350 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 49. Subsequent events (continued) (c) On 20 December 2021, the Company announced the following: - (continued) The Proposed Rights Issue is intended to be undertaken after the completion of the Proposed Bonus Issue but is not conditional upon the implementation of the Proposed Bonus Issue. The actual quantum of proceeds to be raised will be finalised and announced together with the rights entitlement basis. It is the intention of the Board of Directors (“Board”) that the issue price shall be priced at a discount ranging from 25% to 45% to the TERP based on the 5-day VWAMP of YHB Shares up to and including the date prior to the price fixing date. The issue price and entitlement basis will be determined and announced by the Board on the price-fixing date to allow flexibility in pricing the Rights Shares after taking into consideration the then prevailing market price of the YHB Shares. The entitlement basis for the Warrants and the exercise price will also be determined and announced by the Board on the price-fixing date. It is the intention of the Board that the exercise price shall be priced at a premium of approximately 10% to the TERP based on the 5-day VWAMP of YHB Shares up to and including the date prior to the price-fixing date. The Proposed Rights Issue is intended to be undertaken on a full subscription basis. On 15 February 2022, the Company has procured irrevocable undertakings from certain shareholders as defined in the announcement for the Proposals dated 20 December 2021 to subscribe in full for their entitlements of Rights Shares under the Proposed Rights Issue. The remaining portion of Rights Shares for which no undertakings are obtained will be fully underwritten. The proceeds from the Proposed Rights Issue are proposed at this juncture to be utilised in the following manner:- Description Minimum Gross Proceeds Maximum Gross Proceeds RM million RM million New FPSO project 702 776 Expansion of renewable energy and green technology business 44 44 Repayment of bank borrowings 280 325 Working capital 55 55 Defrayment of estimated expenses for the Proposals 19 20 1,100 1,220 On 21 February 2022, the Company obtained approval from Bursa Malaysia Securities Berhad for the Proposals. The Circular to shareholders, together with the notice of Extraordinary General Meeting (“EGM”), was dispatched on 11 March 2022 with EGM scheduled for 29 March 2022. For the Proposed Bonus Issue, 1,103,782,973 Bonus Shares have been listed and quoted on the Main Market of Bursa Securities on 14 April 2022 and accordingly it has been completed on the same date. The Proposed Right Rights Issue is expected to be completed by June/July 2022.
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