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O&C RESOURCES BERHAD (FORMERLY KNOWN AS TAKASO RESOURCES BERHAD) ("OCR" OR THE "COMPANY") Issuance of 661,412,697 new irredeemable convertible preference shares of RM0.05 each in OCR ("ICPS") to the entitled shareholders of OCR pursuant to the renounceable rights issue of 661,412,697 ICPS on the basis of three (3) ICPS for every one (1) existing ordinary share of RM0.25 each in OCR ("OCR Share" or "Share") held as at 5.00 p.m. on 15 June 2016 ("Entitlement Date"), together with 66,141,269 free detachable warrants ("Warrants") on the basis of one (1) Warrant for every ten (10) ICPS ("Rights Issue of ICPS With Warrants")
OCR has the discretion to decide whether to declare any dividend. Dividend, if declared, shall be in priority over all ordinary shares of OCR, where the dividend rate is a non-cumulative preference dividend rate of 5% per annum calculated based on the nominal value of the ICPS, to be declared and payable annually in arrears.
At any time during the exercise period indicated above, (i) every one (1) ICPS together with RM0.45 cash can be converted into one (1) new OCR Share, or (ii) every ten (10) ICPS, without any cash, can be converted into one (1) new OCR Share. This announcement is dated 27 July 2016.