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Issuance of 44,999,982 free detachable warrants to the entitled shareholders of Saudee pursuant to the Two-Call Rights Issue (as defined herein)
The Warrants are issued to the entitled shareholders of Saudee pursuant to the renounceable two-call rights issue of up to 30,000,000 new ordinary shares of RM0.50 each in Saudee ("Saudee Share(s)" or "Share(s)") ("Rights Share(s)") on the basis of one (1) Rights Share for every three (3) existing Saudee Shares held as at 5.00 p.m. on 9 March 2016, together with up to 45,000,000 free detachable warrants ("Warrant(s)") on the basis of three (3) Warrants for every two (2) Rights Shares subscribed by the entitled shareholders of Saudee, at an issue price of RM0.50 per Rights Share, of which the first call of RM0.35 per Rights Share is payable in cash on application and the second call of RM0.15 per Rights Share is to be capitalised from the companys retained profits ("TWO-CALL RIGHTS ISSUE"). Each Warrant carries the entitlement to subscribe for one (1) new Saudee Share at the exercise price of RM0.50 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 2 February 2016, constituting the Warrants. Any Warrant not exercised during the Exercise Period will thereafter lapse and cease to be valid for any purpose. This announcement is dated 6 April 2016.