CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN AIRASIA X BERHAD ("AAX" OR THE "COMPANY") ("AAX SHARES" OR "SHARES") HELD AT 5.00 P.M. ON 11 FEBRUARY 2022 INTO 1 AAX SHARE ("CONSOLIDATED SHARE") ("SHARE CONSOLIDATION")

Kindly be advised of the following : 

1)  The above Company's securities will be traded and quoted "Ex - Consolidation” as from: 10 Feb 2022
2)  The last date of lodgment : 11 Feb 2022

Remarks 1:-

Participating Organisations are to take note of the following Share Consolidation exercise by AIRASIA X BERHAD.

The Share Consolidation comprises the following:-

CONSOLIDATION OF EVERY 10 EXISTING ORDINARY SHARES IN AIRASIA X BERHAD ("AAX" OR THE "COMPANY") ("AAX SHARES" OR "SHARES") HELD AT 5.00 P.M. ON 11 FEBRUARY 2022 INTO 1 AAX SHARE ("CONSOLIDATED SHARE") ("SHARE CONSOLIDATION")

In relation to the Share Consolidation undertaken by AAX as a SPEEDS Corporate Exercise, Bursa Malaysia Securities Berhad would like to highlight that:

(a)     on or after the Ex-date on 10 February 2022, trading of AAX shares will be based on the newly adjusted share after the Share Consolidation of AAX shares,

(b)     on the basis of settlement taking place after 11 February 2022 with consolidated AAX shares, any entitled shareholder who owns AAX shares as at Ex-date may sell only up to the maximum AAX shares he expects to receive after the Share Consolidation, i.e. the reduced amount, on or after the Ex-date 10 February 2022.

With the adjustments pursuant to the Share Consolidation effected on AAX shareholders’ CDS account at the end of the Entitlement Date (“Books Closure Date”), an entitled AAX shareholder may use the following basis to estimate the maximum number of AAX shares that he may sell from the Ex-date until the Book Closing Date which is from 10 February 2022 until 11 February 2022.

Number of AAX shares that may be                                   =             Number of shares held / 10

sold from  10 February 2022 until  11 February 2022                     (All fractional shares computed disregarded)

Illustration:

For example, if Mr X owns or purchases 1000 AAX shares on cum basis on 9 February 2022, his CDS account would still show 1000 AAX shares until 11 February 2022. However, as a result of the above Share Consolidation exercise, Mr X’s 1000 AAX shares in his CDS account will be adjusted to 100 AAX shares on the night of 11 February 2022 which is the Book Closing Date. Therefore, Mr X may, if he so wishes, sells only up to 100 AAX shares on or after the Ex-date i.e. from 10 February 2022 onwards.

Participating Organisations are hereby requested to caution all dealers and remisiers that, during the period from 10 February 2022 until 11 February 2022, they are only entitled to sell the maximum of 1/10 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:-

The Share Consolidation involves the consolidation of every 10 existing AAX Shares into 1 Consolidated Share as at 5.00 p.m. on 11 February 2022, being the entitlement date for the Share Consolidation.

The actual number of Consolidated Shares to be issued would depend on the issued share capital of the Company on the entitlement date for the Share Consolidation. Fractional entitlements arising from the Share Consolidation, in respect of the Consolidated Shares, if any, shall be disregarded and/or dealt with by the Board of Directors of the Company ("Board) in such manner and on such terms and conditions as the Board it in its absolute discretion may deem fit or expedient and in the best interests of the Company.

The Consolidated Shares will be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 14 February 2022, being the next market day following the entitlement date for the Share Consolidation. The notices of allotment of the Consolidated Shares will be issued and despatched to the entitled shareholders within 4 market days after the date of listing and quotation of the Consolidated Shares on the Main Market of Bursa Securities.

The Share Consolidation will result in a reduction in the number of Shares available in the market and the trading price of the Shares will be adjusted accordingly in proportion to the basis of the Share Consolidation. The shareholders of the Company are strongly advised to trade cautiously to prevent overselling of their position in respect of the Shares held.

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