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Yong Tai Berhad ("YTB" or "Company") (I) Special issue of 200,000,000 new irredeemable convertible preference shares of RM0.80 each in YTB ("ICPS") at an issue price of RM0.80 each to Impression Culture Asia Limited ("Special Issue of ICPS"); and (II) Bonus issue of 16,034,494 new ICPS on the basis of one (1) new ICPS for every ten (10) ordinary shares of RM0.50 each in YTB ("YTB Shares") held by the shareholders of the Company on 24 November 2016 ("Bonus Issue of ICPS")
The Company shall have the sole discretion to decide whether to declare any non-cumulative dividend and the quantum of such dividend, provided always that if dividends are declared to its ordinary shareholders, then dividends in respect of the ICPS shall be paid to the ICPS holders in preference.
The ICPS shall have a tenure of 10 years from and inclusive of the date of issue. The ICPS holders shall have the right to convert the ICPS into new YTB Shares based on the Conversion Price, at the option of the ICPS holder, at any time on any market day from 28 November 2019, being the 3rd anniversary of the date of issue of the ICPS, up to and including the Maturity Date. The Maturity Date shall be the market day immediately before the 10th anniversary of the date of issue of the ICPS. This announcement is dated 30 November 2016.