Eng - IOI Group

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Notes To The Financial Statements cont’d34. LONG TERM BORROWINGS cont’d34.2 USD310 Million Zero Coupon Guaranteed Exchangeable Bonds due 2009 (“1 st Exchangeable Bonds”) cont’dThe movement of the 1 st Exchangeable Bonds during the financial year is as follows:Group Liability Equity DeferredComponent Component TaxRM’000 RM’000 RM’0002007At beginning of financial year 439,163 50,194 10,542Exchange of USD129,746,000 nominal value of the1 st Exchangeable Bonds (436,012) (50,194) (8,632)Interest expense 6,392 - (1,726)Foreign currency translation differences (9,543) - (184)At end of financial year - - -2006At beginning of financial year 1,043,135 119,928 37,762Exchange of USD180,254,000 nominal value of the1 st Exchangeable Bonds (608,077) (69,734) (16,999)Interest expense 33,431 - (9,361)Foreign currency translation differences (29,326) - (860)At end of financial year 439,163 50,194 10,542During the financial year, the remaining balance of USD129,746,000 of the 1 st Exchangeable Bonds were exchanged intothe ordinary shares of the Company.34.3 USD370 Million Zero Coupon Guaranteed Exchangeable Bonds due 2011 (“2 nd Exchangeable Bonds”)On 18 December 2006, the Company’s wholly-owned subsidiary, IOI Capital (L) Berhad (the “Issuer”), a companyincorporated in the Federal Territory of Labuan under the Offshore Companies Act, 1990, issued USD370 million ZeroCoupon Guaranteed Exchangeable Bonds due 2011 (“2 nd Exchangeable Bonds”). The 2 nd Exchangeable Bonds wereissued at 100% of the principal amount and listed on the Singapore Exchange Securities Trading Limited and the LabuanInternational Financial Exchange and will mature on 18 December 2011. The 2 nd Exchangeable Bonds are unconditionallyand irrevocably guaranteed by the Company.203ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d34. LONG TERM BORROWINGS cont’d34.3 USD370 Million Zero Coupon Guaranteed Exchangeable Bonds due 2011 (“2 nd Exchangeable Bonds”) cont’dThe salient features of the 2 nd Exchangeable Bonds are as follows:i. The 2 nd Exchangeable Bonds are exchangeable at any time on and after 28 January 2007 and prior to 3 December2011 by holders of the 2 nd Exchangeable Bonds (the “Bondholders”) into newly issued ordinary shares of the Company(the “IOI Shares”), at an initial exchange price of RM23.50 per ordinary share of RM0.50 each at a fixed exchange rateof USD1.00 = RM3.54 (the “Exchange Price”). The Exchange Price is subject to adjustment in certain circumstances.ii.The Issuer or the Company may, at its option, satisfy its obligation to deliver IOI Shares pursuant to the exercise of theright of exchange by a Bondholder, in whole or in part, by paying to the relevant Bondholder an amount of cash inUS Dollar equal to the product of the number of IOI Shares otherwise deliverable and the volume weighted average ofthe closing price of the IOI Shares for each day during the 10 trading days immediately before the exchange date.iii.The 2 nd Exchangeable Bonds are redeemable in whole or in part, at the option of the Issuer at the issue price plusaccrual yield of 3.0% compounded semi-annually (“Accreted Principal Amount”):a) on or after 18 December 2008, if:• the closing price of the IOI Shares translated into US Dollar at the prevailing screen rate, is at least 130%of the Accreted Principal Amount divided by the exchange ratio for a period of any 20 consecutivetrading days in the period of 30 consecutive trading days immediately preceding the date of the notice ofredemption; and• the closing price of the IOI Shares is at least 130% of the Accreted Principal Amount divided by theexchange ratio for a period of any 20 consecutive trading days in the period of 30 consecutive tradingdays immediately preceding the date of the notice of redemption; orb) at any time, if less than USD40 million in aggregate principal amount of the 2 nd Exchangeable Bonds remainoutstanding.iv.Unless the 2 nd Exchangeable Bonds have been previously redeemed, repurchased and cancelled or exchanged, eachBondholder has the right, at such Bondholder’s option, to require the Issuer to repurchase all or any part of its 2 ndExchangeable Bonds at the Accreted Principal Amount on 18 December 2009.v. Unless previously redeemed, repurchased and cancelled or exchanged, the 2 nd Exchangeable Bonds will be redeemedat their Accreted Principal Amount of 116.05% on 18 December 2011.IOI Corporation BerhadANNUAL REPORT 2007 204
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Our Vision... is to be a leading co
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Chairman’s StatementDear Valued S
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Responsibility“ Today, more than
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Group Performance Highlights2007 20
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Efficiency“The future belongs to
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Management’s Discussion and Analy
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PALM OIL BUSINESS STREAMManagement
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KepongKLCCKL SentralPetaling JayaKu
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Corporate InformationBOARD OF DIREC
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Profile of Directors cont’dDATO
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Profile of Directors cont’dDATUK
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Excellence in ExecutionOur commitme
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Audit Committee Report cont’dTERM
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Audit Committee Report cont’dTERM
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Corporate GovernanceINTRODUCTIONThe
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dSHAREH
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Statement on Internal ControlINTROD
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Statement on Internal Control cont
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Other InformationCOMPOSITION OF SHA
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RECURRENT RELATED PARTY TRANSACTION
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Other Information cont’dPENALTIES
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Senior Management TeamGroup Chief E
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Global PresenceNORTH AMERICA• USA
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Location of Operations in MalaysiaP
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Corporate CalendarNov 2006• IOI P
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Corporate Calendar cont’dMarch200
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Social ContributionSep 2006• Yaya
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Social Contributions cont’dMay 20
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Directors’ ReportThe Directors of
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Directors’ Report cont’dUSD310
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Directors’ Report cont’dExecuti
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Directors’ Report cont’dReserve
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Directors’ Report cont’dDirecto
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Directors’ Report cont’dSignifi
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Directors’ Report cont’dSignifi
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Income Statementsfor the financial
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Balance Sheets cont’das at 30 Jun
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Statements Of Changes In Equity con
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Cash Flow Statements cont’dfor th
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Cash Flow Statements cont’dfor th
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Notes To The Financial Statements c
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Statement By DirectorsIn the opinio
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Group PropertiesA. PLANTATION ESTAT
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Group Properties cont’dA. PLANTAT
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Group Properties cont’dB. DEVELOP
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Group Properties cont’dC. INVESTM
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Group Properties cont’dD. INDUSTR
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Group Properties cont’dE. OTHER P
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Notice of Annual General MeetingNOT
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Notice of Annual General Meeting co
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Statement Accompanying Noticeof Ann
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Shareholders Information cont’das
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fold herestampThe Company Secretary
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Eng - IOI Group

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