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25 Oct 2010

Further to the earlier announcements in relation to the Warrants Issue and on behalf of the Board of Directors of Masteel, MIMB Investment Bank Berhad (“MIMB”) wishes to announce that as at the close of acceptance and payment for the Warrants Issue at 5.00 p.m. on 19 October 2010, the total acceptances and excess applications for the Warrants Issue were 181,892,553 Warrants, which represents an over subscription of 72.61% over the total number of 105,378,333 Warrants available for subscription under the Warrants Issue.

Details of the acceptances and excess applications received as at the close of acceptance and payment for the Warrants Issue at 5.00 p.m. on 19 October 2010 are set out in the table below:-

No. of Warrants

%

Acceptances

98,380,520

93.36

Excess applications

83,512,033

79.25

Total acceptances and excess applications

181,892,553

172.61

Total Warrants available for subscription

105,378,333

100.00

Over subscription

76,514,220

72.61

The Board has approved the basis of allocation for the excess Warrants applied for under the Warrants Issue in the following priority:-


(i)      firstly, to minimise the incidence of odd lots;

 

 

 

 

(ii)     secondly, for allocation to applicants who have applied for excess Warrants on a pro-rata basis and in board lot, calculated based on their respective shareholdings as at the Entitlement Date; and

 

 

 

(iii)    thirdly, for allocation to applicants who have applied for excess Warrants on a pro-rata basis calculated based on the quantum of excess Warrants applied for.

 

 

 

 

 

For consistency, the abbreviations used above are the same as those previously defined in the Company's announcement dated 18 May 2010.

 

 

 

 

 

This announcement is dated 25 October 2010.


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