HONGSENG-WA - Notice of Book Closure

ADJUSTMENTS TO THE EXERCISE PRICE AND NUMBER OF OUTSTANDING WARRANTS IN HONG SENG CONSOLIDATED BERHAD (FORMERLY KNOWN AS MSCM HOLDINGS BERHAD) ("HONG SENG" OR "COMPANY") AS CONSTITUTED BY THE DEED POLL DATED 13 AUGUST 2019 ("DEED POLL A") ("WARRANTS A") PURSUANT TO THE SHARE SPLIT INVOLVING A SUBDIVISION OF EVERY 1 EXISTING ORDINARY SHARE IN HONG SENG ("HONG SENG SHARE") HELD AS AT 5.00 P.M. ON 15 JUNE 2021 ("ENTITLEMENT DATE") INTO 2 HONG SENG SHARES ("SHARE SPLIT")
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 14 Jun 2021
2)  The last date of lodgment : 15 Jun 2021
 

Remarks 1: "Bursa Malaysia Securities Bhd would like to clarify that on the basis of settlement taking place after 15 June 2021 with adjustment to the number of outstanding HONGSENG-WA shares, any shareholder who is entitled to receive HONGSENG-WA additional shares may now sell any or all of his HONGSENG-WA shares arising from adjustment pursuant to the share split  beginning the Ex-Date (14 June 2021).

For example, if Mr X purchases 100 HONGSENG-WA shares on cum basis on 11 June 2021, Mr X should receive 100 shares on 15 June 2021. Pursuant to the share split, a total of 200 HONGSENG-WA shares will be credited into Mr X's CDS account on the night of 15 June 2021 being the Book Closing Date. Therefore, Mr X can sell the HONGSENG-WA shares of 200 on or after the Ex-Date i.e. from 14 June 2021 onwards."

Remarks 2:
Pursuant to the Share Split, the exercise price and number of outstanding Warrants A (which are not exercised into new Hong Seng Shares prior to the Entitlement Date) shall be adjusted in accordance with the provisions of the Deed Poll A ("Adjustments").

The outstanding Warrants A will be subdivided on the basis of every 1 Warrant A held by the entitled holders of Warrants A of the Company (whose names appear in the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date) ("Entitled Warrant A Holders") into 2 Warrants A ("Subdivided Warrant(s) A"). 

Pursuant to the Adjustments, the existing number of Warrants A of 35,568,391 Warrants A will be adjusted into a maximum number of 71,136,782 Subdivided Warrants A. The actual number of Subdivided Warrants A would depend on the number of outstanding Warrants A which are not exercised into new Hong Seng Shares prior to the Entitlement Date.
 
Further, pursuant to the Adjustments, the exercise price of Warrants A of RM0.25 each will be revised to RM0.13 each.

The Subdivided Warrants A will be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 16 June 2021 ("Listing Date"), being the next market day following the Entitlement Date.

The notice of allotment of the Subdivided Warrants A will be issued and despatched to the Entitled Warrant A Holders at the addresses set out in the Record of Depositors of the Company as at the Entitlement Date within 8 market days after the Listing Date. The notice setting out the details of the Adjustments will be issued and despatched to the Entitled Warrant A Holders in due course. 

The Share Split will result in an increase in the number of Warrants A available in the market and the trading price of Warrants A will be adjusted accordingly in proportion to the basis of the Share Split. 

Holders of Warrants A who wish to be entitled to the Share Split as the Company's shareholders shall exercise their rights to subscribe for new Hong Seng Shares by lodging their duly completed exercise forms together with the relevant subscription monies with the Share Registrar of Hong Seng (at the address stated above) on or before 5.00 p.m. on Friday, 4 June 2021 such that their names will appear in the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date.