(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 29 January 2021 in relation to the Proposals.)

We refer to the announcement in relation to the Proposals dated 29 January 2021.

On behalf of the Board, Mercury Securities wishes to announce that further to the previous announcement, the Board intends to fix the issue price of the Rights Shares such that the issue price is at a range of discount between 20% and 40% to the TEAP of Saudee Shares, and the exercise price of the Warrants B such that the exercise price is at a range of discount between 10% and 30% to the TEAP of Saudee Shares.

Notwithstanding the Board’s current intention, the actual issue price of the Rights Shares and exercise price of the Warrants B as well as the corresponding premium or discount to the TEAP of Saudee Shares will be determined later by the Board after taking into consideration, amongst others, the following:-

(i)         the funding requirements of the Group;

(ii)         the TEAP of Saudee Shares based on the 5-Market Day VWAP of Saudee Shares up to and including the last trading day prior to the price-fixing date;

(iii)        the rationale for the Proposals;

(iv)        the future prospects of the Group; and

(v)        the need to fix an exercise price that makes the Warrants B attractive for the purposes of enhancing the subscription level of the Rights Shares.

This announcement is dated 24 February 2021.