(Unless otherwise stated or redefined, all abbreviations and definitions used herein shall have the same meanings as those used in the Company’s announcements dated 21 April 2020, 28 May 2020, 30 June 2020, 14 July 2020, 16 July 2020 and 17 July 2020 in relation to the Proposals

Reference is made to the announcement on the additional listing application for new SHIB Shares to be issued pursuant to the Proposals set out in the announcement dated 16 July 2020 (“ALA”).

After assessing the current market conditions and the Company’s funding requirements, the Board proposes to revise the Proposals as follows:

No

Proposals

Revised Proposals

(i)

Proposed Creditors Debt Settlement

  • Remains unchanged.

 

  • Shareholders’ approval for the Proposed Creditors Debt Settlement will be sought after at an extraordinary general meeting to be convened.

 

(ii)

Proposed private placement of up to 172,817,600 new Shares, representing approximately 15.13% of the Company’s total number of issued Shares (excluding treasury shares, if any)

Proposed private placement of up to 236,461,500 new Shares (“Placement Shares”), representing approximately 20.00% of the Company’s total number of issued Shares (excluding treasury shares, if any) (“Proposed Private Placement”).

 

The Board has resolved to increase the issue size of the Proposed Private Placement which shall now involve the issuance of up to 236,461,500 Placement Shares, representing approximately 20.00% of the Company’s total number of issued shares after taking into account inter-alia the demand for SHIB Shares.

The Proposed Private Placement will be undertaken in accordance with the 20% General Mandate. The Company had obtained the New Shareholders’ Mandate from its shareholders at its 14th AGM convened on 6 July 2020, to authorise the Board to allot and issue new ordinary shares in SHIB not exceeding 20% of the total issued shares of the Company.

In view of the above revision, SHIB will withdraw the ALA submitted on 16 July 2020 and resubmit a revised ALA to Bursa Securities.

Further details of the Proposals are set out in the attached announcement.

This announcement is dated 3 August 2020.