We refer to the Company's announcements dated 22 February 2023 and 24 February 2023 in relation to the Proposals. Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said announcements.

On behalf of the Board, RHB Investment Bank wishes to announce that Bursa Securities had vide its letter dated 28 April 2023, approved the listing and quotation of the following:

(i) up to 100,200,000 new Pappajack Shares to be issued pursuant to the Proposed Private Placement; and

(ii) such number of new Pappajack Shares, representing up to 10% of the total number of issued shares (excluding treasury shares, if any) of the Company that may be allotted and issued at any point in time pursuant to the exercise of the ESOS Options during the duration of the Proposed ESOS.  

The approval granted by Bursa Securities for the listing and quotation of Placement Shares is subject to the following conditions:

(i) Pappajack and RHB Investment Bank must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Private Placement;

(ii) Pappajack and RHB Investment Bank to inform Bursa Securities upon the completion of the Proposed Private Placement; and

(iii) Pappajack to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Private Placement is completed.

The approval granted by Bursa Securities for the Proposed ESOS, is subject to the following conditions:

(i) RHB Investment Bank is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESOS pursuant to Rule 6.44(1) of the Listing Requirements and stating the effective date of implementation;

(ii) RHB Investment Bank is required to submit a certified true copy of the resolution passed by the shareholders in general meeting approving the Proposed ESOS;

(iii) Pappajack is required to furnish Bursa Securities on a quarterly basis a summary of the total number of ESOS shares listed as at the end of each quarter together with a detailed computation of the listing fees payable; and

(iv) the new Pappajack Shares arising from the exercise of the ESOS Options issued to the promoters whose shareholdings are currently under moratorium shall also be subject to a similar moratorium.

This announcement is dated 28 April 2023.