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ACE MARKET LISTING REQUIREMENTS
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MAIN MARKET LISTING REQUIREMENTS
FAQ 6.38
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ACE MARKET LISTING REQUIREMENTS
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TABLE OF CONTENTS
CHAPTER 1 - DEFINITIONS AND INTERPRETATION
CHAPTER 2 - GENERAL
APPENDIX 2A
APPENDIX 2B
CHAPTER 3 - ADMISSION
CHAPTER 4 - SPONSORS
CHAPTER 5 - FOREIGN LISTING
CHAPTER 6 - NEW ISSUES OF SECURITIES
APPENDIX 6A
APPENDIX 6B
APPENDIX 6C
APPENDIX 6D
APPENDIX 6E
APPENDIX 6F
CHAPTER 7 - ARTICLES OF ASSOCIATION
CHAPTER 8 - CONTINUING LISTING OPBLIGATIONS
APPENDIX 8A
APPENDIX 8B
APPENDIX 8C
APPENDIX 8D
APPENDIX 8E
CHAPTER 9 - DISCLOSURE OBLIGATION
APPENDIX 9A
APPENDIX 9B
APPENDIX 9C
CHAPTER 10 - TRANSACTIONS
APPENDIX 10A
APPENDIX 10B
APPENDIX 10C
APPENDIX 10D
CHAPTER 11 - TAKE-OVERS & MERGERS
CHAPTER 12 - SHARE BUY-BACKS
APPENDIX 12A
APPENDIX 12B
APPENDIX 12C
APPENDIX 12D
CHAPTER 13 - ARRANGEMENTS AND RECONSTRUCTIONS
APPENDIX 13A
APPENDIX 13B
APPENDIX 13C
APPENDIX 13D
APPENDIX 13E
APPENDIX 13F
CHAPTER 14 - DEALINGS IN LISTED SECURITIES
CHAPTER 15 - CORPORATE GOVERNANCE
CHAPTER 16 - SUSPENSION, DE-LISTING AND ENFORCEMENT
APPENDIX 16A
Guidance Note 1
Guidance Note 2
Guidance Note 3
Guidance Note 4
Guidance Note 5
Guidance Note 6
Guidance Note 7
Guidance Note 8
Guidance Note 9
Guidance Note 10
Guidance Note 11
Guidance Note 12
Guidance Note 13
Guidance Note 14
Guidance Note 15
Guidance Note 16
Guidance Note 17
Guidance Note 18
Guidance Note 19
Guidance Note 20
Guidance Note 21
Guidance Note 22
Page Content
Requirements relating to a Share Issuance Scheme
6.38
Pursuant to Rule 6.39(1) of the ACE LR, the total number of shares to be issued under a Share Issuance Scheme must not exceed 30% of the issued and paid-up capital
at any one time
. How is this percentage calculated?
Where a listed corporation has issued a percentage out of the 30% allowed under Rule 6.39(1) of the ACE LR, for the following issue, the listed corporation would need to deduct from the total issued and paid-up capital, the number of shares already issued and paid for under the Share Issuance Scheme. The result from the deduction would be the new basis for calculating the percentage allowed for the scheme.
Illustration:
PLC A
procured shareholder approval to implement a 5-year Share Issuance Scheme of up to 30% of its issued and paid up capital on 8 January 2009.
PLC A
has an issued and paid-up capital of RM20 million but arising from a rights issue implemented on 28 February 2009, the enlarged issued and paid-up capital is now RM25 million. In addition, arising from the exercise of all the options offered by
PLC A
pursuant to the Share Issuance Scheme, as at December 2010, new shares were issued amounting to RM5 million. Pursuant to Rule 6.39 of the ACE LR, what is the number of shares under the Share Issuance Scheme that can be offered by
PLC A
to its employees in year 2011?
Based on this example, the computation of the shares under the Share Issuance Scheme that may be offered by
PLC A
is as follow:
Shares under the Share Issuance Scheme that can be offered by
PLC A
in year 2011:
= (30% x RM30 million) LESS shares already issued under the ESOS (i.e. RM5 million)
= 4 million new shares