securities further announced on 24 April 2007 that the Company had submitted its appeal against the decision of Bursa Securities to de-list the Company's securities from the Official List of Bursa Securities and given the appeal, the removal of the securities of the Company shall be deferred pending the decision on the appeal by Bursa Securities.

    After having considered all the facts and circumstances of the matter, Bursa Securities has resolved that the appeal by the Company be disallowed and that the securities of the Company be de-listed from the Official List of Bursa Securities as the Company does not have an adequate level of financial condition to warrant continued listing on the Official List of Bursa Securities.

    In this connection, the securities of KRNSOFT will be removed from the Official List of Bursa Securities at 9.00 am on Tuesday, 29 May 2007. The Company is required to communicate Bursa Securities' decision to their shareholders.

    With respect to the securities of KRNSOFT which are currently deposited with Bursa Malaysia Depository Sdn Bhd (Bursa Depository), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.

    Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System accounts maintained with Bursa Depository at anytime after the securities of the Company has been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities' general line at 03-2034 7000 for further information on the withdrawal procedures.

    Upon the de-listing of the Company, the Company will continue to exist but as unlisted entities. The Company is still able to continue its operations and business and proceed with their corporate restructuring and their shareholders can still be rewarded by the Company's performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.