Medi Lifestyle Limited Announces Proposed Debt Conversion into New Ordinary Shares

Key Highlights of the Proposed Debt Conversion

• Debt Conversion Deed: Medi Lifestyle Limited (“the Company”) has entered into a Debt Conversion Deed with Lingholm Holdings Pte. Ltd. (“the Lender”) to convert outstanding debt into new shares of the Company.
• Number of Shares: The agreement covers the conversion of outstanding amounts into 213,965,134 new ordinary shares in the capital of Medi Lifestyle Limited.
• Conversion Price: Each Debt Conversion Share will be issued at S\$0.015.
• Regulatory Approvals: The Company received the Listing and Quotation Notice (LQN) from the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the Debt Conversion Shares on the Catalist Board, subject to the following:
  • Shareholders’ approval at an upcoming extraordinary general meeting (EGM).
  • Full compliance with SGX-ST listing requirements.
• Whitewash Waiver: The Company received the Whitewash Waiver from the Securities Industry Council, which is crucial because it allows the Lender to increase its stake without triggering a mandatory takeover offer.

Important Information for Shareholders

• Potential Shareholding Dilution: The issuance of 213,965,134 new ordinary shares will result in dilution to existing shareholders. The size of this conversion could materially affect the shareholding structure.
• Price Sensitivity: The conversion price is set at S\$0.015 per share. Investors should compare this to the prevailing market price to assess potential dilution impact and market reaction.
• Completion Uncertainty: The completion of the Proposed Debt Conversion is not guaranteed. It remains subject to shareholder approval at the EGM and satisfaction of all conditions in the Debt Conversion Deed.
• SGX-ST LQN Not Indicative of Merits: The Listing and Quotation Notice from SGX-ST should not be taken as an indication of the merits of the Proposed Debt Conversion, the Company, or its securities.
• Cautionary Statement: Shareholders and potential investors are advised to exercise caution when trading in the Company’s shares, as there is no certainty that the Debt Conversion will be completed.

Details of the Announcement

The Board of Directors, led by Executive Chairman & CEO Herry Pudjianto, confirmed the Company’s commitment to full and true disclosure regarding the Proposed Debt Conversion and reaffirmed the accuracy of the information provided. The Directors have stated they are not aware of any facts that would make any statement in the announcement misleading.

The Company will continue to update shareholders of any material developments related to the Proposed Debt Conversion. Shareholders are encouraged to consult their financial, tax, or professional advisers if in doubt about actions to take.

Contact Information

For further queries, investors and media may contact:
Jeysie Wong
Corporate Communications Department
Mobile: +60 12 708 6005
Email: [email protected]

The announcement has been reviewed by the Company’s sponsor, SAC Capital Private Limited. The SGX-ST has not examined or approved its contents and assumes no responsibility for its accuracy.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Shareholders and potential investors should exercise caution and consult with financial professionals before making any investment decisions. The completion of the Proposed Debt Conversion is subject to shareholder approval and other conditions and is not guaranteed.

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