Adjustment
| M N C WIRELESS BERHAD |
| Entitlement subject | Adjustment |
| Entitlement description | ADJUSTMENTS TO THE CONVERSION PRICE, CASH PAYMENT FOR CONVERSION AND NUMBER OF OUTSTANDING IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES OF M N C WIRELESS BERHAD ("MNC" OR THE "COMPANY") ("ICPS") PURSUANT TO THE CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN MNC ("MNC SHARES" OR "SHARES") INTO 1 MNC SHARE ("CONSOLIDATED SHARE") HELD AT 5.00 P.M. ON 8 NOVEMBER 2022 ("ENTITLEMENT DATE") ("SHARE CONSOLIDATION") |
| EX-date | 07 Nov 2022 |
| Entitlement date | 08 Nov 2022 |
| Entitlement time | 5:00 PM |
| Financial Year End | 30 Apr 2023 |
| Period of interest payment | to |
| Share transfer book & register of members will be | to closed from (both dates inclusive) for the purpose of determining the entitlement |
| Payment date | |
| a.Securities transferred into the Depositor's Securities Account before 4:30 pm in respect of transfers | 08 Nov 2022 |
| b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit | |
| c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. | |
| Number of new
shares/securities issued (units) (If applicable) |
|
| Entitlement indicator | Ratio |
| Ratio | 1.0000 : 10.0000 |
| Rights Issue/Offer Price | |
| Par Value (if applicable) | |
| Registrar or Service Provider name, address, telephone no |
SECURITIES SERVICES (HOLDINGS) SDN BHD Level 7, Menara Milenium Jalan Damanlela, Pusat Bandar Damansara Damansara Heights 50490 Kuala Lumpur Wilayah Persekutuan Malaysia Tel:0320849000 Fax:0320949940 |
| Remarks : |
Pursuant to the Share Consolidation, the conversion price, cash payment for conversion and the number of outstanding ICPS which are not converted into new Shares prior to the Entitlement Date will be adjusted in accordance with the provisions of the Company's Constitution ("Adjustments").
The outstanding ICPS will be consolidated on the basis of every 10 ICPS held by the entitled ICPS holders (whose names appear in the Record of Depositors at 5.00 p.m. on the Entitlement Date) ("Entitled ICPS Holders") into 1 ICPS ("Consolidated ICPS").
Fractional entitlements arising from the Adjustments, if any, shall be disregarded and dealt with by the Board of Directors of the Company in such manner at its absolute discretion as it may deem fit or expedient and in the best interest of the Company.
Pursuant to the Adjustments, the existing number of 146,318,500 ICPS will be adjusted into a maximum number of 14,631,850 Consolidated ICPS to be issued and allotted to the Entitled ICPS Holders. The actual number of Consolidated ICPS to be issued and allotted would depend on the number of outstanding ICPS which have yet to be converted into new MNC Shares as at the Entitlement Date.
Further, pursuant to the Adjustments, the conversion price and cash payment for conversion of ICPS will be adjusted to as follows:
(a) existing conversion price of ICPS of RM0.06 each will be revised to RM0.60 each; and
(b) existing cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new MNC Share) of RM0.03 each will be revised to RM0.30 each.
The Consolidated ICPS will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 9 November 2022, being the next market day following the Entitlement Date.
The notice of allotment for the Consolidated ICPS will be despatched to the Entitled ICPS Holders not later than 4 market days after the date of listing and quotation of the Consolidated ICPS on Bursa Securities. The notice to the Entitled ICPS Holders (setting out the details of the Adjustments) will be despatched to the Entitled ICPS Holders in due course.
The Share Consolidation will result in a reduction in the number of ICPS available in the market and the trading price of ICPS will be adjusted accordingly in proportion to the basis of the Share Consolidation. The Entitled ICPS Holders are strongly advised to trade cautiously to prevent overselling of their position in respect of the ICPS held.
This announcement is dated 21 October 2022. |
Announcement Info
| Company Name | M N C WIRELESS BERHAD |
| Stock Name | MNC-PA |
| Date Announced | 21 Oct 2022 |
| Category | Entitlement(Notice of Book Closure) |
| Reference Number | ENT-18102022-00008 |