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675,863,030 NEW REDEEMABLE CONVERTIBLE PREFERENCE SHARES ("RCPS") IN NI HSIN RESOURCES BERHAD PURSUANT TO THE RIGHTS ISSUE OF RCPS
A fixed preference dividend rate per annum of 3% of the RCPS Issue Price (during the tenure of RCPS and up to the date of conversion), shall be payable out of post cumulative taxation profits.
The dividends are to be paid annually in arrears.
The RCPS can be redeemed during the beginning of the 5th year after issuance until maturity at the RCPS Issue Price plus any accumulated undeclared dividends up to the date of redemption. The redemption shall be at the option of the holders. All remaining RCPS that are not converted or redeemed during the Tenure shall be mandatorily redeemed by our Company at the RCPS Issue Price plus any accumulated undeclared dividends up to the date of redemption, subject to requirement of Section 72(6) of the Companies Act 2016, currently in force and as may be amended from time to time and any re-enactment thereof.
The RCPS may be converted into new Ni Hsin Shares in the following manner: (a) by surrendering 12 RCPS for 1 new Ni Hsin Share; or (b) by paying the difference between the aggregate of RCPS Issue Price surrendered and the RCPS Conversion Price, if any, in cash, for every 1 new Ni Hsin Share. The RCPS will be listed simultaneously with the Additional Warrants on 8 March 2021. The announcement is dated 5 March 2021.