Resignation and termination of a Sponsor
4.11
X is the Sponsor who makes an application for listing on behalf of A Bhd. A Bhd is listed on the ACE Market on 1 September 2009. Based on Rule 3.21 of the ACE LR, A Bhd must secure and maintain the services of a Sponsor for at least 3 full financial years after its admission to the Official List, and extended to at least 1 full financial year after the applicant has generated operating revenue. A Bhd financial period ends on 31 December 2010.
(e)
Further to Question (d) above, what are the exceptional circumstances under which Bursa Securities may consider in allowing a resignation or termination of X as A Bhd’s Sponsor?
Generally, Bursa Securities will consider whether the parties have acted “reasonably”. The exceptional circumstances which Bursa Securities may consider X’s resignation or termination as A Bhd’s Sponsor include circumstances where –
(i)
there is an irreconcilable breakdown in the relationship between X and A Bhd; or
(iii)
X is no longer qualified to act as a Sponsor for any reasons, including not having the minimum number of Qualified Senior Personnel or being removed from the Register of Sponsors by Bursa Securities.
The parties must substantiate their application with the relevant facts and information.