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Krisenergy Ltd NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS CIRCULAR DATED 12 DECEMBER 2016 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action that you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately. If you have sold or transferred all your shares in the capital of KrisEnergy Ltd. (the “Company”) of par value US$0.00125 each (“Shares”), please forward this Circular together with the Notice of Extraordinary General Meeting and the enclosed Depositor Proxy Form or Shareholder Proxy Form (as the case may be) immediately to the purchaser or transferee or to the agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee, subject to the distribution restrictions set out in this Circular. Approval in-principle has been obtained from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the Notes, the Warrants and the New Shares (each as defined herein) on the Main Board of the SGX-ST, subject to certain conditions. The Notes, the Warrants and the New Shares will be admitted to the Main Board of the SGX-ST and official quotation will commence after all conditions imposed by the SGX-ST are satisfied, including (in the case of Warrants) there being a satisfactory spread of holdings of the Warrants to provide for an orderly market in the Warrants. The SGX-ST assumes no responsibility for the correctness or accuracy of any of the statements made, reports contained and opinions expressed in this Circular. Approval in-principle granted by the SGX-ST for the listing and quotation of the Notes, the Warrants and the New Shares on the Main Board of the SGX-ST is not to be taken as an indication of the merits of the Preferential Offering (as defined herein), the Notes, the Warrants, the New Shares, the Company and/or its Subsidiaries. It should be noted that the Warrants may not be listed and quoted on the SGX-ST in the event there is an insufficient spread of holdings of the Warrants to provide for an orderly market in the trading of the Warrants. In such an event, the Warrantholders (as defined herein) will not be able to trade their Warrants on the SGX-ST. However, if the Warrantholders were to exercise their rights, subject to the terms and conditions of the Warrants, to convert their Warrants into New Shares, such New Shares will be listed and quoted on the SGX-ST. INVESTING IN THE NOTES, THE WARRANTS AND THE NEW SHARES INVOLVES RISKS. SEE “RISK FACTORS RELATING TO THE PREFERENTIAL OFFERING, THE NOTES, THE WARRANTS AND/OR THE NEW SHARES” IN APPENDIX 8 OF THIS CIRCULAR FOR A DISCUSSION OF CERTAIN RISKS TO BE CONSIDERED IN CONNECTION WITH SUCH AN INVESTMENT, INCLUDING STRUCTURAL SUBORDINATION OF NOTEHOLDERS (AS DEFINED HEREIN) TO THE COMPANY’S SUBSIDIARIES’ THIRD-PARTY INDEBTEDNESS AND OBLIGATIONS, THE PROCEEDS REALISED FROM A SALE OF THE NOTE SECURITY (AS DEFINED HEREIN) POTENTIALLY BEING INSUFFICIENT FOR NOTEHOLDERS TO RECOVER ALLAMOUNTS DUE ON THE NOTES AND POTENTIAL VOLATILITY IN THE PRICE OF THE NOTES, WARRANTS AND NEW SHARES. This Circular is not for distribution, directly or indirectly, in or into the United States. This Circular is not an offer of securities for sale in the United States. The Notes, the Warrants and the New Shares are being offered and sold only outside the United States in “offshore transactions” in accordance with Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and only to persons who are not, and are not acting for the account or benefit of “U.S. persons” (as defined in Regulation S). The Notes, the Warrants and the New Shares to be issued in connection with the Preferential Offering have not been and will not be registered under the U.S. Securities Act and may not be re-offered, re-sold, pledged or otherwise transferred except in an offshore transaction in accordance with Regulation S to a person outside the United States and not known by the transferor to be a U.S. person (as defined in Regulation S) by pre-arrangement or otherwise. The Company has not been and will not be registered under the U.S. Investment Company Act (as defined herein). The Notes, the Warrants and the New Shares have not been approved or disapproved by the United States Securities and Exchange Commission, any state securities commission in the United States or any other United States regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the Preferential Offering or the accuracy or adequacy of this Circular. Any representation to the contrary is a criminal offence in the United States. This Circular shall not constitute an offer to sell or a solicitation of an offer to buy shares or other securities of the Company nor shall there be any sale of any shares or other securities of the Company in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This Circular is issued to Shareholders (as defined herein) solely for the purpose of convening the EGM (as defined herein) and seeking their approval of the resolutions to be considered at such meeting. Shareholders are authorised to use this Circular solely for the purpose of considering the approvals sought. Persons to whom a copy of this Circular has been issued shall not circulate to any other person, reproduce or otherwise distribute this Circular or any information herein for any purpose whatsoever nor permit or cause the same to occur. The distribution of this Circular and/or the transfer of the Notes, the Warrants and the New Shares into jurisdictions other than Singapore may be prohibited or restricted by law. Persons into whose possession this Circular comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. KRISENERGY LTD. (Company Registration Number: 231666) (Incorporated in the Cayman Islands on 5 October 2009) CIRCULAR TO SHAREHOLDERS IN RELATION TO (1) THE PROPOSED NON-RENOUNCEABLE NON-UNDERWRITTEN PREFERENTIAL OFFERING (THE “PREFERENTIAL OFFERING”) OF UP TO S$140 MILLION IN PRINCIPAL AMOUNT OF SENIOR SECURED ZERO COUPON NOTES DUE 2024 (THE “NOTES”), IN THE DENOMINATION OF S$1.00 FOR EACH NOTE, WITH UP TO 1,255,183,632 FREE DETACHABLE WARRANTS (THE “WARRANTS”), EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE NEW SHARE (COLLECTIVELY, THE “NEW SHARES”) AT AN EXERCISE PRICE OF S$0.110 FOR EACH NEW SHARE (THE “EXERCISE PRICE”), ON THE BASIS OF 93 NOTES OF PRINCIPALAMOUNT OF S$1.00 EACH WITH 837 WARRANTS FOR EVERY 1,000 EXISTING SHARES HELD BY THE ENTITLED SHAREHOLDERS (AS DEFINED HEREIN) AS AT THE RECORD DATE (AS DEFINED HEREIN), FRACTIONAL ENTITLEMENTS TO BE DISREGARDED; AND (2) THE PROPOSED WHITEWASH RESOLUTION FOR THE WAIVER OF THE RIGHTS OF THE INDEPENDENT SHAREHOLDERS (AS DEFINED HEREIN) TO RECEIVE A MANDATORY GENERAL OFFER FROM THE CONCERT PARTY GROUP (AS DEFINED HEREIN) FOR THE COMPANY. Independent Financial Adviser to the Independent Directors of the Company in respect of the Whitewash Resolution NRA Capital Pte Ltd (Incorporated in the Republic of Singapore) (Company Registration Number: 199904258C) IMPORTANT DATES AND TIMES Last date and time for lodgement of Proxy Form : 25 December 2016 at 10:00 a.m. Date and time of EGM : 27 December 2016 at 10:00 a.m. Place of EGM : Clove Room, Level 5 Novotel Clarke Quay Singapore 177A River Valley Road Singapore 179031 CONTENTS Page DEFINITIONS............................................................. 1 1. INTRODUCTION ...................................................... 22 2. THE PREFERENTIAL OFFERING ......................................... 32 3. RATIONALE FOR THE PREFERENTIAL OFFERING AND USE OF PROCEEDS ..... 56 4. IRREVOCABLE UNDERTAKINGS ......................................... 57 5. FINANCIAL EFFECTS OF THE PREFERENTIAL OFFERING AND NOTES EXCHANGES........................................................ 59 6. THE WHITEWASH RESOLUTION ......................................... 61 7. FINANCIALS AND CAPITALISATION AND INDEBTEDNESS .................... 67 8. RECORD DATE ....................................................... 67 9. RECENT DEVELOPMENTS .............................................. 67 10. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS .......... 67 11. INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS ............. 68 12. EXTRAORDINARY GENERAL MEETING ................................... 68 13. OFFERING MEMORANDUM ............................................. 68 14. ACTION TO BE TAKEN BY SHAREHOLDERS ............................... 68 15. DIRECTORS’ RECOMMENDATION ....................................... 69 16. ABSTENTION FROM VOTING............................................ 69 17. DIRECTORS’ RESPONSIBILITY STATEMENT ............................... 70 18. CONSENTS ........................................................... 70 19. DOCUMENTS FOR INSPECTION ......................................... 70 APPENDIX 1 INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS ...... 72 APPENDIX 2 INDEPENDENT FINANCIAL ADVISER’S LETTER ..................... 75 APPENDIX 3 SELECTED CONSOLIDATED FINANCIAL INFORMATION AND CAPITALISATION AND INDEBTEDNESS...................................... 121 APPENDIX
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