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conversion of Preference Shares into Ordinary Shares as contemplated in paragraph 2.5.3,the Conversion Price shall be adjusted by multiplying the Conversion Price in forceimmediately prior to such issue by the following fraction:where:A––––BA is the aggregate par value of the issued Ordinary Shares immediately before suchissue; andBis the aggregate par value of the issued Ordinary Shares immediately after such issue.Such adjustment shall become effective on the date of issue of such Ordinary Shares.2.6.3 Capital Distribution: If and whenever the Company shall pay or make any CapitalDistribution to the Shareholders, the Conversion Price shall be adjusted by multiplying theConversion Price in force immediately prior to such Capital Distribution by the followingfraction:where:ABA – B–––––Ais the Current Market Price Per Ordinary Share on the dealing day immediatelypreceding the date on which the Ordinary Shares are traded on the JSE ex-the relevantCapital Distribution; andis the portion of the Fair Market Value (as determined as at the date of announcementof the relevant Dividend) of the Capital Distribution attributable to 1 (one) OrdinaryShare.Such adjustment shall become effective on the date on which such Capital Distributionis made.2.6.4 Rights Issues of Ordinary Shares or Options over Ordinary Shares: If and wheneverthe Company shall issue Ordinary Shares to Shareholders as a class by way of rights, orissue or grant Shareholders as a class by way of rights options, warrants or other rights tosubscribe for or purchase or otherwise acquire any Ordinary Shares, in each case at aprice per Ordinary Share which is less than 95% (ninety-five percent) of the Current MarketPrice Per Ordinary Share on the Business Day last preceding the date of announcement ofthe terms of the issue or grant of such Ordinary Shares, options, warrants or other rights,the Conversion Price shall be adjusted by multiplying the Conversion Price in forceimmediately prior to such issue or grant by the following fraction:where:ABCA + B––––––––A + Cis the number of Ordinary Shares in issue immediately before such announcement;is the number of Ordinary Shares which the aggregate amount (if any) payable for theOrdinary Shares issued by way of rights, or for the options or warrants or other rightsissued by way of rights and for the total number of Ordinary Shares comprised therein,would purchase at such Current Market Price Per Ordinary Share; andis the number of Ordinary Shares issued or, as the case may be, comprised in thegrant.Such adjustment shall become effective on the first date on which the Ordinary Shares aretraded ex-rights, ex-options or ex-warrants on the JSE.44