SYMLIFE

0.330

-0.005 (-1.5%)

NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : FUND RAISING SYMPHONY LIFE BERHAD ("SYMLIFE" OR THE "COMPANY") RENOUNCEABLE RIGHTS ISSUE OF UP TO 358,222,993 WARRANTS ("WARRANT(S)") ON THE BASIS OF 1 WARRANT FOR EVERY 2 EXISTING ORDINARY SHARES ("SYMLIFE SHARE(S)" OR "SHARE(S)") IN THE COMPANY HELD AS AT 5.00 P.M. ON 28 FEBRUARY 2024 AT AN ISSUE PRICE OF RM0.10 PER WARRANT ("RIGHTS ISSUE OF WARRANTS")

SYMPHONY LIFE BERHAD

Type Announcement
Subject NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING
Description
SYMPHONY LIFE BERHAD ("SYMLIFE" OR THE "COMPANY")

RENOUNCEABLE RIGHTS ISSUE OF UP TO 358,222,993 WARRANTS ("WARRANT(S)") ON THE BASIS OF 1 WARRANT FOR EVERY 2 EXISTING ORDINARY SHARES ("SYMLIFE SHARE(S)" OR "SHARE(S)") IN THE COMPANY HELD AS AT 5.00 P.M. ON 28 FEBRUARY 2024 AT AN ISSUE PRICE OF RM0.10 PER WARRANT ("RIGHTS ISSUE OF WARRANTS")
We refer to the announcements dated 22 September 2023, 10 October 2023, 19 October 2023, 6 November 2023, 7 November 2023 and 24 November 2023 in relation to the Rights Issue of Warrants (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

On behalf of the Board, TA Securities wishes to announce that the Company has resolved to fix the following prices pursuant to the Rights Issue of Warrants:

(i) the issue price of the Warrants at RM0.10 per Warrant (“Issue Price”); and

(ii) the exercise price of the Warrants at RM0.30 per Warrant (“Exercise Price”).

The Board had fixed the Issue Price after taking into consideration the following:

(i) the rationale for the Rights Issue of Warrants;

(ii) the funding requirements of the Group; and

(iii) the theoretical fair value of the Warrants using the Trinomial Option Pricing Model in which the computation is based on the 5-day volume weighted average market price (“5-day VWAP”) of SymLife Shares up to and including 13 February 2024 (“LTD”), being the last trading day prior to the price-fixing date of 14 February 2024 of RM0.33 per Share, taking into consideration, amongst others, the historical volatility of Shares, the risk-free rate, the exercise price and the tenure of the Warrants.

The Issue Price represents a discount of RM0.03 or approximately 23.08% to the theoretical fair value of the Warrants of RM0.13, calculated based on the 5-day VWAP of SymLife Shares up to and including the LTD of RM0.33 per Share. The discount is in line with the Board’s intention to fix the issue price of the Warrants at a discount range of between 20% to 40% to the theoretical fair value of the Warrants after taking into consideration the theoretical fair value of the Warrants and the need for the Company to price the Warrants at an issue price deemed sufficiently attractive to encourage the entitled shareholders and/ or their renouncee(s) to subscribe for their respective entitlements to the Warrants and to enable the Group to raise the necessary funds required for the proposed utilisation as well as the following:

(i) the prevailing market conditions and historical share price movement of the Shares;

(ii) the Group’s financial performance; and

(iii) the Group’s future prospects.

The Board had fixed the Exercise Price after taking into consideration, amongst others, the prevailing market conditions, historical trading price of SymLife Shares and the 5-day VWAP of SymLife Shares up to and including the LTD.

The Exercise Price represents a discount of RM0.03 or approximately 9.09% to the 5-day VWAP of SymLife Shares up to and including the LTD of RM0.33 per Share. The discount is in line with the Board’s intention to fix the Exercise Price of the Warrants at a discount of not more than 20% to the 5-day VWAP of Shares up to and including the LTD with the view to make the Warrants attractive for the purpose of enhancing the subscription level of the Rights Issue of Warrants, after taking into consideration, amongst others, the following:

(i) the historical trading price of SymLife Shares;

(ii) the prevailing market conditions and historical share price movement of the Shares;

(iii) the Group’s financial performance; and

(iv) the future prospects of the Group.

In addition, the Company had on today executed the deed poll constituting the Warrants.

This announcement is dated 14 February 2024.





Announcement Info

Company Name SYMPHONY LIFE BERHAD
Stock Name SYMLIFE
Date Announced 14 Feb 2024
Category General Announcement for PLC
Reference Number GA1-14022024-00023