Lasseters Properties Sdn Bhd announced that it has entered into subscription agreements for private placement of 20 ordinary shares for MYR 1 per share for a gross proceeds of MYR 20 and 12,300,000 new redeemable non-convertible preference shares for MYR 1 per preference share for a gross proceeds of MYR 12,300,000 for an aggregate gross proceeds of 12,300,020 on February 26, 2020. Under the terms, new investor Focus Maxwell Sdn Bhd will subscribe to 20 new ordinary shares representing 20% stake and 1,300,000 new redeemable non-convertible preference shares for MYR 1,300,000 in the first tranche and will subscribe to 11,000,000 new redeemable non-convertible preference shares for a cash consideration of up to MYR 11,000,000 in the second tranche. The investor shall subscribe within 5 business days of the execution of the subscription agreement to 20 new ordinary shares in the company. The investor will nominate one director to be appointed by the company. The transaction is subject to conditions including company obtaining the approval of its shareholder, if applicable, company to obtain the approval and/or consent from its financier(s) to carry out the allotment and issue of the subscription shares and preference shares, investor obtaining the approval of its shareholder for the subscription of the second tranche, if applicable, the approvals, consents, authorisations, permits or waivers of any other relevant governmental or regulatory body and/or any other third parties necessary or appropriate to give effect for investor to subscribe and for company to carry out the allotment and issue of the subscription shares and preference shares, having been obtained. The redeemable preference shares will mature on the second anniversary from the date of first issuance of the second tranche and will not be transferable except with the written consent of the company redeemable at a redemption price of MYR 1.1614 per preference share in cash. The shares will be redeemed as 500,000 shares each at the end of the 6th month, 12 months, 18 months and 24 months.