Island Life – Share Capital Increase

An extra-ordinary general meeting of the company will be held at the Terra Nova Hotel on November 25, 1999 for the purpose of considering and if thought fit, passing the following resolutions:

That the authorised ordinary share capital of the company of 48.9 million ordinary shares of twenty cents each be consolidated into 9.7 million ordinary shares of one dollar each.
That the authorised ordinary share capital of the company be increased from 9.7 million to $200 million by the creation of 190.2 million additional ordinary shares of one dollar each and by the creation of 200 million perpetual non-cumulative convertible 12.5 preference shares of one dollar each.
That 46 million ordinary shares of one dollar each be issued to Barbados Mutual Life Assurance Society at five dollars and sixty-four cents per share.
That 16.1 ordinary shares at one dollar each be issued to FINSAC Ltd. at five dollars and sixty four cents per share