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Amended Announcements Please refer to the earlier announcement reference number: LIP-12092019-00001
ADJUSTMENTS TO THE CONVERSION PRICE, CASH PAYMENT FOR CONVERSION AND NUMBER OF OUTSTANDING IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES OF M N C WIRELESS BERHAD ("MNC" OR THE "COMPANY") ("ICPS") PURSUANT TO THE CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN MNC ("MNC SHARES" OR "SHARES") INTO 1 MNC SHARE ("CONSOLIDATED SHARE") HELD AT 5.00 P.M. ON 8 NOVEMBER 2022 ("ENTITLEMENT DATE") ("SHARE CONSOLIDATION") ("ADJUSTMENTS")
Please refer to below.
The Company has full discretion over the declaration of dividends, if any. Dividends declared and payable annually in arrears are non-cumulative and shall be paid in priority over the ordinary shares of the Company.
Pursuant to the Adjustments, (i) the existing conversion price of ICPS of RM0.06 each will be revised to RM0.60 each; (ii) the existing cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new MNC Share) of RM0.03 will be revised to RM0.30 each; and (iii) the existing number of 145,713,500 ICPS as at the Entitlement Date will be adjusted into 14,571,350 ICPS (after disregarding the fractional entitlements arising from the Adjustments), which will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad on 9 November 2022, being the next market day following the Entitlement Date. Further, in accordance with the terms stated in the Constitution of the Company, the Adjustments will take effect from 9 November 2022. The notice to the holders of ICPS (setting out the details of the Adjustments) will be despatched in due course. This announcement is dated 8 November 2022.