(For consistency, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 19 November 2021 in relation to the Proposals, unless stated otherwise or defined herein.)

We refer to the earlier announcement in relation to the Proposals dated 19 November 2021.

On behalf of the Board, Mercury Securities wishes to announce that Bursa Securities had, vide its letter dated 24 January 2022, approved the following:-

(i)         admission to the Official List and listing and quotation of up to 580,811,102 Warrants B to be issued pursuant to the Proposed Rights Issue with Warrants;

(ii)         listing and quotation of up to 1,742,433,306 Rights Shares to be issued pursuant to the Proposed Rights Issue with Warrants;

(iii)        listing and quotation of up to 66,130,490 additional Warrants A to be issued pursuant to the adjustments to the exercise price and number of Warrants A as a result of the Proposed Share Consolidation and Proposed Rights Issue with Warrants (as the case may be) in accordance with provisions of Deed Poll A (“Additional Warrants A”);

(iv)        listing and quotation of up to 580,811,102 new Metronic Shares to be issued arising from the exercise of the Warrants B; and

(v)        listing and quotation of up to 66,130,490 new Metronic Shares to be issued arising from the exercise of the Additional Warrants A.

The approval by Bursa Securities is subject to the following conditions:-

(i)         Metronic and Mercury Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposals;

(ii)         Metronic and Mercury Securities to inform Bursa Securities upon the completion of the Proposed Share Consolidation and Proposed Rights Issue with Warrants;

(iii)        Metronic and Mercury Securities to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the respective Proposals are completed;

(iv)        Metronic / Mercury Securities to furnish Bursa Securities with a certified true copy of the resolutions passed by shareholders at the extraordinary general meeting for the Proposals;

(v)        Metronic to furnish Bursa Securities on a quarterly basis a summary of the total number of Shares listed pursuant to the exercise of Warrants B as at the end of each quarter together with a detailed computation of listing fees payable;

(vi)        Metronic / Mercury Securities is required to make the relevant announcements pursuant to Paragraph 13.20(2) of the Listing Requirements;

(vii)       Metronic is required to do quarterly updates via Bursa LINK (simultaneous with the submission of Quarterly Report) on the following:-

(a)        the status on each of the event, project or purpose for which the total proceeds raised from the Proposed Rights Issue with Warrants are utilized for, including but not limited to, the percentages of completion of projects / initiatives;

(b)        where relevant, details on where the balance of proceeds raised is being placed (pending utilization). If it is parked with asset management company / fund manager, to disclose the name of the asset management company / fund manager; and

(viii)      To incorporate Bursa Securities’ comments in respect of the draft circular to Shareholders.

This announcement is dated 24 January 2022.