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Aseambankers Malaysia Berhad ("Aseambankers"), on behalf of YTL, is pleased to announce that the subscription price of the 78,429,389 warrants (unexercised as at 30 July 1999) which was issued on 22 September 1997 ("the Warrants") will be adjusted from RM3.80 per new ordinary share to RM3.54 per new ordinary share pursuant to the offer for sale by Aseambankers of the rights to the provisional allotment of 303,775,911 1999/2009 Warrants in YTL on a non-renounceable basis to the entitled shareholders of YTL at an offer price of RM0.50 per 1999/2009 Warrant payable in full upon acceptance on the basis of one (1) 1999/2009 Warrant for every four (4) existing ordinary shares held in YTL as at 5:00 p.m. on 30 July 1999 ("the Offer for Sale"). The adjustment to the subscription price took effect from 2 August 1999 being the commencement of the next market day following 30 July 1999 being the Entitlement Date for the Offer for Sale.
Clause 2(iii)(c) of the Memorandum to the Deed Poll dated 20 September 1997 constituting the Warrants stipulates that where the Company makes any offer or invitation to Shareholders by way of rights whereunder they may acquire or subscribe for securities convertible into shares or rights to subscribe for shares, adjustments need to be made to the Subscription Price of the Warrants held by each Warrant Holder. The adjustments are made in accordance to the provisions of the Deed Poll constituting the Warrants to mitigate the equity dilution in order that the status of the Warrant Holders will not be prejudiced after the Offer for Sale. The adjustment was made by the Directors in consultation with an Approved Merchant Bank and certified by the Auditors to be in accordance with the provisions as contained in the Memorandum of the Deed Poll.
Yours faithfully
For and on behalf of
Aseambankers Malaysia Berhad |
Yap Siew Thee
Manager
Corporate Finance | Yong Lee Mei
Head
Corporate Finance |
4 August 1999