On 5 August 2009, pursuant to a take-over offer, Company P holds 76% of the listed shares (excluding treasury shares) of Y Bhd, a listed issuer. If Company P's intention is to maintain Y Bhd's listing status, what are Y Bhd's key obligations in regard to its non-compliance with the public shareholding spread requirement prescribed under paragraph 8.02(1) of the Main LR?
Y Bhd must take immediate steps to comply with the public shareholding spread requirement.
Pursuant to paragraph 8.02(3) of the Main LR, Y Bhd must announce that it does not comply with the required shareholding spread prescribed in paragraph 8.02(1) of the Main LR. Y Bhd must include the information set out in paragraph 3.2 of Practice Note 19 in its announcement.
Y Bhd must announce the status of its efforts to comply with the public shareholding spread requirement for each quarter of its financial year in accordance with paragraphs 3.3 and 3.4 of Practice Note 19.
If Y Bhd requires an extension of time to rectify its situation, it must request for an extension under paragraph 8.02(4) of the Main LR. However, even though an extension of time is granted, Y Bhd must comply with the public shareholding spread requirement as soon as possible.