(For consistency, the abbreviations used throughout this announcement shall have the same meanings as those defined in the announcements dated 25 June 2021 and 30 June 2021 in relation to the Bonus Issue of Warrants, where applicable, unless stated otherwise or defined herein.)

Reference is made to the earlier announcement in relation to the Bonus Issue of Warrants dated 25 June 2021, 30 June 2021, 29 July 2021, 13 January 2022 and 21 January 2022.

On behalf of the Board, Mercury Securities wishes to announce that the Company has resolved to fix the exercise price of the Warrants at RM0.18 per Warrant (“Exercise Price”).

The Board had fixed the Exercise Price after taking into consideration, amongst others, the following:-

(i)         the theoretical ex-all price (“TEAP”) of RM0.1882 per Share, calculated based on the 5-day VWAP of the Shares up to and including 5 April 2022, being the last trading day before the price-fixing date (“LTD”), of RM0.1923 per Share;

(ii)         the current market conditions and the future prospects of the Company; and

(iii)        the dilutive impact to the existing Shareholders.

The Exercise Price represents a discount of 4.36% to the TEAP of RM0.1882 per Share, calculated based on the 5-day VWAP of the Shares up to and including the LTD of RM0.1923 per Share.

This announcement is dated 6 April 2022.