We wish to announce that TOPGLOV-C1J had expired at 9.00 a.m. on 10 January 2022 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of TOPGLOV-C1J exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of TOPGLOV-C1J exercised x (1/8) x (RM2.4164 - RM8.0000) 
= Number of TOPGLOV-C1J exercised x RM0.0000 

The Closing Price of RM2.4164 is the average daily volume weighted average price (VWAP) of the ordinary shares of TOPGLOV for the five (5) market days prior to and including the market day immediately before the Expiry Date. The TOPGLOV-C1J is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised TOPGLOV-C1J will cease to be valid and all our obligations in respect to TOPGLOV-C1J shall terminate absolutely.

This announcement is dated 10 January 2022.