An extraordinary general meeting of the company has been convened for November 28, 2000 at 10 a.m. at which time the LOJ shareholders will be asked to consider and if thought fit pass the following resolutions:
– to increase the share capital of teh company by $111.5 million
– for the directors to issue and allot as fully paid up shares to FINSAC one billion one hundred and fifteen million four hundred and thirty two thousand six hundred and twenty five (1,115,432,625) ordinary shares in exchange for promissory notes totalling J$111,543,262.50
– to appoint to the Board of LOJ the persons named in such resolutions;
– to convert the existing 12.5% cumulative redeemable preference shares of $1.00 each into perpetual non-cumulative preference shares having no preferred rights to a dividend ahead of the ordinary shares and with automatic conversion rights into ordinary shares at teh rate of 3 ordinary shares to 10 preference when LOJ has achieved 100% of MCCSR.