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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10
GENERAL FORM FOR REGISTRATION OF SECURITIES
PURSUANT TO SECTION 12(b) OR 12(g) OF
THE SECURITIES EXCHANGE ACT OF 1934
Spark Networks plc
(Exact name of Registrant specified in its charter)
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England and Wales |
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98-0200628 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer Identification Number) |
8383 Wilshire Boulevard, Suite 800
Beverly Hills, California
90211
(Address, including zip code, of principal executive
office)
(323) 836-3000
(Registrants telephone number, including area code)
Securities to be registered pursuant to Section 12(b) of
the Act: None
Securities to be registered pursuant to Section 12(g) of
the Act:
Ordinary Shares, Par value 1p per share
TABLE OF CONTENTS
This registration statement contains forward-looking statements
that involve substantial risks and uncertainties. All statements
other than statements of historical facts contained in this
registration statement, including statements regarding our
future financial position, business strategy and plans and
objectives of management for future operations, are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as
believes, expects,
anticipates, intends,
estimates, may, will,
continue, should, plan,
predict, potential or the negative of
these terms or other similar expressions. We have based these
forward-looking statements on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of
operations, business strategy and financial needs. Our actual
results could differ materially from those anticipated in these
forward-looking statements, which are subject to a number of
risks, uncertainties and assumptions described in
Item 1. Business Risk Factors
section and elsewhere in this registration statement.
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The information required by this item is contained under the
sections Prospectus Summary, Risk
Factors, Business, Cautionary Statement
Regarding Forward-Looking Statements and Where You
Can Find More Information of the registration statement on
Form S-1 (File
No. 333- )
filed as an exhibit hereto (the Registration
Statement). Those sections are incorporated herein by
reference.
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Item 2. |
Financial Information |
The information required by this item is contained under the
sections Selected Consolidated Financial
Information, Pro Forma Combined Financial Data
and Managements Discussion and Analysis of Financial
Condition and Results of Operations of the Registration
Statement. Those sections are incorporated herein by reference.
The information required by this item is contained under the
section Business Facilities of the
Registration Statement. That section is incorporated herein by
reference.
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Item 4. |
Security Ownership of Certain Beneficial Owners and
Management |
The following table sets forth certain information with respect
to the beneficial ownership of our ordinary shares, as of
January 31, 2005, for:
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each person or entity who we know beneficially owns more than 5%
of our ordinary shares; |
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each Named Executive Officer and each director; and |
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all of our executive officers and directors as a group. |
Beneficial ownership is determined in accordance with the rules
of the Securities and Exchange Commission and includes voting or
investment power with respect to the securities. Except as
indicated by footnote, and subject to applicable community
property laws, each person identified in the table possesses
sole voting and investment power with respect to all capital
stock shown to be held by him. The number of shares of ordinary
shares outstanding, on an as-converted basis, used in
calculating the percentage for each listed person or entity
includes ordinary shares underlying options or a warrant held by
the person or entity that are exercisable within 60 days of
January 31, 2005, but excludes ordinary shares underlying
options or warrants held by any other person or entity.
Percentage of beneficial ownership is based on 24,816,101
ordinary shares outstanding as of January 31, 2005. Unless
otherwise indicated, the address of each beneficial owner is
c/o: Spark Networks plc, 8383 Wilshire Blvd., Suite 800,
Beverly Hills, California 90211.
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Ordinary Shares | |
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Beneficially Owned | |
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Number of | |
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Percentage | |
Name of Beneficial Owner |
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Shares | |
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of Shares | |
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5% stockholders:
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Tiger Technology Management,
L.L.C.(1)
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6,631,085 |
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26.7 |
% |
Capital Research and Management
Company(2)
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2,165,411 |
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8.7 |
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Criterion Capital
Management(3)
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2,110,356 |
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8.5 |
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Named Executive Officers and Directors:
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David E.
Siminoff(4)
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593,250 |
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2.4 |
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Todd
Tappin(5)
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42,681 |
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* |
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Joe
Shapira(6)
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4,562,639 |
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16.7 |
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Alon
Carmel(7)
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5,231,848 |
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19.5 |
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Michael
Riddell(5)
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126,428 |
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* |
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Peter Voutov
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* |
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Scott
Shleifer(8)
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* |
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Michael
Brown(5)
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5,000 |
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* |
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Benjamin
Derhy(5)
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5,000 |
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* |
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Laura Lauder
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* |
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Martial Chaillet
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120,000 |
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* |
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All directors and executives as a group
(11 persons)(9)
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10,552,112 |
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35.7 |
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(1) |
Consists of 5,284,557 shares held by Tiger Technology,
L.P.; 1,212,506 shares held by Tiger Technology, Ltd.; and
134,022 shares held by Tiger Technology II, L.P. Each
entity has sole voting power over the shares it holds; Tiger
Technology Management, L.L.C. is the investment manager of Tiger
Technology, L.P., Tiger Technology, Ltd. and Tiger
Technology II, L.P. and it has shared investment power over
the 6,631,085 shares; Charles P. Coleman III is the
sole managing member of the Tiger Technology Management, L.L.C.
Tiger Technology Performance, L.L.C. is the sole general partner
of Tiger Technology, L.P.; Charles P. Coleman III is the
sole managing member of the general partner of Tiger Technology,
L.P.; Tiger Technology Performance, L.L.C. is the sole general
partner of Tiger Technology II, L.P.; Charles P.
Coleman III is the sole managing member of Tiger
Technology II, L.P. The address for Tiger Technology
Management, L.L.C., Tiger Technology, L.P. and Tiger
Technology II, L.P. is 101 Park Avenue,
48th
Floor, New York, New York 10178. The address for Tiger
Technology, Ltd. is c/o Ironshore Corporate Services
Limited, Queensgate House, South Church Street, P.O.
Box 1234, George Town, Grand Cayman, Cayman Islands. |
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(2) |
Capital Research and Management Company, an investment adviser
registered under Section 203 of the Investment Advisers Act
of 1940, is deemed to be the beneficial owner of
2,165,411 shares as a result of acting as investment
adviser to various investment companies registered under
Section 8 of the Investment Company Act of 1940. Capital
Research and Management Company has sole dispositive power over
these shares. Included in the holdings of Capital Research and
Management Company is the holding of SmallCap World Fund, Inc.,
an investment company registered under the Investment Company
Act of 1940, which is advised by Capital Research and Management
Company. SmallCap World Fund, Inc. is the beneficial owner of
1,663,200 shares, of which it has sole voting power. The
address for both entities is 333 South Hope Street, Los Angeles,
California 90071. |
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(3) |
Criterion Capital purchased shares on the open market with no
special arrangements with the company. |
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(4) |
Includes 181,250 shares issuable upon exercise of share
options exercisable within 60 days of January 31, 2005. |
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(5) |
Represents shares issuable upon exercise of share options
exercisable within 60 days of January 31, 2005. |
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(6) |
Includes (i) 2,500,000 shares issuable upon exercise
of share options exercisable within 60 days of
January 31, 2005, (ii) 1,062,415 shares held by
the Joe Shapira Family Trust of which Mr. Shapira is
trustee, (iii) 550,000 shares held by the Shapira
Childrens Trust of which Mr. Shapira is trustee, and
(iv) 12,000 shares, of which he disclaims beneficial
ownership, except to the extent of his pecuniary interest, held
by a custodian for Mr. Shapiras children. |
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(7) |
Includes (i) 2,000,000 shares issuable upon exercise
of share options exercisable within 60 days of
January 31, 2005, and (ii) 8,000 shares held by
his spouse. |
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(8) |
Excludes 5,284,557 shares held by Tiger Technology, L.P. and
134,022 shares held by Tiger Technology II, L.P., of which
Scott Shleifer is a limited partner. Mr. Shleifer holds the
position of Managing Director at Tiger Technology Management,
L.L.C. |
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(9) |
Shares beneficially owned by all executive officers and
directors as a group include options to purchase
4,725,625 shares of which are currently exercisable or
exercisable within 60 days of January 31, 2005. |
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Item 5. |
Directors and Executive Officers |
The information required by this item is contained under the
section Management of the Registration Statement.
That section is incorporated herein by reference.
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Item 6. |
Executive Compensation |
The information required by this item is contained under the
section Management Summary Executive
Compensation Table of the Registration Statement. That
section is incorporated herein by reference.
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Item 7. |
Certain Relationships and Related Transactions |
The information required by this item is contained under the
section Certain Relationships and Related Party
Transactions of the Registration Statement. That section
is incorporated herein by reference.
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Item 8. |
Legal Proceedings |
The information required by this item is contained under the
section Business Legal Proceedings of
the Registration Statement. That section is incorporated herein
by reference.
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Item 9. |
Market Price of and Dividends on the Registrants Common
Equity and Related Shareholder Matters |
The information required by this item is contained under the
sections Dividend Policy and Price Range of
Global Depositary Shares of the Registration Statement and
under the section Item 11 Description of
Registrants Securities to be Registered herein. Each
section is incorporated herein by reference.
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Item 10. |
Recent Sales of Unregistered Securities |
The information required by this item is contained under the
section Information Not Required in Prospectus
Item 15. Recent Sales of Unregistered Securities of
the Registration Statement. That section is incorporated herein
by reference.
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Item 11. |
Description of Registrants Securities |
Description of Ordinary Shares
We are providing you with a summary description of our
ordinary shares and the material rights of holders of our
ordinary shares. Please remember that summaries by their nature
lack the precision of the information summarized and that a
persons rights and obligations as a holder of our ordinary
shares will be determined by reference to our Memorandum and
Articles of Association and applicable English law, each as
modified from time to time, and not by this summary. We urge you
to review our Memorandum and Articles of Association in their
entirety and to seek appropriate professional advice regarding
their interpretation and applicable English law.
General
Our authorized share capital is £800,000 divided into
80,000,000 ordinary shares of £0.01 each. Set forth below
is information concerning the share capital and related summary
information concerning the material provisions of our Memorandum
and Articles of Association, or Memorandum and Articles, and
applicable English company law.
Voting rights
Every holder of ordinary shares who, being an individual, is
present in person or by proxy or, being a corporation, has an
authorized representative present who is not himself a
shareholder, at a general meeting has one vote on a show of
hands. Proxies voting on a show of hands do not have more than
one vote each, even if they hold a number of proxies or are
shareholders themselves. On a poll, every holder of ordinary
shares
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present in person, by its authorized representative or by proxy
has one vote for each share held. Voting at a general meeting is
by a show of hands unless a poll is demanded. A poll may be
demanded by:
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the chairman of the meeting; |
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not less than three shareholders present at the meeting in
person, by proxy or represented by an authorized representative
and entitled to vote; |
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any shareholder or shareholders present at the meeting in
person, by proxy or represented by an authorized representative
and representing not less than one-tenth of the total voting
rights of all shareholders having the right to vote at such
meeting; or |
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any shareholder or shareholders present in person, by proxy or
represented by an authorized representative and holding a number
of ordinary shares conferring a right to vote at the meeting,
being shares on which an aggregate sum has been paid up equal to
not less than one-tenth of the total sum paid up on all of the
shares conferring that right. |
Where a poll is not demanded, the interests of beneficial owners
of ordinary shares who hold through a nominee may not be
reflected in votes cast on a show of hands if that nominee does
not attend the meeting or receives conflicting voting
instructions from different beneficial owners for whom it holds
the shares as nominee. Since, under English law, voting rights
are only conferred on registered holders of shares, a person
holding through a nominee may not directly demand a poll.
Unless otherwise required by law or the Memorandum and Articles,
voting in a general meeting is by ordinary resolution. An
ordinary resolution, for example, a resolution for the
appointment of directors, the declaration of a final dividend,
the appointment of the auditors, the increase of authorized
share capital or grant of authority to allot shares, requires
the affirmative vote of a majority of the shareholders
(a) present in person or by an authorized representative or
by proxy, excluding the chairman of the meeting in his role as
proxy, in the case of a vote by show of hands or
(b) present in person, by an authorized representative or
by proxy and holding shares conferring in the aggregate a
majority of the votes actually cast on the ordinary resolution,
in the case of a vote by poll. In the case of a tied vote,
whether on a show of hands or on a poll, the chairman of the
meeting is entitled to cast a deciding vote. A special
resolution, for example, a resolution amending the Memorandum
and Articles, changing the name of our company or waiving
statutory pre-emption rights on the issue of shares for cash, or
an extraordinary resolution, for example, modifying the rights
of any class of shares at a meeting of the holders of such class
or relating to matters concerning the liquidation of our
company, requires the affirmative vote of not less than
three-quarters of shareholders present in person, represented by
an authorized representative or by proxy and holding shares
conferring in aggregate at least three-quarters of the votes
actually cast on the resolution, on a vote by poll.
Unless our Board of Directors determines otherwise, no
shareholder is entitled to vote in respect of any share held by
him either personally or by proxy or to exercise any other right
conferred by membership in relation to any shareholders
meetings, if any sum is payable by him to us in respect of that
share.
Dividends
The payment of final dividends with respect to any financial
year must be recommended by our Board of Directors and approved
by the shareholders by ordinary resolution, provided that no
such dividend shall exceed the amount recommended by our Board
of Directors. If, in the opinion of our Board of Directors, our
financial position justifies such payments, the Board of
Directors may also from time to time pay interim dividends of
amounts, on dates and in respect of periods as they think fit.
No dividend can be paid other than out of profits available for
distribution under the provisions of the Companies Act 1985, as
amended, and accounting principles generally accepted in the
United Kingdom, which differ in some respects from
U.S. GAAP. In addition, as a public limited company, we may
make a distribution only if and to the extent that, at the time
of distribution and following the distribution, the amount of
our net assets is not less than the aggregate of the called-up
share capital and undistributable reserves (as such terms are
defined in the Companies Act 1985) and if, and to the extent
that, the distribution does not
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reduce the amount of those assets to less than that aggregate.
No dividend or other moneys payable on or in respect of a share
shall bear interest as against us unless otherwise provided by
the rights attached to the share. Any dividend unclaimed after a
period of 12 years from the date on which it was declared
or became due for payment will be forfeited and will revert to
us.
Winding up
If our company is wound up, the liquidator may, pursuant to the
authority given by an extraordinary resolution of our company
and any other sanction required by English statutory law, divide
among the members, in specie or in kind, the whole or any part
of our assets and, for that purpose, value any assets as he
deems fair and determine how the division is carried out among
shareholders or different classes of shareholders. No
shareholder will be compelled to accept any shares or other
property in respect of which there is a liability. Distributions
to shareholders on a winding up are only usually made after the
settlement of claims of the various classes of creditor and
subject to applicable company and insolvency laws. Early
distributions can be made subject to shareholders providing
appropriate forms of indemnity. Where a distribution is proposed
to be made to a particular class of shareholders on a winding
up, such a distribution is usually made pro rata to their
holdings of shares in the company.
Shareholder Derivative Suits
Under English law, our shareholders generally have no right to
sue on our behalf. When a wrong has been done to or against us,
we are usually the proper plaintiff. There are exceptions
including in the case of fraud on minority shareholders, the
case of a breach of a duty owed personally to a shareholder
where that shareholder has suffered personal loss separate and
distinct from any loss suffered by the company and when the act
complained of is illegal or ultra vires. English law permits an
individual shareholder of ours to apply for a court order when
our affairs are being or have been conducted in a manner
unfairly prejudicial to the interests of one or more of our
shareholders or when any actual or proposed act or omission by
us is or would be prejudicial. When granting relief, a court has
wide discretion and may authorize civil proceedings to be
brought on our behalf by a shareholder on such terms as the
court may direct.
Issues of shares and pre-emption rights
The directors of English companies may only allot shares and
disapply statutory pre-emption rights if authorized by the
shareholders. The current authority for this purpose expires on
December 10, 2009 but we may, before such expiry, make an
offer or agreement which would or might require equity
securities to be allotted after such expiry and our Board of
Directors may allot equity securities pursuant to any such offer
or agreement as if the authority had not expired.
Transfer of shares
Any holder of shares in a certified form may transfer in writing
all, or any, of its shares in any usual or common form or in any
other form which our Board of Directors may approve. The
instrument of transfer of a share must be signed by or on behalf
of the transferor and, except in the case of fully paid shares,
by or on behalf of the transferee. The transferor will remain
the holder of the shares concerned until the name of the
transferee is entered in our register of shareholders. The
transfer of uncertificated shares may be made in accordance with
and be subject to the Uncertificated Securities Regulations 1995.
Our Board of Directors may, in their absolute discretion and
without assigning any reason, refuse to register any transfer of
shares, not being fully paid shares. Our Board of Directors may
also refuse to register an allotment or transfer shares, whether
fully paid or not, to more than four persons jointly.
Our Board of Directors may decline to recognize any instrument
of transfer unless it is in respect of only one class of shares
and is lodged, duly stamped if required, at the Registrars
Office accompanied by the relevant share certificate(s) together
with such other evidence as the Board may reasonably require to
show the right of the transferor to make the transfer. In the
case of a transfer by a recognized clearing house or a nominee
of a
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recognized clearing house or of a recognized investment
exchange, the lodgment of share certificates is only necessary
if and to the extent that certificates have been issued in
respect of the shares in question.
Disclosure of transactions of ownership
The Companies Act 1985 provides that a person, including a
company and other legal entities, that acquires any interest of
3% or more of any class of our relevant share
capital, which includes ADSs and GDSs representing shares,
is required to notify us in writing of its interest within two
days following the day on which the obligation arises. Relevant
share capital, for these purposes, means our issued share
capital carrying the right to vote in all circumstances at a
general meeting. After the 3% level is exceeded, similar
notifications must be made where the interest falls below the 3%
level or otherwise in respect of increases or decreases of a
whole percentage point.
For purposes of the notification obligation, the interest of a
person in shares means any kind of interest in shares including
interests in any shares:
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in which a spouse, or child or stepchild under the age
of 18, is interested; |
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in which a company is interested, which includes interests held
by other companies over which that company has effective voting
power, and either (a) that company or its directors
generally act in accordance with that persons directions
or instructions or (b) that person controls one-third or
more of the voting power of that company at general meetings; or |
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in which another party is interested and the person
and that other party are parties to an agreement under
section 204 of the Companies Act 1985. Such an agreement is
one which provides for two or more parties to acquire interests
in shares of a particular public company and imposes obligations
or restrictions on any of the parties as to the use, retention
or disposal of such interests acquired pursuant to such
agreement, if any interest in the companys shares is in
fact acquired by any of the parties pursuant to the agreement. |
Some non-material interests may be disregarded for
the purposes of calculating the 3% threshold, but the obligation
of disclosure will still apply where such interests exceed 10%
or more of any class of our relevant share capital and to
increases or decreases through a whole percentage point.
In addition, pursuant to section 212 of the Companies Act
1985, we may, as a public company and by written notice, require
a person whom we know or have reasonable cause to believe to be,
or to have been at any time during the three years immediately
preceding the date on which the notice is issued, interested in
shares comprised in our relevant share capital to
confirm that fact or to indicate whether or not that is the case.
Where a person holds or during the previous three years had held
an interest in the shares, that person must give any further
information that may be required relating to this interest and
any other interest in the shares of which this person is aware.
Where we serve a notice under the foregoing provisions on a
person who is or was interested in the shares and that person
fails to give us any information required by the notice within
the time specified in the notice, we may apply to the English
courts for an order directing that the shares in question be
subject to restrictions prohibiting, among other things, any
transfer, the exercise of voting rights, the taking up of rights
and, other than during a liquidation, payments in respect of
those shares.
A person who fails to fulfill the obligations imposed by
sections 198 and 212 of the Companies Act 1985 may be subject to
criminal penalties.
Variation of rights and alteration of share capital
Whenever our share capital is divided into different classes of
shares, the special rights attached to any class may, subject to
the provisions of English statutory law, be varied or abrogated,
either with the consent in writing of the holders of
three-quarters in nominal value of the issued shares of the
class, or with the sanction of an extraordinary resolution
passed at a separate general meeting of the holders of the
shares of the class, but
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not otherwise, and may be so varied or abrogated either while
our company is a going concern or during or in contemplation of
a winding up. At every such separate general meeting, the
necessary quorum is at least two persons holding or representing
by proxy issued shares of the class and any holder of shares of
the class present in person or by proxy may demand a poll and
will have one vote for every share of the class held by him. At
any adjourned meeting any holder of shares of the class present
in person or by proxy is a quorum.
We may from time to time by ordinary resolution at a general
meeting:
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increase the share capital by the creation of new shares of such
amount as the resolution shall prescribe with such preferred,
deferred or other special rights, or subject to such
restrictions, whether as regards dividend, return of capital,
voting or otherwise as may be determined and which may be
redeemable; |
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consolidate and divide all or any of the share capital into
shares of larger amount than our existing shares; |
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cancel shares which, at the date of the passing of the
resolution, have not been taken, or agreed to be taken, by any
person and diminish the amount of its share capital by the
amount of shares so cancelled; and |
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subdivide all or any of the shares into shares of a smaller
amount than is fixed by the Memorandum and Articles and may by
resolution determine that as between the holders of the shares
resulting from such subdivision one or more of the shares may,
as compared with the others, have any such preferred, deferred
or other special rights or be subject to any restrictions, as we
have the power to attach to unissued or new shares. |
Subject to English statutory law, we may purchase our own shares
of any class, including redeemable shares, but so that if there
shall be in issue any shares convertible into equity share
capital of our own company then no purchase of our own shares
shall be made unless it has first been approved by an
extraordinary resolution passed at a separate meeting of the
holders of such convertible shares.
Subject to the provisions of English statutory law, we may, by
special resolution, reduce our share capital, capital redemption
reserve, share premium account or other undistributable reserve
in any way.
Directors
Unless otherwise determined by ordinary resolution of the
holders of ordinary shares, our Articles provide that there
shall not be less than three directors. At each annual general
meeting one-third (or the number nearest to but not exceeding
one-third) of our Board of Directors shall retire from office by
rotation. Our directors who retire by rotation include any
director who wishes to retire and not to offer himself for
re-election. Any further directors who retire by rotation are
those who have been longest in office since their last
re-election, but, as between persons who become directors on the
same day, those to retire (unless they otherwise agree among
themselves) are determined by lot. A retiring director is
eligible for re-election. Any director may be removed from
office at any time by an ordinary resolution of which special
notice has been given in accordance with the Act. Our Memorandum
and Articles do not provide for a maximum age for directors.
Our Articles provide that (subject to certain exceptions), a
director who is in any way interested in a contract or proposed
contract with our company shall declare his interest to the
Board, and, subject to certain exceptions, will not be entitled
to vote at Board meetings in respect of any contract,
arrangement or proposal in which that Director has a
material interest, nor will that Director be counted
towards the quorum in relation to any resolution on which he is
prohibited from voting.
Our Articles provide that our Board of Directors may exercise
all of our powers to borrow money and to mortgage or charge our
undertaking, property, and uncalled capital and, subject to
applicable English law, to issue debentures and other
securities. The Board is required to restrict our borrowings, in
the absence of shareholders approval, in accordance with a
formula set out in the Articles.
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The ordinary remuneration of our directors for holding office as
such shall from time to time be determined by our Board of
Directors. However, such remuneration may not exceed
£200,000 per annum in aggregate or such higher amount
as the shareholders may, by ordinary resolution, determine and
will be divisible among our Board of Directors as they agree.
Our Board of Directors may also grant additional remuneration to
any director who holds any executive office or who serves on any
committee of our Board of Directors and, have the power to pay
and agree to pay gratuities, pensions or other retirement, death
or disability benefits to any Director or ex-Director. Our Board
of Directors are also entitled to be repaid all reasonable
expenses incurred by them respectively in the performance of
their duties.
Description of Depositary Shares
Depositary Receipts or Global Depositary Receipts
(GDRs)
Depositary Receipts evidencing GDSs are issuable by the
Depositary pursuant to the Global Deposit Agreement. Each GDS
represents one Ordinary Share or evidence of the right to
receive one Ordinary Share (together with any additional
ordinary shares at any time deposited or deemed deposited under
the Global Deposit Agreement and any and all other securities,
cash and property received by the Depositary or the Custodian in
respect thereof and at such time held under the Global Deposit
Agreement) (the Shares). Only persons in whose names
GDRs are registered on the books of the Depositary will be
treated by the Depositary and us as owners.
So long as the Book-Entry GDSs are eligible for book-entry
settlement with Depository Trust Company (DTC), unless
otherwise required by law, such Book-Entry GDSs representing the
Shares deposited with any custodian shall be represented by a
Master GDR registered in the name of a nominee of DTC and no
person acquiring such Book-Entry GDSs shall receive or be
entitled to receive physical delivery of certificated GDRs
evidencing GDSs. Accordingly, each beneficial owner must rely
upon the procedures of DTC and institutions having accounts with
DTC to exercise or be entitled to any rights of an owner of a
GDR. Each person owning a beneficial interest in the Master GDR
must rely upon the procedures of the institutions having
accounts with DTC to exercise or be entitled to any rights of a
Regulation S owner. Transfers within DTC and Clearstream
Banking are made in accordance with the usual rules and
operating procedures of the relevant system. Cross-market
transfers are effected in DTC through the operating procedures
of the relevant system. Cross-market transfers are effected in
DTC through the depositary of Clearstream Banking AG. Because of
time zone differences, credits of securities received in
Clearstream Banking AG as a result of a transaction with a DTC
participant are made during the subsequent securities settlement
processing date on the business day following the DTC settlement
date and such credits or any transactions in such securities
settled during such processing are reported to the Clearstream
Banking AG participant on such business day. Cash received in
Clearstream Banking AG as a result of sales of securities by or
through a Clearstream Banking AG participant to a DTC
participant are received with value on the DTC settlement date,
but are available in the Clearstream Banking AG cash account
only as of the business day following settlement in DTC. Where
the context requires, the term GDR includes the
Master GDR.
During any period in which Book-Entry GDSs are represented by
the Master GDR, ownership of beneficial interests in the Master
GDR are shown on, and the transfer of such ownership is effected
only through, records maintained by (i) DTC or its nominee
(with respect to participants interests) or
(ii) institutions having accounts with DTC. All references
in the Global Deposit Agreement to issuance or delivery of GDRs
is deemed to include, where applicable, adjustments in the
records of the Depositary showing the number of Book-Entry GDSs
evidenced by the Master GDR.
Deposit, transfer and withdrawal
The Depositary agrees, subject to the terms and conditions of
the Global Deposit Agreement, that upon delivery to the
Custodian of Shares (or evidence of rights to receive Shares)
and pursuant to appropriate instruments of transfer in a form
satisfactory to the Custodian, that the Depositary will, upon
payment of the fees, charges and taxes provided in the Global
Deposit Agreement, execute and deliver at its Corporate
Trust Office to, or upon the written order of, the person
or persons named in the notice of the Custodian
8
delivered to the Depositary or requested by the person
depositing such Shares with the Depositary, and, if the
Depositary requires a written order (1) directing the
Depositary to adjust its records so as to increase, by the
number of GDSs representing such deposited Shares, the number of
GDSs evidenced by the Master GDR, and specifying the person or
persons to whose DTC participant account such increase in the
number of GDSs should be credited or (2) in the case of
deposits made at any time that DTCs book-entry settlement
system is not available for the Book-Entry GDSs, directing the
Depositary to execute and deliver to, or upon the written order
of, the person or persons stated in such order a Receipt or
Receipts in physical certificated form, for the number of GDSs
representing such deposited Shares.
Any deposit of Shares for GDRs must be accompanied by (a) a
written certification and agreement (a Depositors
Certificate) by or on behalf of the person who will be the
beneficial owner of the GDS or GDSs to be issued upon deposit of
such Shares that (i) the GDRs, the GDSs evidenced thereby,
and the Shares represented thereby have not been registered
under the Securities Act of 1933, (ii) that it is either
(a) not a U.S. person (within the meaning of
Regulation 5) and is located outside the United States
(within the meaning of Regulation 5) and acquired, or has
agreed to acquire and will acquire, the Shares to be deposited
outside the United States, or (b) is an accredited
investor as defined in Regulation D under the
Securities Act of 1933, (iii) it is not an Affiliate of
ours or a person acting on behalf of such an Affiliate and
(iv) it is not in the business of buying and selling
securities or, if it is in such business, it did not acquire the
Shares to be deposited from us or any affiliate thereof in the
Offering and (b) an agreement that, during the Restricted
Period, it will comply with the restrictions on transfer on
transfers of the GDRs, the GDSs evidenced thereby and the Shares
represented thereby.
The Depositary will refuse to accept Shares for deposit whenever
it is notified in writing that such deposit would result in any
violation of applicable laws.
Upon surrender at the Corporate Trust Office of the
Depositary of a GDR for the purpose of withdrawal of the
Deposited Securities represented by the GDSs evidenced by such
GDR, and upon payment of the fees of the Depositary for the
surrender of Receipts, governmental charges and taxes provided
in the Global Deposit Agreement, and subject to the terms and
conditions of the Global Deposit Agreement, the owner of such
GDR will be entitled to delivery, to him or upon his order, of
the amount of Deposited Securities at the time represented by
the GDS or DDSs evidenced by such GDR. The forwarding of share
certificates, other securities, property, cash and other
documents of title for such delivery will be at the risk and
expense of the owner.
Subject to the terms and conditions of the Global Deposit
Agreement and any limitations established by the Depositary, the
Depositary may execute and deliver GDRs prior to the receipt of
Shares (a Pre-Release) and deliver Shares upon the
receipt and cancellation of GDRs which have been Pre-Released,
whether or not such cancellation is prior to the termination of
such Pre-Release or the Depositary knows that such GDR has been
Pre-Released. The Depositary may receive GDRs in lieu of Shares
in satisfaction of a Pre-Release. Each Pre-Release must be
(a) preceded or accompanied by a written representation
from the person to whom the GDRs or Shares are to be delivered
that such person, or its customer, owns the Shares or GDRs to be
remitted, as the case may be, (b) at all times fully
collateralized with cash or such other collateral as the
Depositary deems appropriate, (c) terminable by the
Depositary on not more than five business days notice and
(d) subject to such further indemnities and credit
regulations as the Depositary deems appropriate. The number of
Global Depositary Shares which are outstanding at any time as a
result of Pre-Releases will not normally exceed 30% of the
Shares deposited pursuant to the Global Deposit Agreement;
provided, however, that the Depositary reserves the right to
change or disregard such limit from time to time as it deems
appropriate.
The Depositary may retain for its own account any compensation
received by it in connection with the foregoing.
Dividends, other distributions and rights
Whenever the Depositary shall receive any currency other than
US Dollars, by way of dividends or other distributions or
the net proceeds from the sale of securities, property or
rights, the Depositary will convert or
9
cause to be converted into Dollars, to the extent that in its
judgment it can do so on a reasonable basis and can transfer the
resulting Dollars to the United States, all cash dividends and
other cash distributions, if any, denominated in a currency
other than Dollars (Foreign Currency), that it
receives in respect of the deposited Shares, and to distribute
the resulting Dollar amount (net of the expenses incurred by the
Depositary in converting such Foreign Currency) to the owners
entitled thereto, in proportion to the number of GDSs
representing such Deposited Securities evidenced by GDRs held by
them, respectively. Such distribution may be made upon an
averaged or other practicable basis without regard to any
distinctions among owners on account of exchange restrictions or
the date of delivery of any GDRR or GDRs or otherwise. The
amount distributed to the owners of GDRs will be reduced by any
amount on account of taxes to be withheld by us or the
Depositary. See Liability of owner for taxes, below.
If the Depositary determines that in its judgment any Foreign
Currency received by the Depositary cannot be converted on a
reasonable basis into Dollars transferable to the United States,
or if any approval or license of any government or agency
thereof which is required for such conversion is denied or in
the opinion of the Depositary is not obtainable, or if any such
approval or license is not obtained within a reasonable period
as determined by the Depositary, the Depositary may distribute
the Foreign Currency (or an appropriate document evidencing the
right to receive such Foreign Currency) received by the
Depositary to, or in its discretion may hold such Foreign
Currency uninvested and without liability for interest thereon
for the respective accounts of, the owners entitled to receive
the same. If any such conversion of Foreign Currency, in whole
or in part, cannot be effected for distribution to some of the
owners entitled thereto, the Depositary may in its discretion
make such conversion and distribution in US Dollars to the
extent permissible to the owners entitled thereto, and may
distribute the balance of the Foreign Currency received by the
Depositary to, or hold such balance uninvested and without
liability for interest thereon for, the respective accounts of,
the owners entitled thereto.
If any distribution upon any Deposited Securities consists of a
dividend in, or free distribution of, Shares, the Depositary may
(i) if Book-Entry GDSs are available, reflect on the
records of the Depositary such increase in the aggregate number
of GDSs representing Shares evidenced by the Master GDR and give
notice to DTC of the related increase in the number of GDSs
evidenced by the Master GDR or (ii) if Book-Entry GDSs are
not available, distribute to the owners of outstanding Receipts
entitled thereto, in proportion to the number of Depositary
Shares representing such Deposited Securities evidenced by
Receipts held by them respectively, additional GDRs evidencing
an aggregate number of GDSs that represents the amount of Shares
received as such dividend or free distribution, subject to the
terms and conditions of the Global Deposit Agreement with
respect to the deposit of Shares and the issuance of GDSs
evidenced by GDRs, including the withholding of any tax or other
governmental charge and the payment of fees of the Depositary as
provided in the Global Deposit Agreement. The Depositary may
withhold any such distribution of GDRs if it has not received
satisfactory assurances from us that such distribution does not
require registration under the Securities Act of 1933 or is
exempt from registration under the provisions of such Act. In
lieu of delivering GDRs for fractional GDSs in the event of any
such dividend or free distribution, the Depositary will sell the
amount of Shares represented by the aggregate of such fractions
and distribute the net proceeds in accordance with the Global
Deposit Agreement. If additional GDRs are not so distributed,
each GDS will thenceforth also represent the additional Shares
distributed upon the Deposited Securities represented thereby.
Each beneficial owner of GDRs or Shares so distributed shall be
deemed to have acknowledged that the Shares have not been
registered under the Securities Act of 1933 and to have agreed
to comply with the restrictions under the Securities Act of 1933
and to have agreed to comply with the restrictions on transfer.
If we offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary will
have discretion as to the procedure to be followed in making
such rights available to any owners of GDRs or in disposing of
such rights on behalf of any owners and making the net proceeds
available to such owners or, if by the terms of such rights
offering or for any other reason, the Depositary may not either
make such rights available to any owners or dispose of such
rights and make the net proceeds available to such owners, then
the Depositary shall allow the rights to lapse. If at the time
of the offering of any rights the Depositary determines in its
discretion that it is lawful and feasible to make such rights
available to all owners or to all or certain owners but not to
other owners, the
10
Depositary may distribute to any owner to whom it determines the
distribution to be lawful and feasible, in proportion to the
number of GDSs held by such owner, warrants or other instruments
therefore in such form as it deems appropriate. If the
Depositary determines in its discretion that it is not lawful
and feasible to make such rights available to all or certain
owners, it may sell the rights, warrants or other instruments in
proportion to the number of GDSs held by the owners to whom it
has determined it may not lawfully or feasibly make such rights
available, and allocate the net proceeds of such sales (net of
the fees and expenses of the Depositary and all taxes and
governmental charges payable in connection with such right and
subject to the terms and conditions of the Global Deposit
Agreement) for the account of such owners otherwise entitled to
such rights, warrants or other instruments, upon an averaged or
other practical basis without regard to any distinctions among
such owners because of exchange restrictions or the date of
delivery of any GDR or GDRs, or otherwise.
In circumstances in which rights would not otherwise be
distributed, if an owner of GDRs requests the distribution of
warrants or other instruments in order to exercise the rights
allocable to the GDSs of such owner, the Depositary will make
such rights available to such owner upon written notice from us
to the Depositary that (a) we have elected in our sole
discretion to permit such rights to be exercised and
(b) such owner has executed such documents as we have
determined in our sole discretion are reasonably required under
applicable law. Upon instruction pursuant to such warrants or
other instruments to the Depositary from such owner to exercise
such rights, upon payment by such owner to the Depositary for
the account of such owner of an amount equal to the purchase
price of the Shares to be received in exercise of the rights,
and upon payment of the fees of the Depositary as set forth in
such warrants or other instruments, the Depositary will, on
behalf of such owner, exercise the rights and purchase the
Shares, and we shall cause the Shares so purchased to be
delivered to the Depositary on behalf of such owner. As agent
for such owner, the Depositary will cause the Shares so
purchased to be deposited, and will execute and deliver Receipts
to such owner, pursuant to the Global Deposit Agreement.
The Depositary will not offer rights to owners unless both the
rights and the securities to which such rights relate are either
exempt from registration under the Securities Act of 1933 with
respect to a distribution to all owners or are registered under
the provisions of such Act; provided, that nothing in the Global
Deposit Agreement will create, or be construed to create, any
obligation on the part of us to file a registration statement
with respect to such rights or underlying securities or to
endeavor to have such a registration statement declared
effective. If an owner of GDRs requests the distribution of
warrants or other instruments, notwithstanding that there has
been no such registration under such Act, the Depositary will
not effect such distribution unless it has received an opinion
from recognized counsel in the United States for us upon which
the Depositary may rely that such distribution to such owner is
exempt from such registration. The Depositary will not be
responsible for any failure to determine that it may be lawful
or feasible to make such rights available to owners in general
or any owner in particular.
Whenever the Depositary receives any distribution other than
cash, Shares or rights in respect of the Deposited Securities,
the Depositary will cause the securities or property received by
it to be distributed to the owners entitled thereto, after
deduction or upon payment of any fees and expenses of the
Depositary or any taxes or other governmental charges, in
proportion to their holdings, respectively, in any manner that
the Depositary may deem equitable and practicable for
accomplishing such distribution; provided, however, that if in
the opinion of the Depositary such distribution cannot be made
proportionately among the owners entitled thereto, or if for any
other reason (including, but not limited to) any requirement
that we or the Depositary withhold an amount on account of taxes
or other governmental charges or that such securities must be
registered under the Securities Act of 1933 in order to be
distributed to owners or beneficial owners the Depositary deems
such distribution not to be feasible, the Depositary may adopt
such method as it may deem equitable and practicable for the
purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or
property thus received or any part thereof and the net proceeds
of any such sale (net of the fees and expenses of the
Depositary) will be distributed by the Depositary to the owners
entitled thereto as in the case of a distribution received in
cash. Each beneficial owner of securities so distributed shall
be deemed to have acknowledged that the securities have not been
registered under the Securities Act and to have agreed to comply
with the restrictions on transfer.
11
If the Depositary determines that any distribution of property
(including Shares and rights to subscribe therefore) is subject
to any taxes or other governmental charges which the Depositary
is obligated to withhold, the Depositary may, by public or
private sale, dispose of all or a portion of such property in
such amount and in such manner as the Depositary deems necessary
and practicable to pay such taxes or charges and the Depositary
will distribute the net proceeds of any such sale after
deduction of such taxes or charges to the owners entitled
thereto in proportion to the number of GDSs held by them,
respectively.
Upon any change in nominal or par value, split-up, consolidation
or any other reclassification of Deposited Securities, or upon
any recapitalization, reorganization, merger or consolidation or
sale of assets affecting us or to which we are a party, any
securities which shall be received by the Depositary or
Custodian in exchange for, in conversion of, or in respect of
Deposited Securities will be treated as new Deposited Securities
under the Global Deposit Agreement, and the GDSs will
thenceforth represent, in addition to the existing Deposited
Securities, the right to receive the new Deposited Securities so
received in exchange or conversion, unless additional GDRs are
delivered pursuant to the following sentence. In any such case
the Depositary may (a) if Book-Entry GDSs are available,
make appropriate entry in its records, or (b) if Book-Entry
GDSs are not available, either (i) execute and deliver
additional GDRs as in the case of a dividend in Shares, or
(ii) call for the surrender of outstanding GDRs to be
exchanged for new GDRs specifically describing such new
Deposited Securities.
Record dates
Whenever any cash dividend or other cash distribution shall
become payable or any distribution other than cash shall be
made, or whenever rights shall be issued with respect to the
Deposited Securities, or whenever for any reason the Depositary
causes a change in the number of Shares that are represented by
each GDS, or whenever the Depositary shall receive notice of any
meeting of holders of Shares or other Deposited Securities, or
whenever the Depositary shall find it necessary or convenient
the Depositary will fix a record date, which shall be the same
date, if any, applicable to the Deposited Securities, or as
close thereto as practicable (a) for the determination of
the owners who will be (i) entitled to receive such
dividend, distribution or rights, or the net proceeds of the
sale thereof, or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting, or (b) on or
after which each GDS will represent the changed number of
Shares, all subject to the provisions of the Global Deposit
Agreement.
Voting of deposited securities
Upon receipt of notice of any meeting of holders of Shares or
other Deposited Securities, if requested in writing by us, the
Depositary will, as soon as practicable thereafter, mail to all
owners a notice, the form of which notice will be in the sole
discretion of the Depositary, containing (a) such
information included in such notice of meeting received by the
Depositary from us, and (b) a statement that the owners as
of the close of business on a specified record date will be
entitled, subject to any applicable provision of English law and
of our Memorandum and Articles, to instruct the Depositary as to
the exercise of the voting rights, if any, pertaining to the
amount of Shares or other Deposited Securities represented by
their respective GDSs and (c) a statement as to the manner
in which such instructions may be given. Upon the written
request of an owner on such record date, received on or before
the date established by the Depositary for such purpose, the
Depositary will endeavor, insofar as practicable, to vote or
cause to be voted the amount of Shares or other Deposited
Securities represented by the GDSs evidenced by such GDRs in
accordance with the instructions set forth in such request. The
Depositary will not vote or attempt to exercise the right to
vote that attaches to the Shares or other Deposited Securities,
other than in accordance with such instructions.
Amendment and termination of the Global Deposit
Agreement
The form of GDRs and any provisions of the Global Deposit
Agreement may at any time and from time to time be amended by
agreement between us and the Depositary in any respect which
they may deem necessary or desirable without the consent of the
owners of GDRs; provided, however, that any amendment that
imposes or increases any fees or charges (other than taxes and
other governmental charges, registration fees, cable, telex or
facsimile transmission costs, delivery costs or other such
expenses), or which otherwise prejudices any
12
substantial existing right of owners, will not take effect as to
outstanding GDRs until the expiration of 30 days after
notice of any amendment has been given to the owners of
outstanding GDRs. Every owner of a GDR, at the time any
amendment so becomes effective, will be deemed, by continuing to
hold such GDR, to consent and agree to such amendment and to be
bound by the Global Deposit Agreement as amended thereby. In no
event will any amendment impair the right of the owner of any
GDR to surrender such GDR and receive therefore the Deposited
Securities represented thereby, except to comply with mandatory
provisions of applicable law.
The Depositary will at any time at our direction terminate the
Global Deposit Agreement by mailing notice of such termination
to the owners of the GDRs then outstanding at least 90 days
prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate the Global Deposit Agreement
by mailing notice of such termination to us and the owners of
all GDRs then outstanding if, any time after 90 days have
expired after the Depositary will have delivered to us a written
notice of its election to resign and a successor depositary will
not have been appointed and accepted its appointment, in
accordance with the terms of the Global Deposit Agreement. On
and after the date of termination, the owner of a Receipt will,
upon (a)(i) receipt by the Depositary at its Corporate Trust
Office of written instructions from DTC or DTCs nominee on
behalf of any beneficial owner, if the book-entry settlement
system of DTC is then available for the Book-Entry GDSs, or
(ii) surrender of such Receipt at the Corporate
Trust Office of the Depositary, (b) payment of the fee
of the Depositary for the surrender of Receipts, and
(c) payment of any applicable taxes or governmental
charges, be entitled to delivery, to him or upon his order, of
the amount of Deposited Securities represented by the Depositary
Shares evidenced by such Receipt. If any GDRs remain outstanding
after the date of termination of the Global Deposit Agreement,
the Depositary thereafter will discontinue the registration of
transfers of GDRs, will suspend the distribution of dividends
and other distributions to the owners thereof and will not give
any further notices or perform any further acts under the Global
Deposit Agreement, except the collection of dividends and other
distributions pertaining to the Deposited Securities, the sale
of rights and other property provided in this Global Deposit
Agreement and the delivery of Deposited Securities, together
with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other
property, in exchange for surrendered GDRs (after deducting, in
each case, the fees of the Depositary for the surrender of GDR
and other expenses set forth in the Global Deposit Agreement and
any applicable taxes or governmental charges). At any time after
the expiration of one year from the date of termination, the
Depositary may sell the Deposited Securities then held
thereunder and may thereafter hold uninvested the net proceeds
of such sale, together with any other cash then held by it,
unsegregated and without liability for interest, for the pro
rata benefit of the owners that have not theretofore surrendered
their Receipts, such owners thereupon becoming general creditors
of the Depositary with respect to such net proceeds. After
making such sale, the Depositary will be discharged from all
obligations under the Global Deposit Agreement, except to
account for net proceeds and other cash (after deducting, in
each case, the fee of the Depositary and other expenses set
forth in the Global Deposit Agreement for the surrender of a
GDR. and any applicable taxes or other governmental charges).
Charges of Depositary
The Depositary will charge any party depositing or withdrawing
Shares or any party surrendering GDRs or to whom GDRs are issued
(including, without limitation) issuance pursuant to a stock
dividend or stock split declared by us or an exchange of stock
regarding the GDRs or Deposited Securities or a distribution of
GDRs pursuant to the Global Deposit Agreement) whichever
applicable: (1) taxes and other governmental charges;
(2) such registration fees as may from time to time be in
effect for the registration of transfers of Shares generally on
our share register or Foreign Registrar (or any other appointed
agent of ours for transfer and registration of the Shares and
applicable to transfers of Shares to the name of the Depositary
or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals; (3) such cable, telex or facsimile
transmission expenses as are expressly provided for in the
Global Deposit Agreement to be at the expense of persons
depositing Shares or owners; (4) such expenses as are
incurred by the Depositary in the conversion of Foreign Currency
pursuant to the Global Deposit Agreement; (5) a fee of
$5.00 or less per 100 GDSs (or portion thereof) for the
execution, delivery and surrender of GDRs pursuant to the Global
Deposit Agreement; (6) a fee of $02 or less per GDS (or
portion thereof) for any cash distribution made pursuant to
13
the Global Deposit Agreement; (7) a fee of $1.50 or less
per certificate for a GDR or GDRs for transfers made pursuant to
the Global Deposit Agreement and; (8) a fee for the
distribution of securities pursuant to the Global Deposit
Agreement, such fee being in an amount equal to the fee for the
execution and delivery of GDSs referred to above which would
have been charged as a result of the deposit of such securities
(for purposes of this clause (8) treating all such
securities as if they were Shares), but which securities are
instead distributed by the Depositary to owners and the net
proceeds distributed.
The Depositary, pursuant to the Global Deposit Agreement, may
own and deal in any class of our securities and our affiliates
and in GDRs.
Liability of owner for taxes
If any tax or other governmental charge shall become payable by
the Custodian or the Depositary with respect to any GDR or any
Deposited Securities represented by any GDRs, such tax or other
governmental charge will be payable by the owner of such GDR to
the Depositary. The Depositary may refuse to effect registration
of transfer of such GDR (or any split-up or combination
thereof), or any withdrawal of Deposited Securities underlying
such GDR until such payment is made, and may withhold any
dividends or other distributions, in respect of any Deposited
Securities or may sell for the account of the owner or
beneficial owner thereof any part or all of the Deposited
Securities underlying such GDR and may apply such dividends,
distributions or the proceeds of any such sale to pay any such
tax or other governmental charge and the owner of such GDR will
remain liable for any deficiency.
General
Neither the Depositary nor our company nor any of our respective
directors, employees, agents or affiliates will be liable to any
owner or beneficial owner of any GDR, if by reason of any
provision of any present or future law or regulation of the
United States, or any other country, or of any governmental or
regulatory authority or stock exchange, or by reason of any
provision, present or future, of our Memorandum and Articles or
by reason of any provision of any securities issued or
distributed by us, or any offering or distribution thereof, or
by reason of any act of God or war or other circumstances beyond
our control, the Depositary or our company or any of our
directors, employees, agents or affiliates shall be prevented,
delayed or forbidden from, or be subject to any civil or
criminal penalty on account of, doing or performing any act or
thing which by the terms of the Global Deposit Agreement or
Deposited Securities it is provided will be done or performed;
nor will the Depositary or our company incur any liability to
any owner or beneficial owner of any GDR by reason of any
nonperformance or delay, caused as aforesaid, in the performance
of any act or thing which by the terms of the Global Deposit
Agreement it is provided will or may be done or performed, or by
reason of any exercise of, or failure to exercise, any
discretion provided for under the Global Deposit Agreement.
Where, by the terms of a distribution pursuant to the Global
Deposit Agreement, or an offering or distribution pursuant to
the Global Deposit Agreement, or for any other reason, such
distribution or offering may not be made available to owners,
and the Depositary may not dispose of such distribution or
offering on behalf of such owners and make the net proceeds
available to such owners, then the Depositary will not make such
distribution or offering, and will allow the rights, if
applicable, to lapse.
We and the Depositary assume no obligation nor will we or the
Depositary be subject to any liability under the Global Deposit
Agreement to owners or beneficial owners of GDRs, except that we
and the Depositary agree to perform their respective obligations
specifically set forth under the Global Deposit Agreement
without negligence or bad faith.
The GDRs are transferable on the books of the Depositary,
provided that the Depositary may close the transfer books at any
time or from time to time when deemed expedient by it in
connection with the performance of its duties. As a condition
precedent to the execution and delivery, registration of
transfer, split-up, combination or surrender of any GDR or
withdrawal of any Deposited Securities or the adjustment of the
Depositarys records to reflect the deposit of Shares or
any such transfer, split-up, combination, surrender or
withdrawal, the Depositary, the Custodian or the Registrar may
require payment from the person presenting the GDR or the
depositor of the Shares of a sum sufficient to reimburse it for
any tax or other governmental
14
charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect
to Shares being deposited or withdrawn) and payment of any
applicable fees. The Depositary may refuse to deliver GDRs, to
register the transfer of any GDR or to make any distribution on,
or related to, Shares until it has received such proof of
citizenship or residence, exchange control approval or other
information as it may deem necessary or proper. The delivery,
transfer, registration of transfer of outstanding GDRs and
surrender of GDRs generally may be suspended or refused during
any period when the transfer books of the Depositary, our
company or the Foreign Registrar are closed or if any such
action is deemed necessary or advisable by the Depositary or us,
at any time or from time to time.
The Depositary will keep books, at its Corporate Trust Office,
for the registration and transfer of GDRs, which at all
reasonable times will be open for inspection by the owners,
provided that such inspection will not be for the purpose of
communicating with owners in the interest of a business or
object other than our business or a matter related to the Global
Deposit Agreement or the GDRs.
The Depositary may appoint one or more co-transfer agents for
the purpose of effecting transfers, combinations and split-ups
of GDRs at designated transfer offices on behalf of the
Depositary. In carrying out its functions, a co-transfer agent
may require evidence of authority and compliance with applicable
laws and other requirements by owners or persons entitled to
GDRs and will be entitled to protection and indemnity to the
same extent as the Depositary.
Warrants
As of December 31, 2004, warrants to purchase a total of
783,000 ordinary shares were outstanding with exercise prices
ranging from $1.44 to $2.81 per share. Each warrant
contains provisions for the adjustment of the exercise price and
the number of shares issuable upon the exercise of the warrant
in the event of certain types of reorganizations and significant
corporate transactions. With respect to warrants to acquire
750,000 ordinary shares, holders have certain registration
rights once the only trading market for our securities is
located within the United States. These registration rights
expire when the shares can be sold pursuant to Rule 144 of
the Securities Act of 1933.
Depositary and Registrar
The registrar for our ordinary shares is Capita IRG, plc
and the depository for our depositary shares is the Bank of New
York.
Securities Authorized for Issuance Under Equity Compensation
Plans
The following table provides information as of December 31,
2004 regarding compensation plans, including individual
compensation arrangements, under which equity securities of
Spark Networks plc are authorized for issuance.
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|
Number of Securities | |
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|
|
Weighted-average | |
|
Remaining Available | |
|
|
|
|
Exercise Price of | |
|
for Future | |
|
|
Number of Securities to be | |
|
Outstanding | |
|
Issuance Under Equity | |
|
|
Issued Upon Exercise of | |
|
Options, | |
|
Compensation Plans | |
|
|
Outstanding Options, | |
|
Warrants and | |
|
(excluding securities reflected | |
Plan Category |
|
Warrants and Rights | |
|
Rights | |
|
in column (a) | |
|
|
| |
|
| |
|
| |
|
|
(a) | |
|
(b) | |
|
(c) | |
Equity compensation plans approved by security holders
|
|
|
8,996,759 |
(1) |
|
$ |
3.81 |
|
|
|
15,503,000 |
(2) |
Equity compensation plans not approved by security holders
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|
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Total
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|
|
8,996,759 |
|
|
|
|
|
|
|
15,503,000 |
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|
|
|
|
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|
15
|
|
(1) |
Represents share options outstanding under the 2004 Share
Option Scheme and the 2000 Executive Share Option Scheme. |
|
(2) |
Represents share options outstanding under the 2004 Share
Option Scheme. The 2000 Executive Share Option Scheme has
been terminated and no future issuances of options are
available; however, all outstanding options granted under the
plan continue in full force and effect. |
|
|
Item 12. |
Indemnification of Directors and Officers |
The information required by this item is contained under the
section Information Not Required in Prospectus
Item 14. Indemnification of Directors and Officers of
the Registration Statement. That section is incorporated herein
by reference.
|
|
Item 13. |
Financial Statements and Supplementary Data |
The information required by this item is contained under the
section Consolidated Financial Statements and
Notes to Consolidated Financial Statements of the
Registration Statement. That section is incorporated herein by
reference.
|
|
Item 14. |
Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure |
The information required by this item is contained under the
section Managements Discussion and Analysis of
Financial Condition and Results of Operations Change
in Accountants of the Registration Statement. That section
is incorporated herein by reference.
|
|
Item 15. |
Financial Statements and Exhibits |
(a) Financial Statement
See Item 13 above.
(b) Exhibits
Except for Exhibit 99.1, which is included herein, the
following exhibits are incorporated herein by reference from the
Registration Statement or, where noted, will be filed by
amendment:
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Exhibit | |
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Number | |
|
Description of Exhibit |
| |
|
|
|
3 |
.1 |
|
Memorandum of Association of Registrant dated September 3,
1998. |
|
3 |
.2 |
|
Amendment to Memorandum of Association dated January 10,
2005 (Name Change) |
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3 |
.3 |
|
Articles of Association of Registrant, as amended April 11,
2000 and December 10, 2004. |
|
4 |
.1* |
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Form of Deposit Agreement |
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4 |
.2* |
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Form of GDR |
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4 |
.3* |
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Specimen ordinary share certificate |
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10 |
.1 |
|
Lease dated September 1, 2000 between Arden Realty Limited
Partnership and the Registrant regarding 8383 Wilshire Boulevard
(incorporated by reference to exhibit 10.1 of MatchNet,
Inc.s registration statement on Form S-1 (file no.
333-117940) filed with the Securities and Exchange Commission on
August 4, 2004). |
|
10 |
.1(a) |
|
First Amendment to Lease, dated September 5, 2000
(incorporated by reference to exhibit 10.1(a) of MatchNet,
Inc.s registration statement on Form S-1 (file no.
333-117940) filed with the Securities and Exchange Commission on
August 4, 2004). |
|
10 |
.1(b) |
|
Second Amendment to Lease, dated January 16, 2003
(incorporated by reference to exhibit 10.1(b) of MatchNet,
Inc.s registration statement on Form S-1 (file no.
333-117940) filed with the Securities and Exchange Commission on
August 4, 2004). |
16
|
|
|
|
|
Exhibit | |
|
|
Number | |
|
Description of Exhibit |
| |
|
|
|
10 |
.1(c) |
|
Third Amendment to Lease, dated October 30, 2003
(incorporated by reference to exhibit 10.1(c) of MatchNet,
Inc.s registration statement on Form S-1 (file no.
333-117940) filed with the Securities and Exchange Commission on
August 4, 2004). |
|
10 |
.1(d) |
|
Fourth Amendment to Lease, dated May 14, 2004 (incorporated
by reference to exhibit 10.1(d) of MatchNet, Inc.s
registration statement on Form S-1 (file no. 333-117940)
filed with the Securities and Exchange Commission on
August 4, 2004). |
|
10 |
.2 |
|
2004 Share Option Scheme |
|
10 |
.3 |
|
2000 Share Executive Option Scheme |
|
10 |
.4 |
|
Asset Purchase Agreement, dated November 27, 2003, between
the Registrant and Point Match USA, Inc. (incorporated by
reference to exhibit 10.4 of MatchNet, Inc.s
registration statement on Form S-1 (file no. 333-117940)
filed with the Securities and Exchange Commission on
August 4, 2004). |
|
10 |
.4(a)* |
|
First Amendment to Asset Purchase Agreement, January 7,
2004, between the Registrant and Point Match USA, Inc. |
|
10 |
.5 |
|
Asset Purchase Agreement, dated November 27, 2003, between
MatchNet (Israel) Ltd., a subsidiary of the Registrant, and
Point Match Ltd. (incorporated by reference to exhibit 10.5
of MatchNet, Inc.s registration statement on Form S-1
(file no. 333-117940) filed with the Securities and Exchange
Commission on August 4, 2004). |
|
10 |
.5(a) |
|
First Amendment to Asset Purchase Agreement, dated
January 7, 2004, between MatchNet (Israel) Ltd., a
subsidiary of the Registrant, and Point Match Ltd. (incorporated
by reference to exhibit 10.5(a) of MatchNet, Inc.s
registration statement on Form S-1 (file no. 333-117940)
filed with the Securities and Exchange Commission on
August 4, 2004). |
|
10 |
.6 |
|
Executive Employment Agreement, dated August 12, 2004,
between the Registrant and David Siminoff |
|
10 |
.7 |
|
Executive Employment Agreement, dated October 4, 2004,
between the Registrant and Mark Thompson. |
|
10 |
.8 |
|
Executive Employment Agreement, dated October 4, 2004,
between the Registrant and Phillip Nelson. |
|
10 |
.9 |
|
Executive Employment Agreement, dated March 1, 2005,
between the Registrant and Joe Y. Shapira. |
|
10 |
.10* |
|
Form of Indemnification Agreement for Officers and Directors |
|
10 |
.10(a)* |
|
List of Parties executing Form of Indemnification Agreement for
Officers and Directors |
|
10 |
.11 |
|
Deal Documents and Purchase Agreement for Investment in Yobon,
Inc. dated October 19, 2004. |
|
10 |
.12 |
|
Warrant Agreement, dated December 30, 2004, between the
Registrant and Europlay Capital Advisors LLC |
|
16 |
.1 |
|
Letter re: Change in Certifying Accountant (incorporated by
reference to exhibit 16.1 of MatchNet, Inc.s
registration statement on Form S-1 (file
no. 333-117940) filed with the Securities and Exchange
Commission on August 4, 2004). |
|
21 |
.1 |
|
List of subsidiaries. |
|
99 |
.1 |
|
Registration Statement on Form S-1. |
|
|
* |
To be filed by amendment. |
17
SIGNATURES
Pursuant to the requirements of Section 12 of the
Securities Exchange Act of 1934, the registrant has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Beverly
Hills, State of California, on March 10, 2005.
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|
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By: |
/s/
David E. Siminoff
|
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|
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David
E. Siminoff |
|
Chief
Executive Officer and President |
18