Eng - IOI Group

29 SHARE CAPITAL cont’d29.2 Issue of Warrants 1995/2003The Company has on 31 October 1995 issued 209,158,409 detachable warrants (“Warrants”) in conjunctionwith the issue of RM225,000,000 nominal amount of 4% Redeemable Unsecured Loan Stocks 1995/2000.According to the terms of a deed poll dated 28 September 1995, the Warrants entitle the holders at any timewithin the exercise period of 4 1/2 years to subscribe for new ordinary shares of RM0.50 each in theCompany at the subscription price of RM3.35 per share, on the basis of one Warrant for one new ordinaryshare. On 18 November 1999, the shareholders and Warrants holders have approved the extension of theexercise period of the 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 periodsof one (1) year each from 1 May 2001 (“Further Extension”), provided that the daily weighted average marketprice of the shares in the Company quoted on the Kuala Lumpur Stock Exchange (“KLSE”) at a premium of lessthan twenty percent (20%) of the subscription price of RM3.35 on any one of the thirty (30) consecutivemarket days prior to the 31st 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 datesof the Warrants.ivThe exercise price of the Warrants of RM3.35 per share will not be revised other than those adjustmentsprovided for in the Deed Poll.During the previous financial year, the subscription period of the Warrants was extended for another oneyear from 1 May 2002 to 30 April 2003 (“Warrants 1995/2003”) pursuant to clause 5A of the supplementaldeed poll dated 17 December 1999.On 16 October 2002, pursuant to the Capital Distribution, the exercise price of the Warrants 1995/2003 wasadjusted from RM3.35 to RM3.25 in accordance with condition 39(1)(c) of the second schedule of the Deed Poll.The subscription rights of the Warrants 1995/2003 expired on 30 April 2003 pursuant to the conditionsstipulated in the Deed Poll and the supplemental deed polls.177IOI Corporation BerhadAnnual Report 2003