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Issuance of free detachable warrants ("Warrants") in WCE Holdings Berhad ("WCEHB") pursuant to the renounceable rights issue of 2,005,471,176 new redeemable convertible preference shares in WCEHB ("RCPS") at an issue price of RM0.24 per RCPS, together with 501,367,794 Warrants, on the basis of two (2) RCPS for every one (1) existing ordinary share in WCEHB ("WCEHB Shares") held by the entitled shareholders as at 5:00 p.m. on 24 October 2019 and one (1) Warrant for every four (4) RCPS subscribed for
Each Warrant entitles the registered Warrant holder to subscribe for one (1) new WCEHB Share at any time over a period of ten (10) years in accordance with the provisions of the deed poll constituting the Warrants dated 10 October 2019. The exercise period of the Warrants comprises the period commencing from the issue date of the Warrants up to the market day immediately before the 5th anniversary of the issue date of the Warrants ("First Exercise Period") and the period commencing from the 5th anniversary of the issue date of the Warrants up to the market day immediately before the 10th anniversary of the issue date of the Warrants ("Second Exercise Period") ("Exercise Period"). The Warrants entail a step-up pricing mechanism whereby the exercise price for the First Exercise Period is RM0.39 and the exercise price for the Second Exercise Period is RM0.45. Any Warrants not exercised during the Exercise Period will thereafter lapse and cease to be valid or have any effect. This Announcement is dated 22 November 2019.