Type Announcement Subject SUSPENSION OF SECURITIES Description IDEAL JACOBS (MALAYSIA) CORPORATION BHD (“IJACOBS” OR THE “COMPANY”) REQUEST FOR SUSPENSION OF TRADING
On behalf of IJACOBS, M&A Securities Sdn Bhd wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has approved the request for suspension for the trading of IJACOBS’ securities with effect from 9.00 a.m. on Thursday, 14 August 2014 to 5.00 p.m. on Monday, 18 August 2014.
The request for suspension is made under subparagraph 3.1(a)(ii) of Guidance Note 2 on Requests for Suspension of the ACE Market Listing Requirements of Bursa Securities (“Listing Requirements”) in view that IJACOBS intends to make a material announcement on a very substantial transaction as defined in Chapter 10 of the Listing Requirements resulting in a significant change in the business direction or policy of the Company.
Highlight: CMOG to assume Ideal Jacobs listing, eyes oil & gas, power biz
by Jonathan Gan of theedgemalaysia.com on Monday, 18 August 2014 07:19
KUALA LUMPUR (Aug 18): Ideal Jacobs Corp Bhd has signed a master restructuring agreement with CMOG Group Sdn Bhd to facilitate the reverse takeover (RTO) of the former.
In a statement today, labeling specialist Ideal Jacobs said under the agreement, the entire issued share capital of the company would be exchanged for new shares in CMOG.
CMOG is the special purpose vehicle to undertake the RTO and assume the listing status of Ideal Jacobs. CMOG will, subsequently, focus on oil and gas (O&G) operations.
The master restructuring agreement involves the exchange of the entire issued and paid-up capital of Ideal Jacobs comprising up to 138 million shares for a similar number of new CMOG shares, and 69 million free warrants in the latter.
"Upon completion of the proposed RTO, all existing shareholders of Ideal Jacobs will be shareholders of CMOG and the listing status of Ideal Jacobs will be transferred to CMOG, which will enable CMOG to be admitted to the ACE Market of Bursa Malaysia Securities Bhd.
"To allow the new structure under CMOG to focus solely on the O&G businesses, CMOG and Ideal Jacobs Holdings Sdn Bhd have entered into an agreement for a management buy-out of the entire equity interest of Ideal Jacobs for a cash consideration of RM19.5 million," Ideal Jacobs said.
WITH ONE OF THE SMALLEST PAID UP CAPITAL COMPANY PLUS THAT THE MARKET FLOAT OF ONLY 14% OF PAID UP CAPITAL... THE SHARES IS ALMOST CORNERED A EASILY PUSHED UP.
Wait a bit for the contra players to sell off their shares first. Due to the last week's sudden suspension, many of them got stucked. Once cleared, shares will probably improve.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Saif Bahar
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Posted by Saif Bahar > 2014-08-12 14:23 | Report Abuse
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