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SPRING GALLERY BERHAD ("SGB" OR THE "COMPANY") Issuance of 52,250,000 free detachable warrants ("Warrants") to the entitled shareholders of SGB pursuant to the renounceable rights issue of up to 522,500,000 new irredeemable convertible preference shares of RM0.05 each in SGB ("ICPS") on the basis of five (5) ICPS for every one (1) existing ordinary share of RM0.50 each in SGB ("SGB Share" or "Share") held as at 5.00 p.m. on 21 March 2016 ("Entitlement Date"), together with up to 52,250,000 Warrants on the basis of one (1) Warrant for every ten (10) ICPS ("Rights Issue of ICPS With Warrants")
Each Warrant carries the entitlement to subscribe for one (1) new SGB Share at the exercise price (as indicated above) and at any time during the exercise period (as indicated above) ("Exercise Period") subject to the adjustments in accordance with the provisions of the deed poll dated 7 March 2016, constituting the Warrants. Any Warrants not exercised during the Exercise Period will thereafter lapse and cease to be valid for any purpose. This announcement is dated 18 April 2016.