EDUSPEC-WB

0.015

+0.01 (+200%)

EDUSPEC-WB - Notice of Book Closure

EDUSPEC HOLDINGS BERHAD

Adjustments to the number and exercise price of outstanding 5-year warrants 2019/2024 ("Warrants B") as specified in the deed poll dated 6 September 2019 ("Deed Poll B") ("Adjustments"), as a consequence of the consolidation of every 2 existing ordinary shares in Eduspec Holdings Berhad ("Eduspec" or the "Company") ("Eduspec Shares") into 1 Eduspec Share at 5.00 p.m. on 26 August 2020 ("Entitlement Date") ("Share Consolidation").
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” 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 - WARRANTS B 2019/2024.

 

The Share Consolidation comprises the following:-

 

Adjustments to the number and exercise price of outstanding 5-year warrants 2019/2024 ("Warrants B") as specified in the deed poll dated 6 September 2019 ("Deed Poll B") ("Adjustments"), as a consequence of the consolidation of every 2 existing ordinary shares in Eduspec Holdings Berhad ("EDUSPEC" or the "Company") ("EDUSPEC Shares") into 1 EDUSPEC Share at 5.00 p.m. on 26 August 2020 ("Entitlement Date") ("Share Consolidation").

 

In relation to the warrants adjustment undertaken by EDUSPEC-WB 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-WB shares will be based on the newly adjusted warrants arising from warrants adjustments,

 

b) on the basis of settlement taking place after 26 August 2020 with adjusted EDUSPEC-WB shares, an entitled warrants holder who owns EDUSPEC-WB shares as at Ex-date may sell only up to the maximum EDUSPEC-WB shares he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 25 August 2020.

 

With the warrants adjustments pursuant to the Share Consolidation effected on EDUSPEC-WB shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled EDUSPEC-WB shareholder may use the following basis to estimate the maximum number of EDUSPEC-WB 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-WB shares that may be sold       =                     Number of shares held / 2

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-WB shares on cum basis on 24 August 2020, his CDS account would still show 1000 EDUSPEC-WB shares until 26 August 2020. However, as a results of the above warrants adjustment, Mr X’s 1000 EDUSPEC-WB shares in his CDS account will be adjusted to 500 EDUSPEC-WB 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-WB 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 :

Pursuant to the Share Consolidation, the number and exercise price of outstanding Warrants B which are not exercised prior to the Entitlement Date will be adjusted in accordance with the provisions of the Deed Poll B.

 

The Warrants B will be consolidated on the basis of every 2 Warrants B held by the entitled holders of Warrants B of the Company (whose names appear in the Record of Depositors at 5.00 p.m. on the Entitlement Date) into 1 Warrant B ("Consolidated Warrants B").

 

Fractional entitlements arising from the Adjustments, 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.

 

Pursuant to the Adjustments, the existing number of Warrants B will be adjusted into a maximum number of 275,453,371 Consolidated Warrants B to be issued and allotted to the entitled holders. The actual number of Consolidated Warrants B to be issued and allotted would depend on the number of outstanding Warrants B which have yet to be exercised into new Eduspec Shares as at the Entitlement Date.

 

Further, the existing exercise price of Warrants B of RM0.05 each will be revised to RM0.10 each pursuant to the Adjustments.

 

The Consolidated Warrants B 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 following the Entitlement Date.

 

The notices of allotment for the Consolidated Warrants B will be despatched to the entitled holders not later than 4 market days after the date of listing and quotation of the Consolidated Warrants B on Bursa Securities. The notice to the holders of Warrants B (setting out the details of the Adjustments) will be despatched in due course.

 


Announcement Info

Company Name EDUSPEC HOLDINGS BERHAD
Stock Name EDUSPEC-WB
Date Announced 12 Aug 2020
Category Listing Circular
Reference Number ILC-12082020-00002