Dear Sir,

We refer to your emails

Based on the disclosures made in REDSENA’s prospectus dated 18 November 2015, REDSENA was listed on 10 December 2015 under the Special Purpose Acquisition Company’s (“SPAC”) framework whereby it must complete its Qualifying Acquisition (“QA”) including obtaining shareholders’ approval within 36 months from the date of listing (“Permitted Timeframe”).

Should it fail to complete the QA within the Permitted Timeframe, the money ie. 92% of the total proceeds raised of RM400 million placed in the Trust Accounts plus the accrued interests earned will need to be returned to all shareholders based on the proportionate shareholdings held in RSENA. It is also highlighted in the prospectus that all warrants will not have any entitlement to the distribution of the Trust Account monies and it will expire on the due date of the Permitted Timeframe.

Given the nature of the SPAC framework, it is understandable that the management of REDSENA needs to continuously looking for opportunities and complete its QA prior to 9 December 2018 and in this regard, we were made to understand that there are many parties who approached RSENA with their ideas and/or informal proposals. In view that this process involves many external stakeholders, there could be instances where the news may be inaccurately quoted from the unreliable sources without verification from the Company.  

It is undeniable that media played an important role in disseminating the news to the public. However, there may also be instances where the reported news may not be factually correct and at times, may be speculative in nature. In this respect, all investors and shareholders should be well aware that any information that is not announced via the official announcement platform of Bursa Securities will remain as speculative news and as such, they should exercise caution before making any investment decision.  

Thank you.

Bursa 2U

Bursa Malaysia Berhad