Datasonic Group Berhad Annual Report 2021

DATASONIC GROUP BERHAD 192 49. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONT’D) (b) Employee Share Option Scheme On 2 September 2020, the Company announced that Bursa Securities had, vide its letter dated 1 September 2020, approved the Company’s application for an extension of time until 19 January 2021 to complete the implementation of the ESOS. The Company had on 17 September 2020 obtained the approval from its shareholders at the Twelfth Annual General Meeting for the proposed allocation of ESOS options to Dato’ Sri Sharifuddin Bin Ab Ghani, Dato’ Ibrahim Bin Abdullah, Encik Handrianov Putra Bin Abu Hanifah and Cik Noor Suhaila Binti Saad who were appointed to the Board on 5 February 2020. On 18 January 2021, the Company announced that Bursa Securities had, vide its letter 15 January 2021, approved the Company’s application for a further extension of time until 19 July 2021 to complete the implementation of the ESOS. On 24 February 2021, the Company announced that Encik Wan Zalizan Bin Wan Jusoh has been appointed as the Chairman of the Employees’ Share Option Scheme Committee. On 29 March 2021, the Company announced that Mr Chia Kok Khuang and Encik Safian Bin Mohd Yunus have been appointed as members of the Employees’ Share Option Scheme Committee of the Company. During the financial year ended 31 March 2021, no ESOS Option has been offered under the ESOS. (c) Private Placement On 20 November 2020, the Company proposed to undertake a private placement of new ordinary shares in Datasonic (“Datasonic Shares” or “Shares”), representing up to 10% of the total number of issued shares (excluding treasury shares), to independent third-party investors to be identified at a later date and at an issue price to be determined and fixed later. The Proposed Private Placement will be implemented in accordance with the general mandate obtained from the shareholders of the Company pursuant to Sections 75 and 76 of the Companies Act 2016 (“Act”) at its 12th Annual General Meeting (“AGM”) convened on 17 September 2020, whereby the Board had been authorised to allot and issue new Datasonic Shares not exceeding 10% of the total number of issued shares in the Company (“General Mandate”). The Proposed Private Placement entails the issuance of up to 405,000,000 new Datasonic Shares (“Placement Shares”), representing up to 10% of the total number of issued shares as at 19 November 2020, after taking into consideration the following: (i) Datasonic’s existing number of issued shares of 2,633,546,000 Datasonic Shares (excluding 66,454,000 Datasonic Shares held as treasury shares by the Company (“Treasury Shares”)) as at the Latest Practical Date; (ii) assuming all Treasury Shares are resold in the open market; and (iii) assuming full exercise of the 1,350,000,000 outstanding warrants 2018/2023 of Datasonic issued pursuant to the provisions of the deed poll dated 18 June 2018 and expiring on 5 July 2023 (“Warrants”) into 1,350,000,000 new Datasonic Shares at the exercise price of RM0.54 each, prior to the implementation of the Proposed Private Placement (collectively known as “Maximum Scenario”). Under the minimum scenario, the size of the Proposed Private Placement is up to 263,354,600 Placement Shares, representing up to 10%of the existing number of issued shares of Datasonic of 2,633,546,000 (excluding Treasury Shares), assuming none of the Treasury Shares are resold and none of the Warrants is exercised into new Datasonic Shares prior to the implementation of the Proposed Private Placement (“Minimum Scenario”). NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021 (CONT’D)