Here are the past blog postings on Karensoft.
Karensoft
Karensoft: Part II
Karensoft: Part III
Karensoft: Part IV
Karensoft: Part V
Karensoft: Part VI
Karensoft: Part VII
Karensoft: Part VIII
Karensoft: Part IX
Today there was an announcement: KARENSOFT TECHNOLOGY BERHAD TO BE DELISTED
- Bursa Securities had earlier announced on 22 March 2007 that it had decided to grant KARENSOFT an extension of time until:-
(i) 16 April 2007 to make the Requisite Announcement ("RA") in accordance with Rule 8.16 of the Listing Requirements for Mesdaq Market ("MMLR") and Guidance Note No.3/2006 ("GN3"); and
(ii) 16 May 2007 to submit the regularisation plans to the Securities Commission and other relevant authorities ("the Approving Authorities") for approval.
It was also decided that if any of the events set out below occurs, the security of Karensoft shall be removed from the Official List of Bursa Securities upon expiry of seven (7) market days from the date Karensoft is notified by Bursa Securities or such other date as may be specified by Bursa Securities :-
(i) the Company fails to make the RA in accordance with Rule 8.16 of the MMLR and GN3 by 16 April 2007;
(ii) the Company fails to submit the regularisation plans to the Approving Authorities for approval by 16 May 2007;
(iii) the Company fails to obtain the approval from any of the Approving Authorities necessary for the implementation of its regularisation plans and does not appeal to the Approving Authorities within the timeframe (or extended timeframe, as the case may be) prescribed to lodge an appeal;
(iv) the Company does not succeed in its appeal against the decision of the Approving Authorities; or
(v) the Company fails to implement its regularisation plans within the timeframe or extended timeframes stipulated by the Approving Authorities.
Karensoft has failed to make the RA by 16 April 2007.
In the circumstances and in accordance with Bursa Securities' earlier decision, the securities of the Company will be removed from the Official List of Bursa Securities at 9.00 am on Monday, 30 April 2007. The Company is required to communicate Bursa Securities' decision to its shareholders.
With respect to the securities of the Company 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 (CDS) accounts maintained with Bursa Depository at anytime after the securities of the company have 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 an unlisted entity. The Company is still able to continue its operations and business and proceed with its corporate restructuring and its 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.
WOW!!
Look at it now. Karensoft did not even make the so-called RA.
Was there even an attempt by the company management to salvage the company?
Was there?
Dec 2004, thanks to KN's write-up, Move Over Bill, Karensoft traded as high as 0.96. That meant that Karensoft was valued at 96 million ringgit.
96 million.
Come April 2006... Karensoft will be delisted!
WOW!
Talk about destroying market capital!
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