(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those defined in the earlier announcements in relation to the Bonus Issue of Warrants)

On behalf of the Board, M&A Securities wishes to announce that the Board had resolved to fix the exercise price for the Warrants C at RM0.16 per Warrant C (“Exercise Price”).

The Exercise Price was determined by the Board after taking into consideration, amongst others, the following:

(i)        the historical share price movement of MAG Shares;

(ii)        the 5D-VWAMP of MAG Shares up to and including 15 October 2021 of RM0.1948, being the market day immediately preceding the date of this announcement;

(iii)       the prevailing market conditions; and

(iii)       the future funding requirements of the Group.

The Exercise Price represent a discount of 17.86% and 14.82% to the 5D-VWAMP of MAG Shares up to and including 15 October 2021 (being the market day immediately preceding the date of this announcement) of RM0.1948 and the theoretical ex-all price of MAG Shares of RM0.1878, respectively.

Premised on the above, the Board is of the view that the Exercise Price is fair.

This announcement is dated 15 October 2021.