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ISSUANCE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN NOVA MSC BERHAD ("NOVAMSC") ("ICPS") PURSUANT TO (I) RENOUNCEABLE RIGHTS ISSUE OF UP TO 2,094,173,136 NEW ICPS ("RIGHTS ICPS") IN NOVAMSC AT THE ISSUE PRICE OF RM0.01 PER RIGHTS ICPS ON THE BASIS OF 8 RIGHTS ICPS FOR EVERY 3 EXISTING ORDINARY SHARES IN NOVAMSC ("NOVAMSC SHARES") HELD BY THE ENTITLED SHAREHOLDERS AT 5.00 P.M. ON 26 FEBRUARY 2020; AND (II) PLACEMENT OF 420,000,000 NEW ICPS ("PLACEMENT ICPS") AT THE ISSUE PRICE OF RM0.01 PER PLACEMENT ICPS
The ICPS can be converted into new NOVAMSC Shares at the conversion price of RM0.04 ("Conversion Price") in the following manner: (a) 4 ICPS to be converted into 1 new NOVAMSC Share; or (b) a combination of such number of ICPS and cash with an aggregate value equal to the Conversion Price, subject to a minimum of 1 ICPS, and paying the difference between the aggregate value of the ICPS surrendered and the Conversion Price in cash for 1 new NOVAMSC Share. The ICPS may be converted any time within 5 years commencing on and including the issue date of the ICPS up to and including the maturity date. Any remaining ICPS that are not converted by the maturity date shall be automatically converted into new NOVAMSC Shares at the conversion ratio of 4 ICPS for 1 new NOVAMSC Share. If the conversion results in a fractional entitlement to NOVAMSC 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. If the maturity date of the ICPS falls on a non-market day, then it will fall on the preceding market day. This announcement is dated 25 March 2020.