On November 25, 2002, LOJ made an offer to all the holders of ordinary shares in Island Life to acquire their shares. LOJ offered to issue 4.25 ordinary stocks units in the capital of LOJ in exchange for each Island share held by accepting Island shareholders. In acceptance of that offer, certain shares were transferred to LOJ between February 14, 2003 and March 10, 2003.
Those shares together with Island’s as were held by LOJ or by its nominee or subsidiary at the date of such transfer include 90% in value of all the ordinary shares in Island.
Within three months of this notice you may give notice that you require LOJ to acquire your holding of ordinary shares in Island, then LOJ will be entitled and bound to acquire those shares on the terms of the offer.
