Annual Report - Ahli United Bank

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Annual Report - Ahli United Bank

20 SHARE CAPITAL (continued)(i) Capital Markets Supervision Directorate of CBB vide their letters dated 2 September 2004, 9 November 2004 and 18 April 2005;(ii) Banking Supervision Directorate of CBB vide their letters dated 5 September 2004 and 17 April 2005; and(iii) Ministry of Commerce vide their letters dated 8 September 2004 and 9 April 2005.Subsequent amendments were duly approved by the regulatory authorities.As per the approved plan, the Non-Cumulative Fully Convertible Class B preference shares (“Class B preference shares”) wereauthorised for issuance to the employees of the Bank and its subsidiary in UK, in five annual tranches over a five-year periodcommencing 1 January 2005 at prices determined by the Board of Directors within set parameters. The Class B Preference Sharesare mandatorily convertible into an equivalent number of ordinary shares adjusted for any bonus share issues on the conversiondate of each tranche.The details of Class B preference shares issued, conversion dates of respective issues and the resultant conversion effect dulyadjusted for bonus share issues for the years 2005, 2006, 2007 and 2008 are as follows:Conversion date Numbers in millionNumber of Class B preference shares issued : 2009 2008Tranche - I 1 January 2008 119.9 119.9Tranche - II 1 January 2009 36.0 36.0Tranche - III 1 January 2010 38.4 38.4Total Issue Class B preference shares - 31 December 2007 194.3 194.3Add: Bonus shares @ 5% for 2005 as approved at the Bank’s Annual GeneralAssembly of Shareholders' meeting held on 27 March 2006.9.7 9.7204.0 204.0Add: Bonus shares @ 10% for 2006 as approved at the Bank’s Annual GeneralAssembly of Shareholders' meeting held on 25 March 2007.20.4 20.4224.4 224.4Add: Rights issue conversion adjustment factor @ 2.834% as approved at theBank's Extraordinary General Assembly of Shareholders' meeting held6.3 6.3on 18 October 2007.230.7 230.7Less: Conversion of Tranche I of Class B preference shares (refer (g) below). (142.3) (142.3)88.4 88.4Add: Bonus shares @ 10% for 2007 as approved at the Bank’s Annual GeneralAssembly of Shareholders' meeting held on 3 March 2008.8.8 8.897.2 97.2Less: Conversion of Tranche II of Class B preference shares (refer (g) below). (47.0) -50.2 97.2Add: Bonus shares @ 5% for 2008 as approved at the Bank’s Annual GeneralAssembly of Shareholders’ meeting held on 18 March 2009.2.5 -Total number of ordinary shares when converted 52.7 97.2(g) Conversion of Tranche I and II of Class B preference sharesAs per the terms of the issue of the Employee Share Purchase Plan (ESPP), upon conversion of Tranche-I of the Class B preferenceshares on 1 January 2008 and Tranche II of the Class B preference shares on 1 January 2009, 142.3 million ordinary shares and 47.0million ordinary shares respectively were issued, including the bonus adjustment for the years 2005, 2006, 2007 and 2008 and therights issue adjustment factor for 2007.AUB Annual Report 200975

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