GOCEAN - Notice of Book Closure

CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN GREEN OCEAN CORPORATION BERHAD ("GREEN OCEAN" OR "COMPANY") ("GREEN OCEAN SHARE(S)" OR "SHARE(S)") INTO 1 GREEN OCEAN SHARE ("SHARE CONSOLIDATION")

Kindly be advised of the following :

1) The above Company's securities will be traded and quoted "Ex - Consolidation” as from: 25 Oct 2023
2) The last date of lodgment : 26 Oct 2023

Remarks 1: 

Participating Organisations are to take note of the following Share Consolidation exercise by GREEN OCEAN CORPORATION BERHAD.

The Share Consolidation comprises the following:-

CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN GREEN OCEAN CORPORATION BERHAD ("GREEN OCEAN" OR "COMPANY") ("GREEN OCEAN SHARE(S)" OR "SHARE(S)") INTO 1 GREEN OCEAN SHARE ("SHARE CONSOLIDATION")

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

(a) on or after the Ex-date on 25 Oct 2023, trading of GOCEAN shares will be based on the newly adjusted share after the Share Consolidation of GOCEAN shares,

(b) on the basis of settlement taking place after 26 Oct 2023 with consolidated GOCEAN shares, any entitled shareholder who owns GOCEAN shares as at Ex-date may sell only up to the maximum GOCEAN shares he expects to receive after the Share Consolidation, i.e. the reduced amount, on or after the Ex-date 25 Oct 2023.

With the adjustments pursuant to the Share Consolidation effected on GOCEAN shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled GOCEAN shareholder may use the following basis to estimate the maximum number of GOCEAN shares that he may sell from the Ex-date until the Book Closing Date which is from 25 Oct 2023 until 26 Oct 2023.
 

Illustration:

For example, if Mr X owns or purchases 1000 GOCEAN shares on cum basis on 24 Oct 2023, his CDS account would still show 1000 GOCEAN shares until 26 Oct 2023. However, as a result of the above Share Consolidation exercise, Mr X’s 1000 GOCEAN shares in his CDS account will be adjusted to 100 GOCEAN shares on the night of 26 Oct 2023 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 100 GOCEAN shares on or after the Ex-date i.e. from 25 Oct 2023 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 25 Oct 2023 until 26 Oct 2023, 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: 

The Share Consolidation involves the consolidation of every 10 Green Ocean Shares held as at 5.00 p.m. on 26 October 2023, being the entitlement date for the Share Consolidation, into 1 Green Ocean Share ("Consolidated Share(s)"). 

The actual number of Consolidated Shares will be determined based on the total number of issued shares of the Company on the entitlement date for the Share Consolidation.

Fractional entitlements arising from the Share Consolidation, if any, shall be disregarded and dealt with by the Board of Directors in such manner at its absolute discretion as it may deem fit or expedient and in the best interest of the Company.

The Consolidated Shares will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 27 October 2023, being the next market day following the entitlement date for the Share Consolidation.

The notices of allotment of the Consolidated Shares will be issued and despatched to the entitled shareholders of the Company within 4 market days after the date of listing and quotation of the Consolidated Shares on the ACE Market of Bursa Securities.

The Share Consolidation will result in a reduction in the number of Green Ocean Shares available in the market. As such, the trading price of the Green Ocean Shares will be adjusted in proportion to the basis of the Share Consolidation. The shareholders of the Company are strongly advised to trade cautiously to prevent overselling of their position in respect of their Green Ocean Shares.