Unless otherwise defined, the definitions used herein shall have the same meaning as those defined in the earlier announcements in relation to the Rights Issue with Warrants.

On behalf of the Board, M&A Securities wishes to announce that the Board intends to fix the issue price of the Rights Shares at RM0.085 per Rights Share (“Issue Price”) and the exercise price of Warrants at RM0.070 per Warrant (“Exercise Price”).

The issue price of the Rights Shares and the exercise price of the Warrants were determined by the Board after taking into consideration, amongst others, the following:

(i)        the funding requirements of the Group;

(ii)        the theoretical ex-all price (“TEAP”) of the Iconic Shares based on the 5D-VWAMP of Iconic Shares up to and including 21 December 2023, being the market day immediately preceding the date of this announcement; and

(iii)       the rationale for the Rights Issue with Warrants as set out in the Circular dated 7 December 2023.

The Issue Price of the Rights Share represent a discount of 11.46% (based on Minimum Subscription Level) and 6.59% (based on the Maximum Subscription Level) to the TEAP of Iconic Shares of RM0.096 and RM0.091 respectively, calculated based on the 5D-VWAMP of Iconic Shares up to and including 21 December 2023 of RM0.131.

The Exercise Price of the Warrants represent a discount of 27.08% (based on Minimum Subscription Level) and 23.08% (based on the Maximum Subscription Level) to the TEAP of Iconic Shares of RM0.096 and RM0.091 respectively, calculated based on the 5D-VWAMP of Iconic Shares up to and including 21 December 2023 of RM0.131.

Premised on the above, the Board is of the view that the issue price of the Rights Shares and the exercise price of the Warrants are fair.

This announcement is dated 22 December 2023.