Tropicana Corporation Berhad Annual Report 2019

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.) (e) Ranking of the new ordinary shares The new ordinary shares to be issued upon conversion of the ICPS shall, upon allotment and issue, rank equally in all respects with the existing issued ordinary shares including the entitlements to dividends, rights, allotments or other distributions, except that the new ordinary shares shall not be entitled to any dividends, rights, allotments and/or other distributions of which may be declared, made or paid, the entitlement date is before the date of allotment of such new ordinary shares. (f) Redemption The ICPS shall not be redeemable. (g) Transferability The ICPS shall be transferable and shall be subject to the same provisions of transferability of ordinary shares as are set out in the Constitution of the Company. (h) Meeting and Voting Rights Each ICPS Holder shall have the right to receive notices, annual reports and audited financial statements and attending in person or proxy, at any general meetings of the Company but shall not be entitled to speak, vote, move resolutions in any way except at a meeting convened in respect of any proposal or resolution made: (i) when the dividend or part of the dividend on the ICPS is in arrears for more than six (6) months; (ii) on a proposal to reduce the Company’s share capital; (iii) on a proposal for the disposal of the whole of the Company’s property, business and undertaking; (iv) on a proposal that affects the rights and privileges attached to the ICPS; (v) on a proposal to wind up the Company; and (vi) during the winding up of the Company. The abovementioned proposal shall subject to the sanction of a resolution passed at a separate meeting of the ICPS Holders. A separate meeting of ICPS Holders shall be convened in respect of the abovementioned proposal or resolution, for the ICPS Holders to speak and vote at such meeting. To every such separate meeting, the provisions of this Constitution relating to general meetings shall mutatis mutandis apply, except that in the case of having only one ICPS Holder, one ICPS Holder personally present at a meeting shall constitute a quorum. For the financial year ended 31 December 2019 Notes to the Financial Statements Tropicana Corporation Berhad Annual Report 2019 pg 216 About Tropicana Our Strategic Performance Our Leadership