Eng - IOI Group

directors’report cont’dWARRANTS 1995/2003Pursuant to a deed poll dated 28 September 1995 (“Deed Poll”), the Company has on 31 October 1995 issued209,158,409 warrants (“Warrants”) in conjunction with the issue of RM225,000,000 nominal amount of 4% RedeemableUnsecured Loan Stocks 1995/2000.The salient features of the Warrants as per the Deed Poll are as follows:iEach Warrant entitles the registered holder at any time during the subscription period to subscribe for one newordinary share of RM0.50 each at an exercise price of RM3.35 per ordinary share.iiThe subscription price may be adjusted, where appropriate under circumstances provided in the Deed Poll.iii The subscription period is four and a half-years from the date of issue to expire on 30 April 2000.ivThe Warrant holder has no right to participate by virtue of the Warrants in any other share issue of any othercompany.vUpon expiry of the subscription period, any unexercised subscription rights will lapse and cease to be valid for anypurpose.On 18 November 1999, the shareholders and the Warrant holders of the Company have approved the extension of theexercise period of the outstanding Warrants. The salient terms of the extension as per the supplemental deed polls dated17 December 1999 and 25 August 2001 are as follows:i The original exercise period of the Warrants shall be extended for one year from 1 May 2000 to 30 April 2001.iiThe exercise period of the Warrants may be extended beyond 30 April 2001, up to four (4) consecutive periods ofone (1) year each from 1 May 2001 (“Further Extension”), provided that the daily weighted average market price ofthe shares in the Company quoted on the Kuala Lumpur Stock Exchange (“KLSE”) at a premium of less than twentypercent (20%) of the subscription price of RM3.35 on any one of the thirty (30) consecutive market days prior to the31st day of January of the year of expiry of the relevant extension period.iiiThe Company to announce to the KLSE on any Further Extension, three months prior to the expiry dates of theWarrants.IOI Corporation BerhadAnnual Report 2003116ivThe exercise price of the Warrants of RM3.35 per share will not be revised other than those adjustments providedfor in the Deed Poll.