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198,512,922 FREE DETACHABLE WARRANTS ISSUED PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE OF RM99,256,461 NOMINAL VALUE OF 5-YEAR 3% IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS AT 100% OF ITS NOMINAL VALUE OF RM1.00 EACH ("ICULS") IN ASIAN PAC HOLDINGS BERHAD ("ASIAN PAC" OR "COMPANY") ON THE BASIS OF 1 ICULS FOR EVERY 10 EXISTING ORDINARY SHARES IN ASIAN PAC HELD AS AT 5.00 P.M. ON 28 APRIL 2017, TOGETHER WITH 198,512,922 FREE NEW DETACHABLE WARRANTS ("WARRANTS") ON THE BASIS OF 2 WARRANTS FOR EACH ICULS SUBSCRIBED ("RIGHTS ISSUE OF ICULS WITH WARRANTS")
The Warrants are issued free to the subscribers of the ICULS pursuant to the Rights Issue of ICULS with Warrants on the basis of 2 free Warrants for each ICULS subscribed. Each Warrant is exercisable into a new ordinary share in Asian Pac by tendering each Warrant at the exercise price of RM0.25 per Warrant subject to adjustments in accordance with the Deed Poll dated 10 April 2017, constituting the Warrants. Any Warrants not exercised during the Exercise Period will thereafter lapse and no longer be valid for any purpose. This announcement is dated 30 May 2017.