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ISSUANCE OF 390,499,496 NEW FREE WARRANTS IN EVERSENDAI CORPORATION BERHAD ("EVERSENDAI") ("WARRANTS") ON THE BASIS OF 1 WARRANT FOR EVERY 2 EXISTING ORDINARY SHARES IN EVERSENDAI HELD BY ENTITLED SHAREHOLDERS AT 5.00 P.M., ON 15 OCTOBER 2020 ("FREE WARRANTS")
Each Warrant entitles the registered Warrant holder to subscribe for one new ordinary share in Eversendai at the exercise price of RM0.32 for each Warrant. The exercise price of RM0.32 per Warrant will be effective from the date of the issuance of the Warrants ("Issue Date") up to one market day prior to the 3rd anniversary date of the Issue Date ("Anniversary Date"). Subsequently, the exercise price is subject to a step-up of RM0.06 from the 3rd Anniversary Date up to one market day prior to the 4th Anniversary Date. Subsequently, the exercise price is subject to a step-up of RM0.07 from the 4th Anniversary Date up to the maturity date of the Warrants. The exercise price, at any time during the tenure of the Warrants, is further subject to adjustments in accordance with the provisions of the deed poll dated 30 September 2020 constituting the Warrants ("Deed Poll") in the event of any alteration to the share capital of the Company. The Warrants can be exercised at any time during the exercise period as indicated above ("Exercise Period") and upon the terms of and subject to the conditions and provisions of the Deed Poll. Any Warrant not exercised during the Exercise Period will thereafter lapse and cease to be valid. This announcement is dated 22 October 2020.