Vobile Group Limited announced that it has entered into the Subscription Agreement with returning investor Poly Platinum Enterprises Limited to issue 3% Convertible Bonds in the principal amount of HKD 159,997,200 due 2026 on May 13, 2023. The initial Conversion Price of HK$1.87 of the Convertible Bonds represents a premium of approximately 15% to the closing price of HKD 1.63 per Share as quoted on the Stock Exchange on the date of the Subscription Agreement; and a premium of approximately 14% to the average closing price of approximately HKD 1.64 per Share as quoted on the Stock Exchange for the five trading days immediately prior to the date of the Subscription Agreement. The Convertible Bonds will bear simple interest on their outstanding principal amount at the rate of 3% per annum, payable semi-annually in arrears, and will, unless previously redeemed, converted or purchased and cancelled as provided in the Terms and Conditions, mature on the Maturity Date falling two years from the Issue Date.

The number of Shares to be issued upon conversion of the Convertible Bonds shall be determined by dividing the principal amount of the Convertible Bonds to be converted by the Conversion Price in effect on the relevant Conversion Date. The Conversion Shares will, upon their issue, rank pari passu in all aspects with the other Shares in issue.