Island Life -Million $ share increase proposed

An extra-ordinary general meeting will be held at the Terra Nova Hotel, 17 Waterloo Road, Kgn. 10 at 9 a.m. on June 17, 1997. Among the resolutions to be considered are: that the authorised share capital of the company be increased from $8 million to $231 million by the creation of 8.9 million additional ordinary shares of the company and by the creation of 222.1 million 12.5% cumulative redeemable preference shares of one dollar each; and that 12.9 million ordinary shares at twenty cents each be issued to FINSAC Ltd. at six dollars per share; and that the 222.1 million 12.5% Cumulative Redeemable Preference Shares be issued to FINSAC Ltd. at one dollar per share.