We refer to the Company’s announcements dated 5 March 2016, 18 March 2016, 11 April 2016, 12 April 2016, 24 May 2016, 20 June 2016, 4 July 2016, 19 July 2016, 24 August 2016 and 5 September 2016 in relation to the Proposed Acquisition (“Announcements”). Unless otherwise stated, all abbreviations used herein shall have the same meanings as those used in the Announcements.

On behalf of the Board, HLIB and Maybank IB wish to announce that Reach Energy, had on 7 October 2016, entered into an agreement with MIEH and Palaeontol COOP to vary the conditions for the extension of the Longstop Date set out in the SPA Amendment No. 1 (“SPA Amendment No. 2”).

Pursuant to the SPA Amendment No. 2, the extension of the Longstop Date until 10 November 2016 is subject to the following:

(i) MIEH shall be entitled to terminate the SPA by written notice to Reach Energy in the event that it is not satisfied with the progress of the issuance of the Company’s circular in relation to, inter-alia, the Proposed Acquisition (“Circular”) or if MIEH is not satisfied with the progress towards the convening of the Company's EGM for approval of the Proposed Acquisition.

(ii) The last date on which MIEH may exercise its right to terminate the SPA shall be on the date falling four (4) clear Business Days prior to the Company’s EGM for approval of the Proposed Acquisition.  

(iii) The rights of MIEH to terminate the SPA shall immediately cease and have no effect in the event that MIEH provides a written waiver of such rights to the Company.

Except as varied by the terms of the SPA Amendment No. 2 above, the SPA and the SPA Amendment No. 1 will remain in full force and effect.

The SPA Amendment No. 2 will be available for inspection at the registered office of the Company at Level 8, Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.

The Company is in the midst of updating the Circular which is to be despatched to the shareholders of the Company in due course.  

This announcement is dated 7 October 2016.