The company is proposing a Refinancing Exercise to replace existing debt with new long-term securities:

• Bond Buyback: The company will purchase and cancel S$35.03 million of existing listed Convertible Bonds held by Mr. Chew and Ms. Doris.

• New Issue: As payment, the company will issue S$35.03 million in new 5-year unlisted, non-convertible unsecured bonds with a 5.5% coupon rate (down from the previous 6%).

• Warrants: The package includes 538.9 million detachable warrants, each allowing the holder to buy one new share at S$0.065.

• Maturity Extension: This move extends the company's debt maturity by 5 years, providing greater financial flexibility.

To share the benefits of the cash preservation with all investors, the Board intends to declare a Special Interim Dividend:

• Amount: S$0.003 per ordinary share.

• Condition: This dividend is strictly conditional upon shareholders approving the Proposed Refinancing at an upcoming Extraordinary General Meeting (EGM).