Table 1   Table 2   Table 3   Table 4  


Table 1 - Scheme Liabilities


 

<----------------Scheme Liabilities--------------->

<-----------------------------------------------------------Settlement-------------------------------------------------------->

 

Amount outstanding as at 31 December 1999 ("Cut-Off Date")

Fixed deposits as at Cut-Off Date

Net amount outstanding

Foreclosure of IHMBís investment in Prime Utilities Berhad

Cash payment from the proceed of the Proposed Shares Subscription

Cash payment from the proceed of the Proposed Rights Shares Issue

Issuance of SPV RSLS

Issuance of ICULS-A

Amount waived by the Scheme Creditors

Issuance of Yield Shares

 

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

                     

Scheme A(1)

                   

Arab-Malaysian Bank Berhad ("AMBB")

272,043

-

272,043

61,440

92,684

-

117,919

-

-

5,896

Arab-Malaysian Merchant Bank Berhad ("AMMB")

60,000

(7,052)

52,948

11,958

18,039

-

22,951

-

-

1,148

Scheme A(1) total

332,043

(7,052)

324,991

73,398

110,723

-

140,870

-

-

7,044

                     

Scheme A(2)

                   

TA First Credit Sdn Bhd

225,078

-

225,078

36,602

37,697

4,323

-

66,914

40,286

5,308

                     

Scheme B

                   

AMBB

5,482

-

5,482

-

70

1,459

2,485

410

1,058

145

Malaysian Industrial Development Finance Berhad

17,622

-

17,622

-

266

4,633

9,404

446

2,873

492

Danaharta Managers Sdn Bhd ("Danaharta")

14,179

-

14,179

-

214

3,728

7,566

359

2,312

396

Scheme B total

37,283

-

37,283

-

550

9,820

19,455

1,215

6,243

1,033

                     

Scheme C(1)

                   

Alliance Merchant Bank Berhad

3,040

(53)

2,987

-

9

848

303

747

1,080

53

Danaharta Managers (L) Ltd

110,197

(64,524)

45,673

-

131

12,980

4,645

11,418

16,499

803

Danaharta

1,195

-

1,195

-

3

339

122

299

432

21

Affin Bank Berhad

1,090

-

1,090

-

3

314

111

232

430

17

Alliance Bank Berhad

5,000

(3,920)

1,080

-

3

307

110

270

390

19

AMMB International (L) Ltd

9,561

-

9,561

-

29

2,716

971

2,391

3,454

168

RHB Bank Berhad

544

-

544

-

2

155

55

135

197

10

AMBB

1,856

-

1,856

-

5

528

189

464

670

33

Aseambankers Malaysia Berhad

450

-

450

-

1

127

46

113

163

8

Scheme C(1) total

132,933

(68,497)

64,436

-

186

18,314

6,552

16,069

23,315

1,132

 

 

 

<---------Scheme Liabilities--------------->

<-----------------------------------------------------------Settlement-------------------------------------------------------->

 

Amount outstanding as at 31 December 1999 ("Cut-Off Date")

Fixed deposits as at Cut-Off Date

Net amount outstanding

Foreclosure of IHMBís investment in Prime Utilities Berhad

Cash payment from the proceed of the Proposed Shares Subscription

Cash payment from the proceed of the Proposed Rights Shares Issue

Issuance of SPV RSLS

Issuance of ICULS-A

Amount waived by the Scheme Creditors

Issuance of Yield Shares

 

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

RMí000

Scheme C(2)

                   

Syntech Woh Hup Invescor Pte. Ltd.

19,000

-

19,000

-

183

736

6,467

4,750

6,864

561

KFC

6,750*

-

6,750

-

117

311

2,297

1,687

2,438

199

Marubeni Corporation

19,000

-

19,000

-

183

736

6,467

4,750

6,864

561

A la Banque Internationale

1,900

-

1,900

-

18

74

647

475

686

56

Razaly Associate Architects

3,517

-

3,517

-

34

137

1,197

879

1,270

104

Co-operative Central Bank Limited

32,000

-

32,000

-

309

1,240

10,891

8,000

11,560

944

Scheme C(2) total

87,616

-

82,167

-

844

3,134

27,966

20,541

29,682

2,425

                     

Scheme C(3)

                   

Transwater Corporation Berhad

42,780

-

42,780

-

-

3,113

-

14,973

24,694

749

                     

Contingencies

-

-

-

-

-

-

-

15,000

-

750

                     

Grand Total

857,733

(75,549)

776,735

110,000

150,000

38,704

234,099

134,712

124,220

18,441

Note:

* Adjusted pursuant to the SA dated 22 March 2002 between IHMB and KFC in relation to the Proposed Wisma KFC Rescission.

 


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Table 2 - Proforma effects of the revised Proposed Restructuring Exercise on the share capital of IHMB and Newco


IHMB

Par value
RM

No. of IHMB Shares
'000

Paid-up Share capital
RM'000

As at 30 April 2002(i)

0.50

559,970

279,985

After the Proposed Capital Reduction

0.025

559,970

13,999

After consolidation of 20 ordinary shares of RM0.025 each into one (1) ordinary shares of RM0.50 each

0.50

27,998

13,999

Note:

(i) Based on the audited accounts of IHMB for the financial year ended 31 December 2001 which has been adjusted for cancellation of the Placement Shares.

Newco

Par value
RM

No. of Newco Shares
'000

Paid-up Share capital
RM'000

As at 30 April 2002

1.00

10

10

To be issued pursuant to the Proposed Share Exchange

1.00

13,999

13,999

To be issued pursuant to tranche I of the Proposed Shares Subscription

1.00

28,300

28,300

To be issued pursuant to the Proposed Issue of Yield Shares

1.00

18,441

18,441

To be issued pursuant to tranche II of the Proposed Shares Subscription

1.00

121,700

121,700

To be issued pursuant to the Proposed Rights Issue

1.00

42,028

42,028

Upon completion of the Proposed Restructuring Exercise

1.00

224,478

224,478

Upon full conversion of the ICULS-A

1.00

134,712

134,712

1.00

359,190

359,190

Upon full conversion of the ICULS-B(i)

1.00

210,468

210,468

Enlarged share capital after on full conversion of ICULS-A and ICULS-B

1.00

569,658

569,658


Note:

(i) For the purpose of illustration, the conversion of each RM0.10 nominal value ICULS-B into one (1) new Newco Share is by way of tendering one (1) nominal value of ICULS-B of RM0.10 together with cash of RM0.90.



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Table 3 - The proforma effect of the revised Proposed Restructuring Exercise on the consolidated NTA and gearing of IHMB Group and Newco Group


IHMB Group

<-------------Newco Group*------------>

Audited 31.12.01
RM'000

Proforma 1
RM'000

Proforma 2
RM'000

Share capital

279,985

224,478

569,658

ICULS-A

-

134,712

-

Reserves

(765,408)

(234,342)

(234,342)

Shareholders' funds

(485,423)

125,082

335,316

Intangible assets

(97,837)

-

-

(583,260)

125,082

335,316

NTA per share (RM)

(1.04)

0.56

0.59

Bank borrowings

534,512

-

-

Accrued Interest

224,977

-

-

ICULS-B

-

21,063

-

Total borrowings

759,489

21,063

-

Gearing ratio (times)

(1.3)

0.17

-

Notes:

* Residual IHMB is not consolidated as part of Newco Group, as it is intended to be sold in the near future.

(i) Proforma 1 - After the Proposed Restructuring Exercise but before any conversion of ICULS-A and ICULS-B.

(ii) Proforma 2 - After Proforma 1 and the conversion of RM136.074 million nominal value ICULS-A to new Newco Shares and the conversion of RM21.063 million nominal value ICULS-B to new Newco Shares by way of tendering (1) nominal value of ICULS-B of RM0.10 together with cash of RM0.90.



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Table 4 - The proforma effect of the revised Proposed Restructuring Exercise on the substantial shareholders of IHMB and Newco




Notes:

(i) As at 30 April 2002, IHMB has no substantial shareholders.

(ii) The above excludes substantial shareholders who are holding as bare trustees for various parties which none individually (unless otherwise stated) holding more than 5%.

(iii) Proforma 1

Proforma 1 incorporates, the Proposed Capital Reduction and Consolidation, Proposed Reserve Reduction, Proposed Share Exchange allotment of the Subscription Shares and the issuance of tranche I Subscription Shares pursuant to the Proposed Shares Subscription and the issuance of Yield Shares pursuant to the Proposed Issue of Yield Shares, the Proposed Rights Issue of ICULS-B, the Proposed Issue of ICULS-A and the Proposed Talasco Transfer and the Proposed SPV Acquisition of Residual IHMB Group on the assumption that all entitled shareholders will subscribe to their respective entitlement of the Proposed Rights Issue of ICULS-B.


(iv) Proforma 2

Proforma 2 incorporates the transactions in Proforma 1, the issuance of tranche II Subscription Shares pursuant to the Proposed Shares Subscription and the issuance of Rights Shares pursuant to the Proposed Rights Issue on the assumption that all entitled shareholders will subscribe to their respective entitlement of the Proposed Rights Issue.


(v) Proforma 3

Proforma 3 incorporates the transactions in Proforma 2 and the proposed conversion of RM134.712 million nominal value ICULS-A to new Newco Shares.


(vi) Proforma 4

Proforma 4 incorporates the transaction in Proforma 3 and the proposed conversion of RM21.047 million nominal value ICULS-B to new Newco Shares by way of tendering one (1) nominal value of ICULS-B of RM0.10 together with cash of RM0.90 on the assumption that all entitled shareholders will subscribe to their respective entitlement of the Proposed Rights Issue of ICULS-B.


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