PRG Holdings Berhad Annual Report 2020

Annual Report 2020 199 Notice of Twentieth Annual General Meeting cont’d @ On 28 December 2018, PRGAgro Sdn Bhd, a wholly-owned subsidiary of the Company had entered into a conditional sale and purchase agreement with Alifya Forestry Sdn Bhd for the acquisition of 2 parcels of agriculture land planted with teak trees in Kelantan for a purchase consideration of RM89.20 million, to be satisfied via a combination of cash consideration of RM59.20 million and issuance of 40,295,500 shares of the Company at RM0.7445 each (“Kelantan Acquisition”). The Kelantan Acquisition was approved by the Company’s shareholders at the extraordinary general meeting held on 8 October 2019. The Private Placement has been completed on 28 August 2020. 13. Proposed Share Buy-Back Authority (Resolution 7) This proposed resolution, if passed, will empower the Directors of the Company to purchase its own shares and/or hold up to 10% of the total number of issued shares of the Company. This authority, unless revoked or varied by the Company at a general meeting, will expire at the conclusion of the next annual general meeting of the Company. Please refer to the Share Buy-Back Statement for further details of the Proposed Share Buy-Back Authority. STATEMENT ACCOMPANYING NOTICE OF THE 20 TH ANNUAL GENERAL MEETING (Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Securities) No individual is standing for election as Director at the 20 th Annual General Meeting of the Company.