On behalf of the Board of Directors of Bahvest (“Board”), UOB Kay Hian Securities (M) Sdn Bhd (“UOBKH”) wishes to announce that the Company proposes to undertake the Proposed Capital Reduction by reducing and cancelling part of the issued share capital of the Company pursuant to Section 116 of the Act.

For avoidance of doubt, the Proposed Capital Reduction will not result in:-

1. any adjustment to the share price of the ordinary shares in Bahvest (“Bahvest Share(s)”);
2. any change in the total number of Bahvest Shares in issue or the number of Bahvest Shares held by the shareholders of the Company;
3. any change in the total number or exercise price of the outstanding options pursuant to the issue of the employee share option scheme (“ESOS”) options granted by Bahvest;
4. any change to the exercise price and number of the outstanding warrants 2017/2024 constituted by the deed poll dated 2 August 2017 (“Warrants”) held by the Warrantholders of the Company;
5. any payment to the shareholders of Bahvest; and
6. any cash outflow or change in the net assets (“NA”) of Bahvest and its subsidiaries (“Bahvest Group”), save for the estimated expenses to be incurred in relation to the Proposed Capital Reduction.

Further details on the Proposed Capital Reduction are set out in the attachment below.

This announcement is dated 3 December 2020.