AXIS INCORPORATION BERHAD (Axis)
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- Monthly Announcement on the Status of Regularisation Plan pursuant to
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Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia
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Securities Berhad
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The Board of Directors of Axis wishes to inform that further to the last
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monthly announcement made on 1 October 2009, Axis had on, 21 October 2009
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submitted the application to Bursa Malaysia Securities Berhad (Bursa
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Securities) for an extension of time of 6 months from the last day, i.e. 23
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November 2009 for the Company to submit its regularisation plan pursuant to
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Practice Note 17 of the Main Market Listing Requirements (LR) of Bursa
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Securities.
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On 23 March 2009, Axis announced that the Company is an Affected Listed Issuer
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pursuant to PN17 of the LR of Bursa Securities (First Announcement). Under the
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requirements of PN17, Axis is required to amongst others, submit a plan to
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regularise its conditions (Regularisation Plan) to the relevant authorities
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within 8 months from the date of the First Announcement was made. In this
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respect, the last day for submission of the Regularisation Plan will be on 23
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November 2009 (Submission Timeframe).
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Despite the best effort to meet the Submission Timeframe, unfortune turn of
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events such as the RM375 million provisions being made for the Axis groups 15
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months financial results ended 30 June 2009 in respect of impairment of fixe
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assets and goodwill, provisions for bad debts and slow moving inventories which
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was announced on 28 August 2009, hindered the process of finalising the
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Regularisation Plan. As such, a new Regularisation Plan has to be
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conceptualised from scratch and hence, more time is needed to discuss or
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negotiate with the lenders.
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As at the date of this announcement, Axis is pending the Bursa Securities
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consideration of the aforesaid application of extension of time by 6 months,
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i.e. from 23 November 2009 to 23 May 2010 for the Company to submit its
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Regularisation Plan to Bursa Securities.
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This announcement is dated 2 November 2009.
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