CITAGLB-PA - Notice of Book Closure

ADJUSTMENT TO THE CONVERSION PRICE AND NUMBER OF OUTSTANDING IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES OF CITAGLOBAL BERHAD (FORMERLY KNOWN AS WZ SATU BERHAD) ("CITAGLOBAL" OR "COMPANY") ("ICPS") PURSUANT TO THE CONSOLIDATION OF EVERY 5 ORDINARY SHARES IN CITAGLOBAL ("CITAGLOBAL SHARE(S)" OR "SHARE(S)") HELD AT 5.00 P.M. ON 3 MARCH 2023 INTO 1 CITAGLOBAL SHARE ("CONSOLIDATED SHARE") ("SHARE CONSOLIDATION")
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 02 Mar 2023
2)  The last date of lodgment : 03 Mar 2023
 

Remarks 1:

Participating Organisations are to take note of the following Share Consolidation exercise by CITAGLOBAL BERHAD - IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES 2021/2031.

The Share Consolidation comprises the following: -

ADJUSTMENT TO THE CONVERSION PRICE AND NUMBER OF OUTSTANDING IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES OF CITAGLOBAL BERHAD (FORMERLY KNOWN AS WZ SATU BERHAD) ("CITAGLOBAL" OR "COMPANY") ("ICPS") PURSUANT TO THE CONSOLIDATION OF EVERY 5 ORDINARY SHARES IN CITAGLOBAL ("CITAGLOBAL SHARE(S)" OR "SHARE(S)") HELD AT 5.00 P.M. ON 3 MARCH 2023 INTO 1 CITAGLOBAL SHARE ("CONSOLIDATED SHARE") ("SHARE CONSOLIDATION")

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

a) on or after the Ex-date on 2 March 2023, trading of CITAGLB-PA shares will be based on the newly adjusted ICPS arising from ICPS adjustments,

b) on the basis of settlement taking place after 3 March 2023 with adjusted CITAGLB-PA shares, an entitled ICPS holder who owns CITAGLB-PA shares as at Ex-date may sell only up to the maximum CITAGLB-PA shares he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 2 March 2023.

With the ICPS adjustments pursuant to the Share Consolidation effected on CITAGLB-PA shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled CITAGLB-PA shareholder may use the following basis to estimate the maximum number of CITAGLB-PA shares that he may sell from the Ex-date until the Book Closing Date which is from 2 March 2023 until 3 March 2023

Illustration:

For example, if Mr X owns or purchases 1000 CITAGLB-PA shares on cum basis on 1 March 2023, his CDS account would still show 1000 CITAGLB-PA shares until 3 March 2023. However, as a result of the above ICPS adjustment, Mr X’s 1000 CITAGLB-PA shares in his CDS account will be adjusted to 200 CITAGLB-PA shares on the night of 3 March 2023 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 200 CITAGLB-PA shares on or after the Ex-date i.e. from 2 March 2023 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 2 March 2023 until 3 March 2023, they are only entitled to sell the maximum of 1/5 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, 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 Companys Constitution (Adjustments).

The outstanding ICPS will be adjusted on the basis of every 5 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 15,482,375 outstanding ICPS will be adjusted into a maximum number of [3,096,475] 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 Citaglobal Shares as at the Entitlement Date.

Further, pursuant to the Adjustments, the conversion price of the ICPS will be adjusted from the existing conversion price of RM0.11 each to RM0.55 each.

The Consolidated ICPS will be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities) on 6 March 2023, 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 Adjustments will result in a reduction in the number of ICPS available in the market and the trading price of the ICPS will be adjusted accordingly in proportion to the basis of the Adjustments. The Entitled ICPS Holders are strongly advised to trade cautiously to prevent overselling of their position in respect of the ICPS held.