Reference is made to the announcement dated 15 July 2020 wherein Mercury Securities Sdn Bhd (“Mercury Securities”) had on behalf of the Board of Directors of NetX (“Board”) announced that the Company proposed to undertake the following proposals:-

(i)         consolidation of every 50 ordinary shares in NetX (“NetX Shares” or “Shares”) into 1 NetX Share (“Previous Share Consolidation”); and

(ii)         renounceable rights issue of up to 629,491,596 new Shares (“Previous Rights Shares”) together with up to 314,745,798 free detachable warrants in NetX (“Previous Warrants C”) on the basis of 6 Previous Rights Shares together with 3 free Previous Warrants C for every 1 existing Share (after the Previous Share Consolidation) held by the entitled shareholders on an entitlement date to be determined (“Previous Rights Issue with Warrants”),

(Collectively, referred to as the “Previous Proposals”).

On behalf of the Board, Mercury Securities wishes to inform that the Board had resolved to revise the Previous Proposals to the following:-

(i)         proposed consolidation of every 25 Shares into 1 Share (“Proposed Share Consolidation”); and

(ii)         proposed renounceable rights issue of up to 629,491,596 new Shares (“Rights Shares”) together with up to 314,745,798 free detachable warrants in NetX (“Warrants C”) on the basis of 6 Rights Shares together with 3 free Warrants C for every 2 existing Shares (after the Proposed Share Consolidation) held by the entitled shareholders on an entitlement date to be determined (“Proposed Rights Issue with Warrants”),

(Collectively, referred to as the “Proposals”).

The Proposals shall supersede the Previous Proposals. Please refer to the attachment for the details of the Proposals.

This announcement is dated 14 August 2020.