STERPRO-WA - Notice of Book Closure

STERLING PROGRESS BERHAD ("SPB" OR THE "COMPANY") ADJUSTMENTS TO THE EXERCISE PRICE AND THE NUMBER OF OUTSTANDING WARRANTS 2011/2021 OF THE COMPANY CONSTITUTED BY THE DEED POLL DATED 6 JANUARY 2011 ("DEED POLL") ("WARRANTS 2011/2021") PURSUANT TO THE SHARE CONSOLIDATION OF EVERY FOUR (4) ORDINARY SHARES OF RM0.025 EACH IN SPB INTO ONE (1) NEW ORDINARY SHARE OF RM0.100 EACH IN SPB ("SPB SHARE" OR "SHARE") ("CONSOLIDATED SHARE") AT 5.00 P.M. ON 8 FEBRUARY 2017 ("ENTITLEMENT DATE") ("ADJUSTMENTS") ("SHARE CONSOLIDATION").

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 6 Feb 2017
2)  The last date of lodgment : 8 Feb 2017

Remarks 1: Following the Share Consolidation, the exercise price and the number of outstanding Warrants 2011/2021 shall be adjusted in accordance with the provisions of the Deed Poll. Pursuant to the Adjustments, the outstanding Warrants 2011/2021 will be consolidated on the basis of every four (4) outstanding Warrants 2011/2021 held by the entitled holders of outstanding Warrants 2011/2021 of the Company (whose names appear in the Record of Depositors at 5.00 p.m. on the Entitlement Date) into one (1) Warrant 2011/2021 ("Consolidated Warrant"). The resulting number of Consolidated Warrants will be rounded down to the nearest whole number. The actual number of Consolidated Warrants to be issued and allotted would depend on the number of outstanding Warrants 2011/2021 which have yet to be exercised into new SPB Shares as at the Entitlement Date. Pursuant to the Adjustments, the existing exercise price of the outstanding Warrants 2011/2021 of RM0.120 each will be revised to RM0.480 each. The Consolidated Warrants will be listed and quoted simultaneously with the Consolidated Shares on the ACE Market of Bursa Securities on 10 February 2017, being the next market day following the Entitlement Date. The notice to the holders of outstanding Warrants 2011/2021 (setting out the details of the Adjustments and the Consolidated Warrants to be issued pursuant to the Share Consolidation) as well as the notice of allotment of the Consolidated Warrants will be despatched in due course. Holders of outstanding Warrants 2011/2021 who wish to be entitled to the Share Consolidation should exercise their outstanding Warrants 2011/2021 by lodging their duly completed exercise forms together with the subscription monies with SPB's share registrar on or before 5.00 p.m. on 27 January 2017 for their names to appear on the Record of Depositors at 5.00 p.m. on the Entitlement Date. This announcement is dated 23 January 2017.

Remarks 2: 

Participating Organisations are to take note of the following adjustment on STERLING PROGRESS BERHAD-WARRANTS A

The entitlement comprises the following:-

STERLING PROGRESS BERHAD ("SPB" OR THE "COMPANY") ADJUSTMENTS TO THE EXERCISE PRICE AND THE NUMBER OF OUTSTANDING WARRANTS 2011/2021 OF THE COMPANY CONSTITUTED BY THE DEED POLL DATED 6 JANUARY 2011 ("DEED POLL") ("WARRANTS 2011/2021") PURSUANT TO THE SHARE CONSOLIDATION OF EVERY FOUR (4) ORDINARY SHARES OF RM0.025 EACH IN SPB INTO ONE (1) NEW ORDINARY SHARE OF RM0.100 EACH IN SPB ("SPB SHARE" OR "SHARE") ("CONSOLIDATED SHARE") AT 5.00 P.M. ON 8 FEBRUARY 2017 ("ENTITLEMENT DATE") ("ADJUSTMENTS") ("SHARE CONSOLIDATION").

In relation to the warrants adjustment on STERPRO-WA as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:

a) on or after the Ex-date on 6 February 2017, trading of STERPRO-WA will be based on the newly adjusted warrants arising from the Warrants Adjustment,

b) on the basis of settlement taking place after 8 February 2017 with adjusted  STERPRO-WA, any entitled warrants holder who owns STERPRO-WA as at Ex-date may sell only up to the maximum STERPRO-WA he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 6 February 2017.

With the warrants adjustment pursuant to the Share Consolidation effected on STERPRO-WA holders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled STERPRO-WA holder may use the following basis to estimate the maximum number of STERPRO-WA that he may sell from the Ex- date until the Book Closing Date which is from 6 February 2017 until 8 February 2017. 

Number of STERPRO-WA that may be sold on             =               Number of warrants held x 0.25

6 February 2017 until 8 February 2017                               (All fractional warrants computed Should be disregarded) 

Illustration:

For example, if Mr X owns or purchases 1000 STERPRO-WA on cum basis on 3 February 2017, his CDS account would still show 1000 STERPRO-WA until 8 February 2017. However, as a result of the above warrants adjustment, Mr X’s 1000 STERPRO-WA in his CDS account will be adjusted to 250 STERPRO-WA on the night of 8 February 2017 which is the Book Closing Date. Therefore Mr X may, if he so wishes, sells only up to 250 STERPRO-WA on or after the Ex-date i.e. from 6 February 2017 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 6 February 2017 until 8 February 2017, they are only entitled to sell the maximum of 25% of the shares owned before the Ex-date. Participants Organisations are reminded that it is important to caution all dealers and remisiers on the above to prevent the dealers and remisiers from overselling of their client’s position.