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MULTIPLE PROPOSALS KANGER INTERNATIONAL BERHAD ("KANGER" OR THE "COMPANY") I. RIGHTS ISSUE WITH WARRANTS; II. ACQUISITION; AND III. DIVERSIFICATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

KANGER INTERNATIONAL BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
KANGER INTERNATIONAL BERHAD ("KANGER" OR THE "COMPANY") 

I.	RIGHTS ISSUE WITH WARRANTS;

II.	ACQUISITION; AND

III.	DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Unless stated otherwise, the terms used herein shall carry the same meaning as those defined in the earlier announcements in relation to the Proposals.

We refer to the earlier announcements dated 24 February 2021, 19 April 2021, 26 April 2021 and 2 June 2021 in relation to the Proposals.

On behalf of the Board, UOB Kay Hian wishes to announce that the Board had on 16 August 2021 ("Price-Fixing Date") resolved to fix the exercise price of the Warrants B at RM0.05 per Warrant B ("Exercise Price").

The Exercise Price was determined and fixed by the Board after taking into consideration, amongst others, the following:-

i. The Warrants B will be issued at no cost to the Entitled Shareholders and/ or their renouncee(s) and/ or transferee(s) who successfully subscribe for the Rights Shares;

ii. The historical trading prices of Kanger Shares for the past 12 months; and

iii. The Board's intention to fix the exercise price of the Warrants B subject to a discount range of 10% to 30% to the TERP based on the 5-day VWAP of Kanger Shares up to and including 13 August 2021, being the last Market Day immediately preceding the price-fixing date of the Warrants B. The abovementioned range of discount will allow the Board to fix the exercise price of the Warrants B at a sufficiently attractive price to incentivise Warrant B holders to exercise the Warrants B and increase their equity participation in the Company, while also allowing the Board the flexibility to accommodate for potential fluctuations in prevailing market conditions and prices.

The exercise price of RM0.05 per Warrant B represents a discount of approximately 11.66% to the TERP of RM0.0566 per Share, calculated based on the 5-day VWAP of Kanger Shares up to and including 13 August 2021, being the last Market Day immediately preceding the price-fixing date of the Warrants B, of RM0.0599 per Share.

Further, on behalf of the Board, UOB Kay Hian wishes to announce that the Company had on 16 August 2021, executed the Deed Poll B constituting the Warrants B to be issued pursuant to the Rights Issue with Warrants.

 

This announcement is dated 16 August 2021.






Announcement Info

Company Name KANGER INTERNATIONAL BERHAD
Stock Name KANGER
Date Announced 16 Aug 2021
Category General Announcement for PLC
Reference Number GA1-16082021-00028




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