EDUSPEC - Notice of Book Closure

Consolidation of every 2 existing ordinary shares in Eduspec Holdings Berhad ("Eduspec" or the "Company") ("Eduspec Shares") into 1 Eduspec Share ("Consolidated Share") ("Share Consolidation").
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Consolidation” as from: 25 Aug 2020
2)  The last date of lodgment : 26 Aug 2020

Remarks 1:

Participating Organisations are to take note of the following Share Consolidation exercise by EDUSPEC HOLDINGS BERHAD.

The Share Consolidation comprises the following:-

Consolidation of every 2 existing ordinary shares in EDUSPEC HOLDINGS BERHAD ("EDUSPEC" or the "Company") ("EDUSPEC Shares") into 1 EDUSPEC Share ("Consolidated Share") ("Share Consolidation").

In relation to the Share Consolidation undertaken by EDUSPEC as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:

(a)  on or after the Ex-date on 25 August 2020, trading of EDUSPEC shares will be based on the newly adjusted share after the Share Consolidation of EDUSPEC shares,

(b)  on the basis of settlement taking place after 26 August 2020 with consolidated EDUSPEC shares, any entitled shareholder who owns EDUSPEC shares as at Ex-date may sell only up to the maximum EDUSPEC shares he expects to receive after the Share Consolidation, i.e. the reduced amount, on or after the Ex-date 25 August 2020.

With the adjustments pursuant to the Share Consolidation effected on EDUSPEC shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled EDUSPEC shareholder may use the following basis to estimate the maximum number of EDUSPEC shares that he may sell from the Ex-date until the Book Closing Date which is from 25 August 2020 until 26 August 2020.

Number of EDUSPEC shares​ that may be                              =              Number of shares held / 2

sold from 25 August 2020 until 26 August 2020​                      (All fractional shares computed should be disregarded)

Illustration:

For example, if Mr X owns or purchases 1000 EDUSPEC shares on cum basis on 24 August 2020, his CDS account would still show 1000 EDUSPEC shares until 26 August 2020. However, as a result of the above Share Consolidation exercise, Mr X’s 1000 EDUSPEC shares in his CDS account will be adjusted to 500 EDUSPEC shares on the night of 26 August 2020 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 500 EDUSPEC shares on or after the Ex-date i.e. from 25 August 2020 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 25 August 2020 until 26 August 2020, they are only entitled to sell the maximum of 1/2 of the shares owned before the Ex-date. Participants Organisations are reminded that it is important to caution all dealers and remisiers on the above to prevent the dealers and remisiers from overselling of their client’s position.

Remarks 2:

The Share Consolidation involves the consolidation of every 2 existing Eduspec Shares into 1 Consolidated Share as at 5.00 p.m. on 26 August 2020, being the entitlement date for the Share Consolidation.

The actual number of Consolidated Shares to be issued would depend on the issued share capital of Eduspec on the entitlement date, after taking into consideration any new Eduspec Shares that may be issued pursuant to the exercise and/or conversion of any outstanding convertible securities.

Fractional entitlements arising from the Share Consolidation, if any, shall be disregarded and/or dealt with by the Board of Directors of the Company ("Board") in such manner at its absolute discretion as it may deem fit and expedient or in the best interests of the Company.

The Consolidated Shares will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 27 August 2020, being the next market day after the entitlement date for the Share Consolidation.

The notices of allotment of the Consolidated Shares will be issued and despatched to the entitled shareholders within 4 market days after the listing of and quotation for the Consolidated Shares on the ACE Market of Bursa Securities.