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.
(f)
Assuming X resigns as A Bhd’s Sponsor and A Bhd appoints Y as its new Sponsor for the remaining sponsorship period. Must A Bhd still include a statement in the Public Documents that its admission was sponsored by X for the remaining sponsorship period?
Yes, pursuant to Rule 4.27(2) of the ACE LR, even though X has ceased to be A Bhd’s Sponsor, A Bhd must still include X’s name as its listing sponsor on all Public Documents issued by A Bhd during the remaining sponsorship period.