'%" 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') (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!a2rms!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!"#A(d)(ii)!herein&!by!giving!a!notice!to!convert!to!the! Company!under!Clause!"#A(d)(iii)' Any!remaining!ICPS!that!are!not!converted!by!the!Maturity!Date!shall!be!automatically!converted!into!new!ordinary!shares! based!on!the!conversion!ratio!during!the!"nd!Conversion!Period' No!fraction!of!ordinary!shares!arising!on!conversion!of!the!ICPS!will!be!allotted!to!the!ICPS!Holder!entitled!thereto!and!any! such!fraction!will!be!rounded!down' (ii) Conversion!Ratio The!conversion!ratio!is!fixed!as!follows) -!!! for!conversion!at!any!time!during!the!period!from!the!Issue!Date!up!to!the!fifth!(/th)!anniversary&!the!conversion!ratio!will! be!one!($)!ICPS!for!one!($)!ordinary!share*!and -!!! for!conversion!at!any!time!during!the!period!after!the!fifth!(/th)!anniversary!of!the!Issue!Date!up!to!the!Maturity!Date&!the! conversion!ratio!will!be!five!(/)!ICPS!for!six!(%)!ordinary!shares' The!conversion!ratio!will!be!subject!to!any!necessary!adjustments!from!time!to!time&!at!the!determination!of!the!Board&!in! the!event!of!any!alteration!to!the!Company’s!share!capital&!whether!by!way!of!rights!issue&!capitalisation!issue&!consolidation! of!shares&!subdivision!of!shares!or!reduction!of!capital!howsoever!being!e(ected&!in!accordance!with!the!provisions!of!the! Constitution!of!the!Company'!The!Company!will!give!notice!in!writing!to!the!ICPS!holders!of!its!intention!to!make!such! adjustments!to!the!conversion!ratio' NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 264 ANNUAL REPORT 2023
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