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ADJUSTMENTS TO THE EXERCISE PRICE AND NUMBER OF OUTSTANDING WARRANTS 2019 / 2024 OF EDUSPEC HOLDINGS BERHAD ("EDUSPEC" OR THE "COMPANY") ("WARRANTS B") IN ACCORDANCE WITH THE PROVISIONS OF THE DEED POLL DATED 6 SEPTEMBER 2019 CONSTITUTING THE WARRANTS B ("DEED POLL B") PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE OF UP TO 996,517,704 NEW ORDINARY SHARES IN EDUSPEC ("EDUSPEC SHARES" OR "SHARES") ("RIGHTS SHARES") AT AN ISSUE PRICE OF RM0.03 PER RIGHTS SHARE TOGETHER WITH UP TO 498,258,852 FREE DETACHABLE WARRANTS IN THE COMPANY ("WARRANTS C") ON THE BASIS OF 6 RIGHTS SHARES TOGETHER WITH 3 FREE WARRANTS C FOR EVERY 1 EXISTING SHARE HELD BY THE ENTITLED SHAREHOLDERS OF THE COMPANY AT 5.00 P.M. ON 7 APRIL 2023 ("RIGHTS ISSUE WITH WARRANTS") ("ADJUSTMENTS")
Pursuant to the Adjustments, (i) the existing number of 13,772,200 Warrants B will be adjusted into 66,171,468 Warrants B, whereby the additional 52,399,268 Warrants B ("Additional Warrants B") have been allotted and issued on 5 May 2023 to the entitled holders of Warrants B whose names appear on the Record of Depositors of the Company at 5.00 p.m. on 7 April 2023. The Additional Warrants B will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad on 11 May 2023 simultaneously with the Rights Shares and Warrants C; and (ii) the exercise price of the Warrants B will be revised from RM2.00 to RM0.33 each. The notice to the holders of Warrants B in relation to the Adjustments will be despatched in due course. This announcement is dated 10 May 2023.