KANGER-WB - Notice of Book Closure

ADJUSTMENTS TO THE NUMBER AND EXERCISE PRICE OF OUTSTANDING WARRANTS 2021/2026 ("WARRANT(S) B") AS SPECIFIED IN THE DEED POLL DATED 16 AUGUST 2021 ("DEED POLL B"), AS A CONSEQUENCE OF THE CONSOLIDATION OF EVERY 10 ORDINARY SHARES IN KANGER ("KANGER SHARE(S)") INTO 1 KANGER SHARE ("CONSOLIDATED SHARE(S)") AT 5.00 P.M. ON 9 FEBRUARY 2022 ("SHARE CONSOLIDATION")
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 08 Feb 2022
2)  The last date of lodgment : 09 Feb 2022
 

Remarks 1:- 

Participating Organisations are to take note of the following Share Consolidation exercise by KANGER INTERNATIONAL BERHAD - WARRANTS B 2021/2026.

The Share Consolidation comprises the following: -

ADJUSTMENTS TO THE NUMBER AND EXERCISE PRICE OF OUTSTANDING WARRANTS 2021/2026 ("WARRANT(S) B") AS SPECIFIED IN THE DEED POLL DATED 16 AUGUST 2021 ("DEED POLL B"), AS A CONSEQUENCE OF THE CONSOLIDATION OF EVERY 10 ORDINARY SHARES IN KANGER ("KANGER SHARE(S)") INTO 1 KANGER SHARE ("CONSOLIDATED SHARE(S)") AT 5.00 P.M. ON 9 FEBRUARY 2022 ("SHARE CONSOLIDATION")

In relation to the Share Consolidation undertaken by KANGER-WB as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:

(a) on or after the Ex-date on 8 February 2022, trading of KANGER-WB shares will be based on the newly adjusted share after the Share Consolidation of KANGER-WB shares,

(b) on the basis of settlement taking place after 9 February 2022 with adjusted KANGER-WB shares, any entitled warrants holder who owns KANGER-WB shares as at Ex-date may sell only up to the maximum KANGER-WB shares he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 8 February 2022.

With the warrants adjustments pursuant to the Share Consolidation effected on KANGER-WB shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled KANGER-WB shareholder may use the following basis to estimate the maximum number of KANGER-WB shares that he may sell from the Ex-date until the Book Closing Date which is from 8 February 2022 until 9 February 2022.

Number of KANGER-WB shares that may be                                   =             Number of shares held / 10

sold from  8 February 2022 until 9 February 2022                            (All fractional shares computed disregarded)

Illustration:

For example, if Mr X owns or purchases 1000 KANGER-WB shares on cum basis on 7 February 2022, his CDS account would still show 1000 KANGER-WB shares until 9 February 2022. However, as a result of the above warrants adjustment, Mr X’s 1000 KANGER-WB shares in his CDS account will be adjusted to 100 KANGER-WB shares on the night of 9 February 2022 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 100 KANGER-WB shares on or after the Ex-date i.e. from 8 February 2022 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 8 February 2022 until 9 February 2022, they are only entitled to sell the maximum of 1/10 of the shares owned before the Ex-date. Participants Organisations are reminded that it is important to caution all dealers and remisiers on the above to prevent the dealers and remisiers from overselling of their client’s position.

Remarks 2:-  

Pursuant to the Share Consolidation, the number and exercise price of outstanding Warrants B which are not exercised prior to the Entitlement Date will be adjusted in accordance with the provisions of the Deed Poll B.

The Warrants B will be consolidated on the basis of every 10 Warrants B held by the entitled holders of Warrants B of the Company ("Entitled Holders") (whose names appear in the Record of Depositors at 5.00 p.m. on the Entitlement Date) into 1 Warrant B ("Consolidated Warrants B").

Fractional entitlements arising from the Adjustments, if any, shall be disregarded and dealt with by the Board of Directors of the Company in such manner at its absolute discretion as it may deem fit or expedient and in the best interest of the Company. The actual number of Consolidated Warrants B to be consolidated would depend on the number of outstanding Warrants B which have yet to be exercised into new Kanger Shares as at the Entitlement Date.

Pursuant to the Adjustments, the existing exercise price of Warrants B of RM0.05 each will be revised to RM0.50 each.

The Consolidated Warrants B will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 10 February 2022, being the next market day following the Entitlement Date.

The notice of allotment for the Consolidated Warrants B will be despatched to the Entitled Holders not later than 4 market days after the date of listing and quotation of the Consolidated Warrants B on Bursa Securities. The notice to the holders of Warrants B (setting out the details of the Adjustments) will be despatched to the Entitled Holders in due course.