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MATERIAL LITIGATION icapital.biz Berhad ("ICAP" or the "Fund") - Interim Injunction Application in Originating Summons No. WA-24NCC-517-11/2021 ICAP v. City of London Investment Management Limited

ICAPITAL.BIZ BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
icapital.biz Berhad ("ICAP" or the "Fund") 
- Interim Injunction Application in Originating Summons No. WA-24NCC-517-11/2021 ICAP v. City of London Investment Management Limited

Further to the announcements dated 19 November 2021 and 17 December 2021 in relation to the Interim Injunction Application (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

 

Further to the hearing held on 21 December 2021, the Board of Directors of the Fund wishes to announce that on 21 December 2021, the High Court of Malaya Kuala Lumpur had granted the following ad interim injunction Orders upon ICAP's undertaking to pay damages, until the disposal of the Originating Summons No. WA-24NCC-517-11/2021 or until such further orders of the High Court of Malaya Kuala Lumpur:-

  1. an injunction to prohibit CLIM either by itself and/or through its nominees, agents, clients and/or employees, from acquiring any further shares in ICAP and/or increasing its aggregate shareholding in ICAP beyond its current aggregate shareholding of 21.955% of the total issued capital of ICAP as at 14.12.2021; and
  2. in the event CLIM either by itself and/or through its nominees, agents, clients and/or employees, sell and/or dispose-off and/or reduce its aggregate shareholding in ICAP to below 20% of the total issued capital of ICAP, an injunction to restrain CLIM either by itself and/or through its nominees, agents, clients and/or employees, from acquiring shares in ICAP that would result in an increase in CLIM’s aggregate shareholding in ICAP in excess of 20% of the total issued capital of ICAP.

The Fund will make further announcement on the developments of the above matter as and when is necessary.

 

This announcement is dated 21 December 2021.

 






Announcement Info

Company Name ICAPITAL.BIZ BERHAD
Stock Name ICAP
Date Announced 21 Dec 2021
Category General Announcement for PLC
Reference Number GA1-17122021-00071




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