We wish to announce that MAGNI-CB had expired at 9.00 a.m. on 30 November 2020 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of MAGNI-CB exercised x (1/Exercise Ratio) x (Closing Price Exercise Price) 
= Number of MAGNI-CB exercised x (1/3) x (RM2.4072 - RM2.7000) 
= Number of MAGNI-CB exercised x RM0.0000 

The Closing Price of RM2.4072 is the average daily volume weighted average price (VWAP) of the ordinary shares of MAGNI for the five (5) market days prior to and including the market day immediately before the Expiry Date. The MAGNI-CB is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised MAGNI-CB will cease to be valid and all our obligations in respect to MAGNI-CB shall terminate absolutely.

This announcement is dated 30 November 2020.