FAST-WA - Notice of Book Closure

ADJUSTMENTS TO THE NUMBER AND EXERCISE PRICE OF OUTSTANDING WARRANTS 2021/2026 ("WARRANT(S) A") AS SPECIFIED IN THE DEED POLL DATED 28 OCTOBER 2021 ("DEED POLL A"), AS A CONSEQUENCE OF THE CONSOLIDATION OF EVERY 6 ORDINARY SHARES IN FAST ENERGY HOLDINGS BERHAD ("FAST ENERGY") ("FAST ENERGY SHARE(S)") INTO 1 FAST ENERGY SHARE ("CONSOLIDATED SHARE(S)") AT 5.00 P.M. ON 28 SEPTEMBER 2022 ("SHARE CONSOLIDATION")
 

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 27 Sep 2022
2)  The last date of lodgment : 28 Sep 2022

Remarks 1:

Participating Organisations are to take note of the following Share Consolidation exercise by FAST ENERGY HOLDINGS BERHAD – WARRANTS A 2021/2026

The Share Consolidation comprises the following: -

ADJUSTMENTS TO THE NUMBER AND EXERCISE PRICE OF OUTSTANDING WARRANTS 2021/2026 ("WARRANT(S) A") AS SPECIFIED IN THE DEED POLL DATED 28 OCTOBER 2021 ("DEED POLL A"), AS A CONSEQUENCE OF THE CONSOLIDATION OF EVERY 6 ORDINARY SHARES IN FAST ENERGY HOLDINGS BERHAD ("FAST ENERGY") ("FAST ENERGY SHARE(S)") INTO 1 FAST ENERGY SHARE ("CONSOLIDATED SHARE(S)") AT 5.00 P.M. ON 28 SEPTEMBER 2022 ("SHARE CONSOLIDATION")

In relation to the warrants adjustment undertaken by FAST-WA as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:

(a) on or after the Ex-date on 27 September 2022, trading of FAST-WA shares will be based on the newly adjusted warrants arising from warrants adjustments,

(b) on the basis of settlement taking place after 28 September 2022 with adjusted FAST-WA shares, an entitled warrants holder who owns FAST-WA shares as at Ex-date may sell only up to the maximum FAST-WA shares he expects to receive after the adjustment, i.e. the reduced amount, on or after the Ex-date 27 September 2022.

With the warrants adjustments pursuant to the Share Consolidation effected on FAST-WA  shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled FAST-WA shareholder may use the following basis to estimate the maximum number of FAST-WA shares that he may sell from the Ex-date until the Book Closing Date which is from 27 September 2022 until 28 September 2022

Number of FAST-WA shares that                                                 Number of shares held / 6

may be sold from 27 September              =        (All fractional shares computed should be disregarded)

2022 until 28 September 2022

Illustration:

For example, if Mr X owns or purchases 600 FAST-WA shares on cum basis on 26 September 2022, his CDS account would still show 600 FAST-WA shares until 28 September 2022. However, as a result of the above warrants adjustment, Mr X’s 600 FAST-WA shares in his CDS account will be adjusted to 100 FAST-WA shares on the night of 28 September 2022 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 100 FAST-WA shares on or after the Ex-date i.e. from 27 September 2022 onwards

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 27 September 2022 until 28 September 2022, they are only entitled to sell the maximum of 1/6 of the shares owned before the Ex-date. Participants 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 A which are not exercised prior to the Entitlement Date will be adjusted in accordance with the provisions of the Deed Poll A.

Holders of Warrants A who wish to be entitled to the Share Consolidation as the Companys shareholders shall exercise their rights to subscribe for new Fast Shares by lodging their duly completed exercise forms together with the relevant subscription monies with the Share Registrar of Fast Energy on or before 5.00 p.m. on Tuesday, 20 September 2022 such that their names will appear on the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date. The Warrants A will be consolidated on the basis of every 6 Warrants A held by the entitled holders of Warrants A of the Company ("Entitled Holders") into 1 Warrant A ("Consolidated Warrants A").

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 A to be consolidated would depend on the number of outstanding Warrants A which have yet to be exercised into new Fast Energy Shares as at the Entitlement Date.

Pursuant to the Adjustments, the existing exercise price of Warrants A of RM0.15 each will be revised to RM0.90 each.

The Consolidated Warrants A will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 29 September 2022, being the next market day following the Entitlement Date.

The notice of allotment for the Consolidated Warrants A will be despatched to the Entitled Holders not later than 4 market days after the date of listing and quotation of the Consolidated Warrants A on Bursa Securities. The notice to the holders of Warrants A (setting out the details of the Adjustments) will be despatched to the Entitled Holders in due course.