171 AUDITED FINANCIAL STATEMENTS 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 57 MATERIAL LITIGATION (CONTINUED) (ii) On 12 February 2019, all Defendants to the suit filed by the Company on 23 November 2018 against its former members of the Board of Directors and former employees on the acquisition of APL (“Company suit”) had filed their respective Defences except for one, who was directed by the High Court to file his Defence on or before 4 March 2019. On 11 February 2019, certain Defendants to the Company suit had filed a counterclaim (“the Counterclaim”) against the Company and the previous members of the Board of Directors of the Company (“Counterclaim Defendants”). The Counterclaim seeks reliefs, jointly and severally, against the Company and the Counterclaim Defendants for declaration that the Company and the Counterclaim Defendants were liable for the loss of RM514 million (in the Company’s suit) and for any damages, general damages and interest at 5% per annum to be indemnified by the Company and Counterclaim Defendants. On 8 November 2019, the Counterclaim Defendants filed an application to strike out the Counterclaim. The High Court after hearing both parties, had struck out the Counterclaim and dismissed the 10th to 14th Defendants’ claim with costs. The High Court also directed the Defendants to file and serve their Amended Defence and has fixed the Company’s action for case management on 13 January 2020. On 13 January 2020, the Solicitors of 8th Defendant updated the Court that they had filed an application to amend their Defence. On 6 September 2021, the Court of Appeal heard and allowed the 10th to 14th Defendants’ appeal and reversed the decision of the High Court. The Company filed an application for leave to appeal to the Federal Court (‘Leave Application”). The Leave Application has been fixed for hearing on 23 March 2022, however has been converted to a case management. On 23 March 2022, the Federal Court has fixed the new hearing date on 27 June 2022 and case management is fixed on 13 June 2022. On 24 March 2022, the case management at the High Court has been vacated and the Court has fixed new date for case management on 5 April 2022. The remaining claims are not material to be disclosed in the financial statements and deemed remote by the Directors. 58 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (i) As at 19 March 2021, the Company's public shareholding spread was 13.99%. The shortfall in the public shareholding spread of the Company arose as a direct consequence of the unconditional mandatory takeover offer by FELDA which had closed on 15 March 2021. On 24 March 2021, the Board of Directors of the Company announced that Bursa Securities, had vide its letter dated 23 March 2021, granted the Company an extension of time of six months until 3 August 2021 to comply with the Public Spread Requirement. On 5 August 2021, the Board of Directors announced that Bursa Securities, had vide its letter dated 4 August 2021, granted a further six-month extension until 3 February 2022, for the Company to comply with the Public Spread Requirement. On 31 January 2022, the Board of Directors announced that Bursa Securities, had vide its letter dated 28 January 2022, granted a further six-month extension until 3 August 2022, for the Company to comply with the Public Spread Requirement
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