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MSCM HOLDINGS BERHAD (FORMERLY KNOWN AS PANPAGES BERHAD) ("MSCM" OR "COMPANY") ISSUANCE OF NEW IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN MSCM ("ICPS") TO THE ENTITLED SHAREHOLDERS OF MSCM PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE OF 796,457,055 NEW ICPS ON THE BASIS OF 3 ICPS FOR EVERY 1 EXISTING ORDINARY SHARE IN MSCM HELD AS AT 5.00 P.M. ON 29 AUGUST 2019 AT AN ISSUE PRICE OF RM0.05 PER ICPS
The ICPS may be converted into new MSCM Shares at the conversion price of RM0.20 ("Conversion Price") in the following manner: (i) by surrendering 4 ICPS for 1 new MSCM Share; or (ii) a combination of surrendering 1 ICPS and cash payment of RM0.15 for 1 new MSCM Share. Premised on the terms of the ICPS, the ICPS can be converted into new MSCM Shares at any time within 5 years commencing on and including the date of issue of the ICPS up to and including the maturity date (as indicated above), as determined by the conversion ratio and Conversion Price. Any remaining ICPS that are not converted by the maturity date shall be automatically converted into new MSCM Shares at the conversion ratio of 4 ICPS for 1 new MSCM Share. If the conversion results in a fractional entitlement to MSCM Shares, such fractional entitlement shall be disregarded and no refund or credit, whether in the form of the ICPS, cash or otherwise, shall be given in respect of the disregarded fractional entitlement. This announcement is dated 1 October 2019.