RENOUNCEABLE RIGHTS ISSUE OF UP TO 800,994,000 NEW IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES OF RM0.025 EACH IN CONNECT ("ICPS") ON THE BASIS OF 3 ICPS FOR EVERY 1 EXISTING ORDINARY SHARE OF RM0.10 EACH HELD IN CONNECT AT 5.00 P.M. ON 17 MAY 2016 AT AN ISSUE PRICE OF RM0.025 PER ICPS PAYABLE IN FULL UPON ACCEPTANCE TOGETHER WITH UP TO 53,399,600 FREE DETACHABLE WARRANTS ("WARRANT(S)-B") ON THE BASIS OF 1 FREE WARRANT-B FOR EVERY 15 ICPS SUBSCRIBED ("RIGHTS ISSUE OF ICPS")
The Warrants-B are issued free pursuant to the Rights Issue of ICPS. The Warrants-B may be exercised any time during the tenure of the Warrants of five (5) years including and commencing from the issue date of the Warrants-B and ending at 5:00 p.m. on the Expiry Date (being a date being five (5) years from and including the date of issue of the Warrants-B, provided that if such day falls on a day which is not a market day, then on the preceding market day). Each Warrant-B carries the entitlement to subscribe for one (1) new ordinary share of RM0.10 each in ConnectCounty Holdings Berhad ("CONNECT") at the Exercise Price which shall be satisfied fully in cash and shall be subject to adjustments in accordance with the deed poll dated 25 April 2016 ("Deed Poll"). Subject to the provision in the Deed Poll, the Exercise Price and the number of Warrants-B held by each Warrant-B holder shall be adjusted by the Board of Directors of CONNECT in consultation with the adviser and certification of the external auditors, in the event of alteration to the share capital of the Company. Warrants-B not exercised during the Exercise Period shall thereafter lapse and cease to be valid for any purpose. This announcement is dated 14 June 2016.