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SPRING GALLERY BERHAD ("SGB" OR THE "COMPANY") Issuance of 522,500,000 new irredeemable convertible preference shares of RM0.05 each in SGB ("ICPS") to the entitled shareholders of SGB pursuant to the renounceable rights issue of up to 522,500,000 ICPS on the basis of five (5) ICPS for every one (1) existing ordinary share of RM0.50 each in SGB ("SGB Share" or "Share") held as at 5.00 p.m. on 21 March 2016 ("Entitlement Date"), together with up to 52,250,000 free detachable warrants ("Warrants") on the basis of one (1) Warrant for every ten (10) ICPS ("Rights Issue of ICPS With Warrants")
SGB has full discretion over the declaration of dividends, if any, and over the dividend rate which will be calculated based on the nominal value of the ICPS.
Each ICPS carries the entitlement to subscribe for one (1) new SGB Share at the exercise price (as indicated above) and every ten (10) ICPS carries the entitlement to convert into one (1) new SGB Share at any time during the exercise period (as indicated above) ("Exercise Period"). Any remaining ICPS that are not converted during the Exercise Period shall be automatically converted into new SGB Shares at the conversion ratio of ten (10) ICPS to be converted into one (1) new SGB Share. If the conversion results in a fractional entitlement to ordinary shares of SGB, such fractional entitlement shall be disregarded and no refund or credit, whether in the form of the ICPS, cash or otherwise, shall be given in respect of the disregarded fractional entitlement. This announcement is dated 18 April 2016.