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Issuance of 317,645,723 free warrants in Hibiscus Petroleum Berhad ("Hibiscus Petroleum") ("Warrants C") on the basis of one (1) new Warrant C for every five (5) existing ordinary shares in Hibiscus Petroleum held as at 5.00 p.m. on 16 March 2018
Each Warrant C entitles the registered Warrant C holder to subscribe for one (1) new ordinary share in Hibiscus Petroleum at the exercise price of RM1.00 for each Warrant C for Year 1. Thereafter, the exercise price of each Warrant C is subject to a fixed annual step-up of RM0.06 per year on each of the anniversary dates from the date of the first issuance of the Warrants C (subject to any permitted adjustments, if any, in accordance with the terms of the Deed Poll). For clarity, the Maturity Date of the Warrants C (i.e. 18 March 2021) as reflected above is the last day of the exercise period, being one market day prior to the expiry date of the Warrants C (i.e. 19 March 2021). This announcement is dated 27 March 2018.