Bursa
Announcements

We refer to the previous announcements in relation to the Proposals and the offer document dated 20 November 2020 which sets out the details, terms and conditions of the Offer ("Offer Document"). Unless otherwise stated, the terms used herein shall have the same meaning as those defined in the said announcements.

On behalf of the Board, RHB Investment Bank and Astramina Advisory wish to announce that the Offer has closed at 5:00 p.m. (Malaysian time) on 11 December 2020 (“Closing Date”).

In accordance with Paragraph 13.01 of the Rules, the level of acceptances of the Offer as at 5:00 p.m. (Malaysian time) on the Closing Date is set out in the attached press notice.

Based on the level of valid acceptances of the Offer as at 5:00 p.m. (Malaysian time) on the Closing Date, Ekovest and its PACs collectively hold 331,367,600 PLS Shares and 121,982,950 PLS Warrants, representing approximately 91.24% of the total issued PLS Shares and 74.91% of the outstanding PLS Warrants respectively. Notwithstanding this, Ekovest intends to maintain the listing status of PLS on the Main Market of Bursa Securities and as disclosed in Section 4.1 of the Offer Document, Ekovest will work together with PLS to explore various options or proposals within the stipulated timeframe as allowed by the relevant authorities to rectify PLS’ non-compliance with the Public Spread Requirement. Shareholders are advised to refer to the announcements released/to be released by PLS for further details on PLS’ status of compliance with the Public Spread Requirement.

In addition to the above, as Ekovest has received valid acceptances resulting in Ekovest and its PACs holding not less than nine-tenths (9/10) in value of all the PLS Shares, Ekovest will issue a notice to the securities holders of PLS who have not accepted the Offer and/or failed or refused to transfer their securities in PLS to Ekovest (“Dissenting Holders”) in the manner specified by the SC (“Section 223 Notice”) to inform them that they may exercise their rights under Section 223(1) of the CMSA, by serving a notice on Ekovest to require Ekovest to acquire their Offer Securities on the same terms as set out in the Offer Document or such other term as may be agreed or as the court may, on an application made by such Dissenting Holder or by Ekovest, think fit to order under Section 224(3) of the CMSA.

Accordingly, the Section 223 Notice will be despatched to the Dissenting Holders within one (1) month from 11 December 2020, being the date Ekovest and its PACs collectively acquired not less than nine-tenths (9/10) in value of all the PLS Shares.

This Announcement is dated 11 December 2020.