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| Unless otherwise redefined, the definitions set out in the earlier announcements in relation to the Rights Issue with Warrants shall apply in this announcement. M&A Securities Sdn Bhd on behalf of the Board wishes to announce that the Board has resolved to revise the issue price for the Rights Shares from RM0.586 to RM0.395 per Rights Share, and the exercise price of the Warrants from RM0.586 to RM0.395 per Warrant. The revised issue price of the Rights Shares and the revised exercise price of the Warrants were determined by the Board to implement the Rights Issue with Warrants at a more a suitable issue price deemed attractive to encourage subscription of the Rights Shares by the Entitled Shareholders and/or renouncee(s), after taking into consideration, amongst others, the following: (i) the historical share price movement of Masteel shares, which has declined since the previous price-fixing date of 6 May 2021; (ii) the 5D-VWAMP of Masteel Shares up to and including 18 August 2021 of RM0.5215, being the market day immediately preceding the date of this announcement; and (iii)the theoretical ex-all price of Masteel Shares of RM0.4583, calculated based on the 5D-VWAMP of Masteel Shares in (ii). The revised issue price of the Rights Shares and the revised exercise price of the Warrants represent a discount of 24.3% and 13.8% to the 5D-VWAMP of Masteel Shares up to and including 18 August 2021 (being the market day immediately preceding the date of this announcement) of RM0.5215 and the theoretical ex-all price of Masteel Shares of RM0.4583, respectively. The basis of determining the revised issue price of the Rights Shares and the revised exercise price of the Warrants is in accordance with that which was disclosed in the circular to shareholders dated 8 February 2021. Premised on the above, the Board is of the view that the revised issue price of the Rights Shares and the revised exercise price of the Warrants are fair. This announcement is dated 19 August 2021. |
