TABLE 1: Effect of Proposed Bonus Issue on Share Capital
Minimum Maximum
Scenario Scenario
Assuming no Assuming all
further exercise ESOS options
of ESOS options granted and LBA
granted and LBA Warrants are
Warrants exercised
(No. of (No. of
Note LBAlum Shares) LBAlum Shares)
Issued and paid-up share capital of 67,849,667 67,849,667
LBAlum as at 31 October 2003 (audited)
Add:
Maximum number of LBAlum Shares to be
issued by the Company in respect of:-
- Exercise of outstanding ESOS options 1 - 3,107,000
st
granted (“1 Offer”)
- Exercise of outstanding ESOS options 2 - 261,400
nd
granted (“2 Offer”)
- Exercise of Warrants 3 - 32,650,333
Pro-forma LBAlum Shares as at 67,849,667 103,868,400
Entitlement Date
No. of Bonus Shares to be issued 50,887,250 77.901,300
pursuant to the Proposed Bonus Issue
Issued and paid-up share capital of 118,736,917 181,769,700
LBAlum after the Proposed Bonus
Issue
Notes:-
st
1 Represents the ESOS options granted from the 1 Offer on 1 March 2002 which
remained unexercised.
nd
2 Represents the ESOS options granted in the 2 Offer on 23 October 2003 which
remained unexercised. As at 30 April 2004, save for senior management, other eligible
employees can only exercise up to 30% of their respective entitlements.
3 Represents the outstanding LBA Warrants unexercised as at 31 October 2003.
TABLE 2: Effect of Proposed Bonus Issue on NTA
Minimum Scenario
Assuming no further exercise of ESOS options granted and LBA Warrants
Capitalisation for After the
Audited as at the Proposed Proposed Bonus
31 October 2003 Bonus Issue Issue
(RM’000) (RM’000) (RM’000)
LBAlum Shares 67,850 50,887 118,737
Reserves:-
Share premium 714 - ^ 614
Revaluation reserve 2,364 - 2,364
Exchange reserve 10 - 10
Retained profits 54,964 (50,887) 4,077
Shareholders funds / NTA 125,902 - 125,802
NTA per LBAlum Share (RM) 1.86 N/A 1.06
Note:
^ After deducting estimated expenses of RM100,000.
Maximum Scenario
Assuming all ESOS options granted and LBA Warrants are exercised
Total before
Assuming full Assuming full capitalization Capitalisation
Audited as at exercise of exercise of for the for the After the
31 October ESOS options outstanding Proposed Proposed Proposed
2003 granted * Warrants ** Bonus Issue Bonus Issue Bonus Issue
(RM’000) (RM’000) (RM’000) (RM’000) (RM’000) (RM’000)
LBAlum Shares 67,850 3,368 32,650 103,868 77,901 181,769
Reserves:-
Share premium 714 1,097 42,446 44,257 (24,487) ^ 19,668
Revaluation reserve 2,364 - - 2,364 - 2,364
Exchange reserve 10 - - 10 - 10
Retained profits 54,964 - - 54,964 (53,414) 1,551
Shareholders funds / NTA 125,902 4,465 75,096 205,463 - 205,362
NTA per LBAlum Share (RM) 1.86 N/A N/A 1.98 N/A 1.13
Notes:-
Based on the following:-
* the 3,368,400 ESOS options granted is at the following exercise prices:-
Exercise Price No. of ESOS Options
RM1.28 3,107,000
RM1.87 261,400
** the exercise price of the 32,650,333 outstanding LBA Warrants is RM2.30 per
LBAlum Share.
^ After deducting estimated expenses of RM100,000.
TABLE 3: Effect of Proposed Bonus Issue on Directors and Substantial Shareholders’
Interests
Minimum Scenario
Assuming no further exercise of ESOS options granted and LBA Warrants
Existing as at 31 October 2003 After the Proposed Bonus Issue
Direct Indirect Direct Indirect
Directors and No. of % No. of % No. of % No. of %
substantial shareholders LBAlum LBAlum LBAlum LBAlum
Shares Shares Shares Shares
Dato’ Mohd Ghazali 809 Neg. - - 1,416 Neg. - -
Bin Mohd Khalid *
Leow Chong Howa * 17,166,630 25.30 - - 30,041,603 25.30 - -
Mark Wing Kong * 941,000 1.39 - - 1,646,750 1.39 - -
Leow Sok Hoon * 11,362,829 16.75 - - 19,884,951 16.75 - -
Leow Chong Fatt * 653,652 0.96 - - 1,493,891 0.96 - -
Yap Chee Woon * 158,800 0.23 - - 277,900 0.23 - -
Leow Keng Soon 7,317,050 10.78 - - 12,804,838 10.78 - -
Note:-
* Also Directors of LBAlum.
Maximum Scenario
Assuming all ESOS options granted
Existing as at 31 October 2003 and LBA Warrants are exercised After the Proposed Bonus Issue
Direct Indirect Direct Indirect Direct Indirect
Directors and No. of % No. of % No. of % No. of % No. of % No. of %
substantial shareholders LBAlum LBAlum LBAlum LBAlum LBAlum LBAlum
Shares Shares Shares Shares Shares Shares
Dato’ Mohd Ghazali 809 Neg. - - 13,475 0.01 - - 23,581 0.01 - -
Bin Mohd Khalid *
Leow Chong Howa * 17,166,630 25.30 - - 25,449,945 24.50 - - 44,537,404 24.50 - -
Mark Wing Kong * 941,000 1.39 - - 1,261,500 1.21 - - 2,207,625 1.21 - -
Leow Sok Hoon * 11,362,829 16.75 - - 17,044,243 16.41 - - 29,827,425 16.41 - -
Leow Chong Fatt * 653,652 0.96 - - 1,380,477 1.33 - - 2,415,835 1.33 - -
Yap Chee Woon * 158,800 0.23 - - 488,800 0.47 - - 855,400 0.47 - -
Leow Keng Soon 7,317,050 10.78 - - 8,661,287 8.34 - - 15,157,252 8.34 - -
Note:-
* Also Directors of LBAlum.