30. IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES AND PERPETUAL BOND (CONT’D.) Irredeemable Convertible Preference Shares (cont’d.) The salient terms of the ICPS were as follows: (cont’d.) (b) Dividend The ICPS in the share capital carries an annual cumulative preferential dividend at the following rates: Period Rate From the Issue Date up to and including the first (1st) anniversary 1.0% based on the Issue Price of the ICPS From the date after the first (1st) anniversary up to and including the second (2nd) anniversary 1.5% based on the Issue Price of the ICPS From the date after the second (2nd) anniversary up to and including the fifth (5th) anniversary 2.0% based on the Issue Price of the ICPS From the date after the fifth (5th) anniversary up to the Market Day immediately preceding the tenth (10th) anniversary from the Issue Date (“Maturity Date”) 3.0% based on the Issue Price of the ICPS Subject to availability of profits and compliance with the Act, the dividend in respect of the ICPS will be payable in arrears on a semi-annual basis. To the extent that the dividends or any part thereof is not declared or paid on a semi-annual basis, after the date on which the ICPS are first issued, it will continue to accumulate and be declared and paid on a cumulative basis no later than the Maturity Date, subject to availability of profits and compliance with the Act. (c) Ranking of the ICPS The ICPS will upon allotment and issue, rank equally amongst themselves, and will rank ahead in priority to the holders of the ordinary shares and all other classes of shares (if any) in the Company, in respect of payment out of the assets of the Company upon any liquidation, dissolution or winding up of the Company, provided always that the Board approves such payment out of the assets of the Company on this basis and further affirms the priority of payment to the ICPS Holder. The ICPS will rank subordinated to all the Company’s creditors in respect of payment of debt and payments out of assets of the Company upon liquidation, dissolution, or winding up of the Company. Notwithstanding anything to the contrary herein, the Board shall not issue any preference shares (other than additional ICPS) which rank equally with or in priority to, the ICPS unless the issue of such securities has first been approved by the ICPS Holders by way of an ordinary resolution of such holders. (d) Conversion (i) Entitlement to Convert Each ICPS Holder shall, on any Market Day during the period commencing on the Issue Date and ending on the Maturity Date be entitled to require the Company to convert all or any of the ICPS registered in his name into such number of fully converted ordinary shares in the share capital of the Company, without the payment of any consideration (cash or otherwise), at the conversion ratio as at that date referred in Clause 20A(d)(ii) herein, by giving a notice to convert to the Company under Clause 20A(d)(iii). FINANCIAL STATEMENTS & OTHER INFORMATION 313
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