DESTINI-WB - Notice of Book Closure

ADJUSTMENTS TO THE EXERCISE PRICE AND NUMBER OF OUTSTANDING WARRANTS 2024/2029 OF DESTINI BERHAD ("DESTINI" OR THE "COMPANY") ("WARRANT(S) B") AS SPECIFIED IN THE DEED POLL DATED 26 JANUARY 2024 ("DEED POLL B"), PURSUANT TO THE SHARE CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN DESTINI ("DESTINI SHARE(S)") INTO 1 DESTINI SHARE ("CONSOLIDATED SHARE(S)") ("SHARE CONSOLIDATION")

Kindly be advised of the following :

1) The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 10 Jun 2024
2) The last date of lodgment : 11 Jun 2024

Remarks 1: 
Participating Organisations are to take note of the following Share Consolidation exercise by DESTINI BERHAD.
The Share Consolidation comprises the following: -
ADJUSTMENTS TO THE EXERCISE PRICE AND NUMBER OF OUTSTANDING WARRANTS 2024/2029 OF DESTINI BERHAD ("DESTINI" OR THE "COMPANY") ("WARRANT(S) B") AS SPECIFIED IN THE DEED POLL DATED 26 JANUARY 2024 ("DEED POLL B"), PURSUANT TO THE SHARE CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN DESTINI ("DESTINI SHARE(S)") INTO 1 DESTINI SHARE ("CONSOLIDATED SHARE(S)") ("SHARE CONSOLIDATION")

In relation to the warrants adjustment undertaken by DESTINI-WB as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:
(a) on or after the Ex-date on 10 Jun 2024, trading of DESTINI-WB shares will be based on the newly adjusted warrants arising from warrants adjustments,
(b) on the basis of settlement taking place after 11 Jun 2024 with adjusted DESTINI-WB shares, an entitled warrants holder who owns DESTINI-WB shares as at Ex-date may sell only up to the maximum DESTINI-WB shares he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 10 Jun 2024.

With the warrants adjustments pursuant to the Share Consolidation effected on DESTINI-WB shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled DESTINI-WB shareholder may use the following basis to estimate the maximum number of DESTINI-WB shares that he may sell from the Ex-date until the Book Closing Date which is from 10 Jun 2024 until 11 Jun 2024.

Number of DESTINI-WB shares                                                               Number of shares held /10
that may be sold from 10 Jun 2024                      =                                       
until 11 Jun 2024                                                                              (All fractional shares computed should be disregarded)

Illustration:

For example, if Mr X owns or purchases 1000 DESTINI-WB shares on cum basis on 07 Jun 2024, his CDS account would still show 1000 DESTINI-WB  shares until 11 Jun 2024. However, as a result of the above Share Consolidation exercise, Mr X’s 1000 DESTINI-WB  shares in his CDS account will be adjusted to 100 DESTINI-WB shares on the night of 11 Jun 2024 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 100 DESTINI-WB  shares on or after the Ex-date i.e. from  10 Jun 2024 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 10 Jun 2024 until 11 Jun 2024, they are only entitled to sell the maximum of 1/10 of the shares owned before the Ex-date. Participating 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

Remarks 2: 
Pursuant to the Share Consolidation, the number and exercise price of outstanding Warrants B which are not exercised prior to the Entitlement Date will be adjusted in accordance with the provisions of the Deed Poll B.

The Warrants B will be consolidated on the basis of every 10 Warrants B held by the entitled holders of Warrants B of the Company ("Entitled Holders") (whose names appear in the Record of Depositors at 5.00 p.m. on the Entitlement Date) into 1 Warrant B ("Consolidated Warrants B"). 

Fractional entitlements arising from the Adjustments, if any, shall be disregarded and dealt with by the Board of Directors of the Company in such manner at its absolute discretion as it may deem fit or expedient and in the best interest of the Company. The actual number of Consolidated Warrants B to be consolidated would depend on the number of outstanding Warrants B which have yet to be exercised into new Destini Shares as at the Entitlement Date.

Pursuant to the Adjustments, the existing exercise price of Warrants B of RM0.054 each will be revised to RM0.540 each.

The date of the listing and quotation for the Consolidated Warrants B on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities") shall be on 12 June 2024, being the next market date immediately after the Entitlement Date.

The notices of allotment of the Consolidated Warrants B will be issued and despatched to all the Entitled Holders within 4 market days after the date of the listing and quotation for the Consolidated Warrants B on the Main Market of Bursa Securities. The notice to the holders of Warrants B (setting out the details of the Adjustments) will be despatched to the Entitled Holders in due course.