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Amended Announcements Please refer to the earlier announcement reference number: LIP-02022021-00003
VORTEX CONSOLIDATED BERHAD ("VORTEX" OR "COMPANY") ADJUSTMENTS TO THE CONVERSION PRICE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN VORTEX ("ICPS"), CASH PAYMENT FOR CONVERSION OF ICPS AND NUMBER OF OUTSTANDING ICPS PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE OF UP TO 364,478,577 NEW ORDINARY SHARES IN VORTEX ("VORTEX SHARE(S)") ("RIGHTS SHARE(S)") ON THE BASIS OF 1 RIGHTS SHARE FOR EVERY 1 EXISTING SHARE HELD AS AT 5.00 P.M. ON 30 MARCH 2021 ("ENTITLEMENT DATE") AT AN ISSUE PRICE OF RM0.17 PER RIGHTS SHARE, TOGETHER WITH UP TO 291,582,861 FREE DETACHABLE WARRANTS C ("WARRANTS C") ON THE BASIS OF 4 WARRANTS C FOR EVERY 5 RIGHTS SHARES SUBSCRIBED FOR ("RIGHTS ISSUE")
Vortex has full discretion over the declaration of dividends, if any. Dividends declared and payable annually in arrears are non-cumulative and shall be in priority over the Vortex Shares
Pursuant to the adjustments to the conversion price of ICPS, cash payment for conversion of ICPS and number of outstanding ICPS arising from the Rights Issue ("Adjustments"), (i) the existing number of 17,062,777 ICPS as at the Entitlement Date will be adjusted into 21,301,072 ICPS (after disregarding the fractional entitlements arising from the Adjustments), whereby the additional 4,238,295 ICPS will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad on 28 April 2021; (ii) the conversion price of ICPS of RM0.60 each will be revised to RM0.44 each; and (iii) the cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new Vortex Share) of RM0.40 each will be revised to RM0.28 each. The additional ICPS arising from the Adjustments were issued based on the entitlement ratio of 0.2484 : 1.0000 (additional ICPS : existing number of outstanding ICPS as at the Entitlement Date). The notice setting out the details of the Adjustments to the holders of ICPS was despatched to entitled ICPS holders on 26 April 2021. This announcement is dated 27 April 2021.