MNC-PA

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MNC-PA - Notice of Book Closure

M N C WIRELESS BERHAD

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")
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 07 Nov 2022
2)  The last date of lodgment : 08 Nov 2022
 

Remarks 1:-

Participating Organisations are to take note of the following Share Consolidation exercise by M N C WIRELESS BERHAD - ICPS 2019/2029.


The Share Consolidation comprises the following :-


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")


In relation to the ICPS adjustment undertaken by MNC-PA as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:


a) on or after the Ex-date on 7 Nov 2022, trading of MNC-PA shares will be based on the newly adjusted ICPS arising from ICPS adjustments,


b) on the basis of settlement taking place after 8 Nov 2022 with adjusted MNC-PA shares, an entitled ICPS holder who owns MNC-PA shares as at Ex-date may sell only up to the maximum MNC-PA shares he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 7 Nov 2022.


With the ICPS adjustments pursuant to the Share Consolidation effected on MNC-PA shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled MNC-PA shareholder may use the following basis to estimate the maximum number of MNC-PA shares that he may sell from the Ex-date until the Book Closing Date which is from 7 Nov 2022 until 8 Nov 2022.

 

Number of MNC-PA shares that may be sold from 7 Nov 2022 until 8 Nov 2022

   =

 

Number of shares held / 10

 

(All fractional shares computed should be disregarded)


Illustration:
For example, if Mr X owns or purchases 1000 MNC-PA shares on cum basis on 4 Nov 2022, his CDS account would still show 1000 MNC-PA shares until 8 Nov 2022. However, as a result of the above Share Consolidation exercise, Mr X’s 1000 MNC-PA shares in his CDS account will be adjusted to 100 MNC-PA shares on the night of 8 Nov 2022 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 100 MNC-PA shares on or after the Ex-date i.e. from 7 Nov 2022 onwards.

 

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 7 Nov 2022 until 8 Nov 2022, they are only entitled to sell the maximum of 1/10 of the shares owned before the Ex-date. Participants Organisations are reminded that it is important to caution all dealers and remisiers on the above to prevent the dealers and remisiers from overselling of their client’s position.

 

Remarks 2:-

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.

 

 


Announcement Info

Company Name M N C WIRELESS BERHAD
Stock Name MNC-PA
Date Announced 26 Oct 2022
Category Listing Circular
Reference Number ILC-25102022-00005