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 IHMB’s 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
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
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 IHMB’s 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
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
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.
Table 2 - Proforma effects of the revised Proposed Restructuring Exercise on the share capital of IHMB and Newco
IHMB
Par value
RMNo. of IHMB Shares
'000Paid-up Share capital
RM'000As 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
RMNo. of Newco Shares
'000Paid-up Share capital
RM'000As 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.
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'000Proforma 1
RM'000Proforma 2
RM'000Share 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.
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 1Proforma 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 2Proforma 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 3Proforma 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 4Proforma 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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