EXHIBIT 2.4
____________________________________________________________
CBT GROUP PLC
AND
THE BANK OF NEW YORK
As Depositary
AND
OWNERS AND BENEFICIAL OWNERS OF RESTRICTED
AMERICAN DEPOSITARY RECEIPTS
Restricted Deposit Agreement (B)
Dated as of June 8, 1999
____________________________________________________________
TABLE OF CONTENTS
Page
PARTIES ................................................................................ 1
RECITALS ............................................................................... 1
ARTICLE 1
DEFINITIONS
SECTION 1.01. ADR Deposit Agreement................................... 1
SECTION 1.02. ADSs; ADRs.......................................................... 2
SECTION 1.03. Beneficial Owner........................................ 2
SECTION 1.04. Commission.......................................................... 2
SECTION 1.05. Company............................................................. 2
SECTION 1.06. Custodian........................................................... 2
SECTION 1.07. Depositary; Corporate Trust Office.................................. 2
SECTION 1.08. Deposited Securities................................................ 2
SECTION 1.09. Dollars; Pounds..................................................... 2
SECTION 1.10. Exchange............................................................ 3
SECTION 1.11. Foreign Registrar................................................... 3
SECTION 1.12. Owner............................................................... 3
SECTION 1.13. Receipts............................................................ 3
SECTION 1.14. Registrar........................................................... 3
SECTION 1.15. Restricted American Depositary Shares............................... 3
SECTION 1.16. Restricted Deposit Agreement........................................ 3
SECTION 1.17. Rule 144............................................................ 3
SECTION 1.18. Rule 145............................................................ 4
SECTION 1.19. Securities Act...................................................... 4
SECTION 1.20. Securities Exchange Act............................................. 4
SECTION 1.21. Shares.............................................................. 4
SECTION 1.22. United States....................................................... 4
ARTICLE 2
FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
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SECTION 2.01. Form and Transferability of
Receipts.......................................................................... 4
SECTION 2.02. Deposit of Shares.............................................................. 7
SECTION 2.03. Execution and Delivery of Receipts............................................. 8
SECTION 2.04. Transfer of Receipts; Combination
and Split-up of Receipts.................................................. 9
SECTION 2.05. Surrender of Receipts and
Withdrawal of Shares...................................................... 10
SECTION 2.06. Limitations on Execution and
Delivery, Transfer and Surrender of Receipts.............................. 12
SECTION 2.07. Lost Receipts, etc............................................................. 12
SECTION 2.08. Cancellation and Destruction of
Surrendered Receipts...................................................... 13
SECTION 2.09. Exchange of Restricted American
Depositary Shares for ADSs................................................ 13
ARTICLE 3
CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL
OWNERS OF RECEIPTS
SECTION 3.01. Filing Proofs, Certificates and
Other Information......................................................... 14
SECTION 3.02. Liability of Owner or Beneficial
Owner for Taxes........................................................... 15
SECTION 3.03. Warranties on Deposit of Shares................................................ 15
ARTICLE 4
THE DEPOSITED SECURITIES
SECTION 4.01. Cash Distributions............................................................. 15
SECTION 4.02. Distributions Other Than Cash,
Shares or Rights.......................................................... 16
SECTION 4.03. Distributions in Shares........................................................ 17
SECTION 4.04. Rights......................................................................... 17
SECTION 4.05. Conversion of Foreign Currency................................................. 19
SECTION 4.06. Fixing of Record Date.......................................................... 20
SECTION 4.07. Voting of Deposited Securities................................................. 21
SECTION 4.08. Changes Affecting Deposited
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Securities................................................................. 24
SECTION 4.09. Reports........................................................................ 25
SECTION 4.10. Lists of Owners................................................................ 25
SECTION 4.11. Withholding.................................................................... 25
ARTICLE 5
THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
SECTION 5.01. Maintenance of Office and Transfer
Books by the Depositary................................................... 26
SECTION 5.02. Prevention or Delay in Performance
by the Depositary or the Company.......................................... 27
SECTION 5.03. Obligations of the Depositary, the
Custodian and the Company................................................. 27
SECTION 5.04. Resignation and Removal of the
Depositary................................................................ 28
SECTION 5.05. The Custodians................................................................. 29
SECTION 5.06. Notices and Reports............................................................ 29
SECTION 5.07. Distribution of Additional Shares,
Rights, etc............................................................... 30
SECTION 5.08. Indemnification................................................................ 30
SECTION 5.09. Charges of Depositary.......................................................... 31
SECTION 5.10. Retention of Depositary Documents.............................................. 32
SECTION 5.11. Exclusivity.................................................................... 32
ARTICLE 6
AMENDMENT AND TERMINATION
SECTION 6.01. Amendment...................................................................... 32
SECTION 6.02. Termination.................................................................... 33
ARTICLE 7
MISCELLANEOUS
SECTION 7.01. Counterparts................................................................... 34
SECTION 7.02. No Third Party Beneficiaries................................................... 34
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SECTION 7.03. Severability................................................................... 34
SECTION 7.04. Owners and Beneficial Owners as
Parties; Binding Effect................................................... 35
SECTION 7.05. Notices........................................................................ 35
SECTION 7.06. Governing Law.................................................................. 35
ANNEX I
Certification and Agreement of Acquirors of
Receipts Upon Deposit of Shares Pursuant to
Section 2.02 of the Restricted Deposit Agreement (B)
ANNEX II
Certification and Agreement of Certain Persons
Transferring Receipts Pursuant to
Sections 2.01 and 2.04 of
the Restricted Deposit Agreement (B)
ANNEX III
Certification and Agreement of Persons Receiving
Deposited Securities Upon Withdrawal
Pursuant to Section 2.05 of
the Restricted Deposit Agreement (B)
EXHIBIT A
FORM OF RESTRICTED AMERICAN DEPOSITARY RECEIPT
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RESTRICTED DEPOSIT AGREEMENT (B)
RESTRICTED DEPOSIT AGREEMENT (B), dated as of June 8, 1999, among CBT
GROUP PLC, incorporated under the laws of The Republic of Ireland (herein called
the Company), THE BANK OF NEW YORK, a New York banking corporation (herein
called the Depositary), and all Owners and Beneficial Owners from time to time
of Restricted American Depositary Receipts issued hereunder.
W I T N E S S E T H :
WHEREAS, the Company desires to provide, as hereinafter set forth in
this Restricted Deposit Agreement (B), for the deposit of Shares (as hereinafter
defined) of the Company from time to time with the Depositary or with the
Custodian (as hereinafter defined) as agent of the Depositary for the purposes
set forth in this Restricted Deposit Agreement, for the creation of Restricted
American Depositary Shares representing the Shares so deposited, subject to the
terms and conditions of this Restricted Deposit Agreement, and for the execution
and delivery of Restricted American Depositary Receipts evidencing the
Restricted American Depositary Shares; and
WHEREAS, the Restricted American Depositary Receipts are to be
substantially in the form of Exhibit A annexed hereto, with appropriate
insertions, modifications and omissions, as hereinafter provided in this
Restricted Deposit Agreement;
NOW, THEREFORE, in consideration of the premises, it is agreed by and
between the parties hereto as follows:
ARTICLE 1
DEFINITIONS
The following definitions shall for all purposes, unless otherwise
clearly indicated, apply to the respective terms used in this Restricted Deposit
Agreement:
SECTION 1.01. ADR Deposit Agreement. The term "ADR Deposit
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Agreement" shall mean the unrestricted deposit agreement, as amended and
restated as of May 22, 1998, among The Bank of New York, as depositary
thereunder, the Company and the owners and beneficial owners of ADRs issued
thereunder, as the same may be amended from time to time.
SECTION 1.02. ADSs; ADRs. The term "ADSs" shall mean the
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unrestricted American Depositary Shares issued pursuant to the ADR Deposit
Agreement.
The term "ADRs" shall mean the unrestricted American Depositary Receipts
evidencing the ADSs.
SECTION 1.03. Beneficial Owner. The term "Beneficial Owner" shall
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mean each person owning from time to time any beneficial interest in the
Restricted American Depositary Shares evidenced by any Receipt.
SECTION 1.04. Commission. The term "Commission" shall mean the
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Securities and Exchange Commission of the United States or any successor
governmental agency in the United States.
SECTION 1.05. Company. The term "Company" shall mean CBT Group PLC,
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incorporated under the laws of The Republic of Ireland, and its successors.
SECTION 1.06. Custodian. The term "Custodian" shall mean AIB
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Custodial Services, currently located at Xxxxxxxxxxx Xxxxx, Xxxxxxxxxxx, Xxxxxx
0, Xxxxxxx, as agent of the Depositary for the purposes of this Restricted
Deposit Agreement, and any other firm or corporation which may hereafter be
appointed by the Depositary pursuant to the terms of Section 5.05, as substitute
or additional custodian or custodians hereunder, as the context shall require
and shall also mean all of them collectively.
SECTION 1.07. Depositary; Corporate Trust Office. The term
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"Depositary" shall mean The Bank of New York, a New York banking corporation,
and any successor as depositary hereunder. The term "Corporate Trust Office",
when used with respect to the Depositary, shall mean the office of the
Depositary which at the date of this Agreement is 000 Xxxxxxx Xxxxxx, Xxx Xxxx,
Xxx Xxxx 00000.
SECTION 1.08. Deposited Securities. The term "Deposited Securities"
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as of any time shall mean Shares at such time deposited or deemed to be
deposited under this Restricted Deposit Agreement and any and all other
securities, property and cash received by the Depositary or the Custodian in
respect thereof and at such time held hereunder, subject as to cash to the
provisions of Section 4.05.
SECTION 1.09. Dollars; Pounds. The term "Dollars" shall mean United
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States dollars. The term "Pounds" or "(Pounds)" shall mean Irish pounds and the
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term "p" or "xxxxx" shall mean Irish xxxxx; provided, however, that at such time
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as the Company redenominates its accounts in euro, all references herein to
Pounds or Xxxxx shall be deemed to refer to euro in the redenominated amounts.
SECTION 1.10. Exchange. The term "Exchange" shall mean an exchange
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of Restricted American Depositary Shares for ADSs, in accordance with Section
2.10 hereof.
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SECTION 1.11. Foreign Registrar. The term "Foreign Registrar" shall
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mean Bank of Ireland, Registrar Department or any successor entity carries out
the duties of registrar for the Shares or any other appointed agent of the
Company for the transfer and registration of Shares.
SECTION 1.12. Owner. The term "Owner" shall mean the person in whose
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name a Receipt is registered on the books of the Depositary maintained for such
purpose.
SECTION 1.13. Receipts. The term "Receipts" shall mean the
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Restricted American Depositary Receipts issued hereunder evidencing Restricted
American Depositary Shares.
SECTION 1.14. Registrar. The term "Registrar" shall mean any bank or
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trust company having an office in the Borough of Manhattan, The City of New
York, which shall be appointed to register Receipts and transfers of Receipts as
herein provided.
SECTION 1.15. Restricted American Depositary Shares. The term
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"Restricted American Depositary Shares" shall mean the restricted securities
representing the interests in the Deposited Securities and evidenced by the
Receipts issued hereunder. Each Restricted American Depositary Share shall
represent one Share or the right to receive one Share, until there shall occur a
distribution upon Deposited Securities covered by Section 4.03 or a change in
Deposited Securities covered by Section 4.08 with respect to which additional
Receipts are not executed and delivered, and thereafter Restricted American
Depositary Shares shall evidence the amount of Shares or Deposited Securities
specified in such Sections.
SECTION 1.16. Restricted Deposit Agreement. The term "Restricted
----------------------------
Deposit Agreement" shall mean this Restricted Deposit Agreement (B), including
the Annexes hereto, as the same may be amended from time to time in accordance
with the provisions hereof.
SECTION 1.17. Rule 144. The term "Rule 144" shall mean Rule 144, as
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from time to time amended, under the Securities Act.
SECTION 1.18. Rule 145. The term "Rule 145" shall mean Rule 145, as
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from time to time amended, under the Securities Act.
SECTION 1.19. Securities Act. The term "Securities Act" shall mean
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the United States Securities Act of 1933, as from time to time amended.
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SECTION 1.20. Securities Exchange Act. The term "Securities Exchange
-----------------------
Act" shall mean the United States Securities Exchange Act of 1934, as from time
to time amended.
SECTION 1.21. Shares. The term "Shares" shall mean ordinary shares
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in registered form of the Company, nominal value 9.375 xxxxx each, heretofore
validly issued and outstanding and fully paid, nonassessable and free of any
pre-emptive rights of the holders of outstanding Shares or hereafter validly
issued and outstanding and fully paid, nonassessable and free of any pre-emptive
rights of the holders of outstanding Shares or interim certificates representing
such Shares; provided, however, that if there shall occur any change in nominal
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value (including, if applicable, any redenomination in euro), a split-up or
consolidation or any other reclassification described in Section 4.08, the term
"Shares" shall thereafter also mean the successor securities resulting from such
change in nominal value, split-up or consolidation or such other
reclassification.
SECTION 1.22. United States. The term "United States" shall, except
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as otherwise provided in this Restricted Deposit Agreement or the Receipts, mean
the United States of America, its territories and possessions, any State of the
United States, and the District of Columbia.
ARTICLE 2
FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
SECTION 2.01. Form and Transferability of Receipts. (a) Definitive
------------------------------------
Receipts shall be entitled "Restricted American Depositary Receipts" and shall
be substantially in the form set forth in Exhibit A annexed to this Restricted
Deposit Agreement, with appropriate insertions, modifications and omissions, as
hereinafter provided. The Depositary shall maintain books on which each Receipt
so executed and delivered as hereinafter provided and the transfer of each such
Receipt shall be registered. Each Receipt (i) shall be in physical form and
legended, (ii) shall be registered in the name of the beneficial owner
furnishing a Depositor Certificate, in substantially the form attached as Annex
I hereto, pursuant to Section 2.02 of this Restricted Deposit Agreement, (iii)
shall not be eligible for acceptance in any book-entry settlement system, and
(iv) may only be transferred in accordance with Section 2.04 of this Restricted
Deposit Agreement.
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No Receipt shall be entitled to any benefits under this Restricted
Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt
shall have been executed by the Depositary by the manual signature of a duly
authorized signatory of the Depositary; provided, however, that such signature
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may be a facsimile if a Registrar for the Receipts shall have been appointed and
such Receipts are countersigned by the manual signature of a duly authorized
officer of the Registrar. Receipts bearing the manual or facsimile signature of
a duly authorized signatory of the Depositary who was at any time a proper
signatory of the Depositary shall bind the Depositary, notwithstanding that such
signatory has ceased to hold such office prior to the execution and delivery of
such Receipts by the Registrar or did not hold such office on the date of
issuance of such Receipts.
Each Receipt shall bear the following legend:
THIS RESTRICTED AMERICAN DEPOSITARY RECEIPT, THE RESTRICTED
AMERICAN DEPOSITARY SHARES EVIDENCED HEREBY AND THE ORDINARY
SHARES OF CBT GROUP PLC (THE "ORDINARY SHARES") WHICH MAY BE
RECEIVED UPON SURRENDER OF THIS RESTRICTED AMERICAN DEPOSITARY
RECEIPT OR CANCELLATION OF THE RESTRICTED AMERICAN DEPOSITARY
SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
REGISTERED UNDER THE SECURITIES ACT OR UNLESS AN EXEMPTION FROM
REGISTRATION IS AVAILABLE. EACH PERSON DEPOSITING ORDINARY SHARES
AGREES THAT THIS RESTRICTED AMERICAN DEPOSITARY RECEIPT, THE
RESTRICTED AMERICAN DEPOSITARY SHARES EVIDENCED HEREBY AND THE
ORDINARY SHARES REPRESENTED THEREBY MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT REGISTERING THE RESALE OF THE RESTRICTED
AMERICAN DEPOSITARY SHARES OR IN ACCORDANCE WITH PARAGRAPHS (c),
(e), (f), (g) AND, IF APPLICABLE, (h) OF RULE 144 UNDER THE
SECURITIES ACT, PURSUANT TO EITHER RULE 144 OR RULE 145 UNDER THE
SECURITIES ACT, WITHOUT REGARD TO ANY TERMINATION OF CERTAIN
RESTRICTIONS BY OPERATION OF PARAGRAPH (K) OF RULE 144 UNDER THE
SECURITIES ACT, (A) IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY XXXXX XX
XXX
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XXXXXX XXXXXX, (B) IN EACH CASE, UPON THE DELIVERY OF A
SATISFACTORY WRITTEN OPINION FROM U.S. COUNSEL, AND (C) IN EACH
CASE UPON THE DELIVERY OF A TRANSFER CERTIFICATE SUBSTANTIALLY IN
THE FORM ATTACHED TO THE RESTRICTED DEPOSIT AGREEMENT AS ANNEX II
DULY EXECUTED AND COMPLETED BY THE TRANSFEROR. THE BENEFICIAL
OWNER OF ORDINARY SHARES RECEIVED UPON CANCELLATION OF ANY
RESTRICTED AMERICAN DEPOSITARY RECEIPTS MAY NOT DEPOSIT OR CAUSE
TO BE DEPOSITED SUCH ORDINARY SHARES INTO ANY DEPOSITARY RECEIPT
FACILITY ESTABLISHED OR MAINTAINED BY A DEPOSITARY BANK
(INCLUDING ANY SUCH FACILITY MAINTAINED BY THE DEPOSITARY FOR THE
RESTRICTED AMERICAN DEPOSITARY RECEIPTS), OTHER THAN A RESTRICTED
DEPOSITARY RECEIPT FACILITY, SO LONG AS SUCH ORDINARY SHARES ARE
"RESTRICTED SECURITIES" WITHIN THE MEANING OF RULE 144(a)(3)
UNDER THE SECURITIES ACT OR ARE OTHERWISE SUBJECT TO THE TRANSFER
RESTRICTIONS OF RULE 144 OR RULE 145 UNDER THE SECURITIES ACT.
EACH OWNER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THIS
RESTRICTED AMERICAN DEPOSITARY RECEIPT, REPRESENTS AND AGREES
THAT IT UNDERSTANDS AND WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.
In addition to the foregoing, the Receipts may be endorsed with or
have incorporated in the text thereof such legends or recitals or modifications
not inconsistent with the provisions of this Restricted Deposit Agreement as may
be required by the Depositary or required to comply with any applicable law or
regulations thereunder or with the rules and regulations of any securities
exchange upon which Restricted American Depositary Shares may be listed or to
conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Receipts are subject by
reason of the date of issuance of the underlying Deposited Securities or
otherwise.
The Receipts shall bear a CUSIP number that is different from any
CUSIP number that is or may be assigned any other depositary receipt facility
relating to the Shares.
(b) Title to a Receipt (and to the Restricted American Depositary
Shares evidenced thereby), when properly endorsed or accompanied by proper
instruments of transfer, and transferred in accordance with the terms of this
Restricted Deposit Agreement, including without limitation Sections 2.04, 2.06
and 2.09, shall be transferable by delivery with the same effect as in the case
of a negotiable instrument
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under the laws of New York; provided, however, that the Depositary,
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notwithstanding any notice to the contrary, may treat the Owner thereof as the
absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for
in this Restricted Deposit Agreement and for all other purposes.
SECTION 2.02. Deposit of Shares. (a) Subject to the terms and
-----------------
conditions of this Restricted Deposit Agreement, Shares may be deposited under
this Restricted Deposit Agreement by delivery thereof to any Custodian
hereunder, accompanied by any appropriate instrument or instruments of transfer,
or endorsement, in form satisfactory to the Custodian, together with a duly
executed and completed written certification and agreement ("Depositor
Certificate"), in substantially the form attached as Annex I hereto, by the
beneficial owner of the Restricted American Depositary Shares to be issued upon
deposit of such Shares, and all such certifications or opinions of counsel as
may be required by the Depositary or the Custodian in accordance with the
provisions of this Restricted Deposit Agreement, and, if the Depositary
requires, together with a written order directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such
order (which shall be the beneficial owner furnishing the Depositor
Certificate), a Receipt or Receipts for the number of Restricted American
Depositary Shares representing such deposit.
No Share shall be accepted for deposit unless accompanied by evidence
satisfactory to the Depositary that any necessary approval has been granted by
any governmental body in The Republic of Ireland which is then performing the
function of the regulation of currency exchange. If required by the Depositary,
Shares presented for deposit at any time, whether or not the transfer books of
the Company or the Foreign Registrar, if applicable, are closed, shall also be
accompanied by an agreement or assignment, or other instrument satisfactory to
the Depositary, which will provide for the prompt transfer to the Custodian of
any dividend, or right to subscribe for additional Shares or to receive other
property which any person in whose name the Shares are or have been recorded may
thereafter receive upon or in respect of such deposited Shares, or in lieu
thereof, such agreement of indemnity or other agreement as shall be satisfactory
to the Depositary.
At the request and risk and expense of any person proposing to deposit
Shares, and for the account of such person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments
herein specified, for the purpose of forwarding such Share certificates to the
Custodian for deposit hereunder.
Upon each delivery to a Custodian of a certificate or certificates for
Shares to be deposited hereunder, together with the other documents above
specified, such Custodian shall, as soon as transfer and recordation can be
accomplished, present such
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certificate or certificates to the Company or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the
name of the Depositary or its nominee or such Custodian or its nominee.
(b) Deposited Securities shall be held by the Depositary or by a
Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine. The Depositary agrees to
instruct the Custodian to place all Shares accepted for deposit under this
Restricted Deposit Agreement into segregated accounts separate from any Shares
of the Company that may be held by such Custodian under any other depositary
receipt facility relating to the Shares.
SECTION 2.03. Execution and Delivery of Receipts. Upon receipt by
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any Custodian of any deposit pursuant to Section 2.02 hereunder (and in
addition, if the transfer books of the Company or the Foreign Registrar, if
applicable, are open, the Depositary may in its sole discretion require a proper
acknowledgment or other evidence from the Company that any Deposited Securities
have been recorded upon the books of the Company or the Foreign Registrar, if
applicable, in the name of the Depositary or its nominee or such Custodian or
its nominee), together with the other documents required as above specified,
such Custodian shall notify the Depositary of such deposit and the person or
persons to whom or upon whose written order a Receipt or Receipts are
deliverable in respect thereof and the number of Restricted American Depositary
Shares to be evidenced thereby. Such notification shall be made by letter or, at
the request, risk and expense of the person making the deposit, by cable, telex
or facsimile transmission. Upon receiving such notice from such Custodian, or
upon the receipt of Shares by the Depositary, in either case together with a
duly executed and completed Depositor Certificate in substantially the form
attached hereto as Annex I, the Depositary, subject to the terms and conditions
of this Restricted Deposit Agreement, shall execute and deliver at its Corporate
Trust Office, to or upon the order of the person or persons named in the notice
delivered to the Depositary (which shall be the beneficial owner furnishing the
Depositor Certificate), a Receipt or Receipts, registered in the name or names
and evidencing any authorized number of Restricted American Depositary Shares
requested by such person or persons, but only upon payment to the Depositary of
the fees and expenses of the Depositary for the execution and delivery of such
Receipt or Receipts as provided in Section 5.09, and of all taxes and
governmental charges and fees payable in connection with such deposit and the
transfer of the Deposited Securities.
SECTION 2.04. Transfer of Receipts; Combination and Split-up of
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Receipts. Upon receipt by the Depositary of (a) a written opinion of U.S.
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counsel satisfactory to the Depositary in connection with a transfer pursuant to
an effective registration statement registering the resale of the Restricted
American Depositary Shares or in accordance with paragraphs (c), (e), (f), (g)
and, if applicable, (h) of Rule 144 under the Securities Act, pursuant to either
Rule 144 or Rule 145 under the Securities Act,
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without regard to any termination of certain restrictions by operation of
paragraph (k) of that rule, and (b) a duly executed and completed written
certification and agreement ("Transfer Certificate"), in substantially the form
attached as Annex II hereto and as hereinafter described, in connection with a
transfer pursuant to an effective registration statement registering the resale
of the Restricted American Depositary Shares or in accordance with paragraphs
(c), (e), (f), (g) and, if applicable, (h) of Rule 144 under the Securities Act,
without regard to any termination of certain restrictions by operation of
paragraph (k) of that rule, the Depositary, subject to the terms and conditions
of this Restricted Deposit Agreement, including payment of the fees of the
Depositary as provided in Section 5.09, shall exchange, upon any surrender of a
Receipt, by the Owner in person or by a duly authorized attorney, properly
endorsed or accompanied by proper instruments of transfer, and duly stamped as
may be required by the laws of the State of New York and of the United States of
America, the Receipts evidencing Restricted American Depositary Shares for ADRs
evidencing ADSs issued pursuant to the ADR Deposit Agreement, subject to the
provisions of Section 2.09 of this Restricted Deposit Agreement. The Depositary
shall not be required to register any transfer of a Receipt unless it shall have
received from the Beneficial Owner a duly executed and completed Transfer
Certificate, in form and substance satisfactory to the Depositary.
The Depositary, subject to the terms and conditions of this Restricted
Deposit Agreement, including, if the Depositary shall so require, delivery of a
written opinion of U.S. counsel and a duly executed and completed Transfer
Certificate substantially in the form of Annex II hereto, shall upon surrender
of a Receipt or Receipts for the purpose of effecting a split-up or combination
of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for
any authorized number of Restricted American Depositary Shares requested,
evidencing the same aggregate number of Restricted American Depositary Shares as
the Receipt or Receipts surrendered.
The representations and warranties included within the Transfer
Certificate in the form of Annex II to be delivered shall survive such transfer,
surrender and withdrawal, split-up or combination of the Shares or Receipts.
The Depositary may appoint one or more co-transfer agents for the
purpose of effecting transfers, combinations and split-ups of Receipts 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
Receipts and will be entitled to protection and indemnity to the same extent as
the Depositary.
SECTION 2.05. Surrender of Receipts and Withdrawal of Shares. Upon
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surrender of a Receipt at the Corporate Trust Office of the Depositary for the
purpose of withdrawal of the Deposited Securities represented by the Restricted
American
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Depositary Shares evidenced by such Receipt, and upon payment of the fee of the
Depositary for the surrender of Receipts as provided in Section 5.09 and payment
of all taxes and governmental charges payable in connection with such surrender
and withdrawal of the Deposited Securities, and subject to the terms and
conditions of this Restricted Deposit Agreement, the Owner of such Receipt shall
be entitled to delivery, to him or upon his order, of the amount of Deposited
Securities at the time represented by the Restricted American Depositary Shares
evidenced by such Receipt. Delivery of such Deposited Securities may be made by
the delivery of (a) certificates in the name of such Owner or as ordered by him
or certificates properly endorsed or accompanied by proper instruments of
transfer to such Owner or as ordered by him and (b) any other securities,
property and cash to which such Owner is then entitled in respect of such
Receipts to such Owner or as ordered by him. Such delivery shall be made, as
hereinafter provided, without unreasonable delay.
Notwithstanding the foregoing, no Deposited Securities may be
withdrawn upon the surrender of a Receipt unless at or prior to the time of
surrender, the Depositary shall have received (a) a written opinion of U.S.
counsel satisfactory to the Depositary, and (b) a duly executed and completed
written certificate and agreement ("Withdrawal Certificate"), in substantially
the form attached as Annex III hereto, by or on behalf of the person
surrendering such Receipt who after such withdrawal will be the beneficial owner
of such Deposited Securities; provided, however, that no Withdrawal Certificate
-------- -------
shall be required for a withdrawal in connection with a transfer pursuant to an
effective registration statement registering the resale of the Restricted
American Depositary Shares or in accordance with paragraphs (c), (e), (f), (g)
and, if applicable, (h) of Rule 144 under the Securities Act, pursuant to either
Rule 144 or Rule 145 under the Securities Act, without regard to any termination
of certain restrictions by operation of paragraph (k) of that Rule, in which
case the terms and provisions of Section 2.09 of this Restricted Deposit
Agreement shall apply.
A Receipt surrendered for such purposes may be required by the
Depositary to be properly endorsed in blank or accompanied by proper instruments
of transfer in blank, and if the Depositary so requires, the Owner thereof shall
execute and deliver to the Depositary a written order directing the Depositary
to cause the Deposited Securities being withdrawn to be delivered to or upon the
written order of a person or persons designated in such order. Thereupon the
Depositary shall direct the Custodian to deliver at the Dublin, Ireland office
of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other
terms and conditions of this Restricted Deposit Agreement, to or upon the
written order of the person or persons designated in the order delivered to the
Depositary as above provided, the amount of Deposited Securities represented by
the Restricted American Depositary Shares evidenced by such Receipt, except that
the Depositary may make delivery to such person or persons at the Corporate
Trust Office of the Depositary of any dividends or distributions with respect to
the Deposited Securities
-10-
represented by the Restricted American Depositary Shares evidenced by such
Receipt, or of any proceeds of sale of any dividends, distributions or rights,
which may at the time be held by the Depositary.
At the request, risk and expense of any Owner so surrendering a
Receipt, and for the account of such Owner, the Depositary shall direct the
Custodian to forward any cash or other property (other than rights) comprising,
and forward a certificate or certificates and other proper documents of title
for, the Deposited Securities represented by the Restricted American Depositary
Shares evidenced by such Receipt to the Depositary for delivery at the Corporate
Trust Office of the Depositary. Such direction shall be given by letter or, at
the request, risk and expense of such Owner, by cable, telex or facsimile
transmission.
Notwithstanding the foregoing, each Owner acknowledges that, and each
of the Depositary and Custodian agrees that, neither the Custodian nor the
Depositary will make any actual delivery of Shares to any Owner at an address
within the United States.
SECTION 2.06. Limitations on Execution and Delivery, Transfer and
---------------------------------------------------
Surrender of Receipts. As a condition precedent to the execution and delivery,
---------------------
registration of transfer, split-up, combination or surrender of any Receipt or
withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar
may require payment from the depositor of Shares or the presenter of the Receipt
of a sum sufficient to reimburse it for any tax or other governmental 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 as herein provided, may require the production of
proof satisfactory to it as to the identity and genuineness of any signature and
may also require compliance with any regulations the Depositary may establish
consistent with the provisions of this Restricted Deposit Agreement, including,
without limitation, this Section 2.06.
The delivery of Receipts against deposit of Shares generally or
against deposit of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer
of outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary are closed, or if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from time
to time because of any requirement of law or of any government or governmental
body or commission, or under any provision of this Restricted Deposit Agreement,
or for any other reason.
SECTION 2.07. Lost Receipts, etc. In case any Receipt shall be
-------------------
mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a
new Receipt of like tenor in exchange and substitution for such mutilated
Receipt upon
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cancellation thereof, or in lieu of and in substitution for such destroyed, lost
or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt
in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall
have (a) filed with the Depositary (i) a request for such execution and delivery
before the Depositary has notice that the Receipt has been acquired by a bona
fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other
reasonable requirements imposed by the Depositary.
SECTION 2.08. Cancellation and Destruction of Surrendered Receipts.
----------------------------------------------------
All Receipts surrendered to the Depositary shall be cancelled by the Depositary.
The Depositary is authorized to destroy Receipts so cancelled.
SECTION 2.09. Exchange of Restricted American Depositary Shares for
-----------------------------------------------------
ADSs.
----
(a) Subject to applicable law and the terms and conditions of this
Restricted Deposit Agreement, upon receipt by the Depositary of a written
opinion of U.S. counsel satisfactory to the Depositary and a duly executed and
completed Transfer Certificate pursuant to Section 2.04 of this Restricted
Deposit Agreement, Restricted American Depositary Shares sold or otherwise
transferred pursuant to an effective registration statement registering the
resale of the Restricted American Depositary Shares or in accordance with
paragraphs (c), (e), (f), (g) and, if applicable, (h) of Rule 144 under the
Securities Act, pursuant to either Rule 144 or Rule 145 under the Securities
Act, without regard to any termination of certain restrictions by operation of
paragraph (k) of that Rule, shall be exchanged for ADSs issued pursuant to the
ADR Deposit Agreement. In connection therewith, the Depositary shall (i) cancel
such Restricted American Depositary Shares issued hereunder and issue a
corresponding number of ADSs pursuant to the ADR Deposit Agreement to the Owners
entitled thereto and (ii) make arrangements to transfer any position held under
the CUSIP number relating to the Restricted American Depositary Shares issued
hereunder to the CUSIP number relating to such ADSs issued under the ADR Deposit
Agreement. The Depositary shall further instruct the Custodian to deliver all
such Deposited Securities held by it hereunder to the custodian under the ADR
Deposit Agreement for deposit thereunder. The transferees of interests of Owners
and Beneficial Owners of Receipts hereunder shall thereafter be owners and
beneficial owners of ADRs issued pursuant to the ADR Deposit Agreement and shall
have all of the rights and obligations set forth under the ADR Deposit Agreement
and the ADRs. In connection with an Exchange, all Owners and Beneficial Owners
of Receipts issued hereunder shall be deemed to have made the representations
and warranties set forth in Section 3.03 of the ADR Deposit Agreement.
(b) Each Owner and Beneficial Owner acknowledges and agrees that
there can be no assurance that applicable laws will permit the Depositary to
effect an Exchange as described in paragraph (a) above. In the event that the
Depositary determines in its
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sole discretion that an Exchange cannot be so effected, the Depositary and the
Company shall negotiate in good faith to amend the Restricted Deposit Agreement
as they deem necessary to either (i) permit an Exchange on such terms as they
may agree in accordance with applicable law or (ii) make such other arrangements
as they deem desirable.
ARTICLE 3
CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL
OWNERS OF RECEIPTS
SECTION 3.01. Filing Proofs, Certificates and Other Information. Any
-------------------------------------------------
person presenting Shares for deposit or any Owner or Beneficial Owner of a
Receipt may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or
such information relating to the registration on the books of the Company or the
Foreign Registrar, if applicable, to execute such certificates and to make such
representations and warranties, as the Depositary may deem necessary or proper.
The Depositary may withhold the delivery or registration of transfer of any
Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such
proof or other information is filed or such certificates are executed or such
representations and warranties made. The Depositary shall, at the request of the
Company, advise the Company of the availability of any such proofs, certificates
or other information and shall provide copies thereof to the Company as promptly
as practicable upon request by the Company, unless such disclosure is prohibited
by law.
SECTION 3.02. Liability of Owner or Beneficial Owner for Taxes. If
------------------------------------------------
any tax or other governmental charge shall become payable by the Custodian or
the Depositary with respect to any Receipt or any Deposited Securities
represented by any Receipt, such tax or other governmental charge shall be
payable by the Owner or Beneficial Owner of such Receipt to the Depositary. The
Depositary may refuse to effect any transfer of such Receipt or any withdrawal
of Deposited Securities represented by Restricted American Depositary Shares
evidenced by such Receipt until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner or
Beneficial Owner thereof any part or all of the Deposited Securities represented
by the Restricted American Depositary Shares evidenced by such Receipt, and may
apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge and the Owner or Beneficial
Owner of such Receipt shall remain liable for any deficiency.
SECTION 3.03. Warranties on Deposit of Shares. Every person
-------------------------------
depositing Shares under this Restricted Deposit Agreement shall be deemed
thereby to
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represent and warrant, in addition to such representations and warranties as are
set forth in the Depositor Certificate, that such Shares and each certificate
therefor are validly issued, fully paid, nonassessable and free of any
preemptive rights of the holders of outstanding Shares and that the person
making such deposit is duly authorized so to do. Such representations and
warranties shall survive the deposit of Shares and issuance of Receipts.
ARTICLE 4
THE DEPOSITED SECURITIES
SECTION 4.01. Cash Distributions. Whenever the Depositary shall
------------------
receive any cash dividend or other cash distribution on any Deposited
Securities, the Depositary shall, subject to the provisions of Section 4.05,
convert such dividend or distribution into Dollars and shall distribute the
amount thus received (net of the fees and expenses of the Depositary as provided
in Section 5.09) to the Owners entitled thereto, in proportion to the number of
Restricted American Depositary Shares representing such Deposited Securities
held by them respectively; provided, however, that in the event that the Company
-------- -------
or the Depositary shall be required to withhold and does withhold from such cash
dividend or such other cash distribution an amount on account of taxes, the
amount distributed to the Owner of the Receipts evidencing Restricted American
Depositary Shares representing such Deposited Securities shall be reduced
accordingly. The Depositary shall distribute only such amount, however, as can
be distributed without attributing to any Owner a fraction of one cent. Any
such fractional amounts shall be rounded to the nearest whole cent and so
distributed to Owners entitled thereto. The Company or its agent will remit to
the appropriate governmental agency in The Republic of Ireland all amounts
withheld and owing to such agency. The Depositary will forward to the Company
or its agent such information from its records as the Company may reasonably
request to enable the Company or its agent to file necessary reports with
governmental agencies, and the Depositary or the Company or its agent may file
any such reports necessary to obtain benefits under the applicable tax treaties
for the Owners of Receipts.
SECTION 4.02. Distributions Other Than Cash, Shares or Rights.
-----------------------------------------------
Subject to the provisions of Sections 4.11 and 5.09, whenever the Depositary
shall receive any distribution other than a distribution described in Section
4.01, 4.03 or 4.04, the Depositary shall 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 the number of Restricted American
Depositary Shares representing such Deposited Securities held by them
respectively, in any manner that the Depositary may deem equitable and
practicable
-14-
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 the Company 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 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 as provided in Section 5.09) shall be distributed by
the Depositary to the Owners entitled thereto, all in the manner and subject to
the conditions described in Section 4.01. Each beneficial owner of Receipts or
Shares so distributed shall be deemed to have acknowledged that the Shares have
not been registered under the Securities Act and to have agreed to comply with
the restrictions on transfer described in the form of legend set forth in
Section 2.01 hereof.
SECTION 4.03. Distributions in Shares. If any distribution upon any
-----------------------
Deposited Securities consists of a dividend in, or free distribution of, Shares,
the Depositary may distribute to the Owners of outstanding Receipts entitled
thereto, in proportion to the number of Restricted American Depositary Shares
representing such Deposited Securities held by them respectively, additional
Receipts evidencing an aggregate number of Restricted American Depositary Shares
representing the amount of Shares received as such dividend or free
distribution, subject to the terms and conditions of the Restricted Deposit
Agreement with respect to the deposit of Shares and the issuance of Restricted
American Depositary Shares evidenced by Receipts, including the withholding of
any tax or other governmental charge as provided in Section 4.11 and the payment
of the fees and expenses of the Depositary as provided in Section 5.09. The
Depositary may withhold any such distribution of Receipts if it has not received
satisfactory assurances from the Company that such distribution does not require
registration under the Securities Act or is exempt from registration under the
provisions of such Act. In lieu of delivering Receipts for fractional
Restricted American Depositary Shares in any such case, the Depositary shall
sell the amount of Shares represented by the aggregate of such fractions and
distribute the net proceeds, all in the manner and subject to the conditions
described in Section 4.01. If additional Receipts are not so distributed, each
Restricted American Depositary Share shall thenceforth also represent the
additional Shares distributed upon the Deposited Securities represented thereby.
Each beneficial owner of Receipts or Shares so distributed shall be deemed to
have acknowledged that the Shares have not been registered under the Securities
Act and to have agreed to comply with the restrictions on transfer described in
the form of legend set forth in Section 2.01 hereof.
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SECTION 4.04. Rights. In the event that the Company shall 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 shall have discretion as to the procedure to be followed in making
such rights available to any Owners 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 or certain Owners but not to other Owners, the
Depositary may distribute to any Owner to whom it determines the distribution to
be lawful and feasible, in proportion to the number of Restricted American
Depositary Shares held by such Owner, warrants or other instruments therefor in
such form as it deems appropriate.
In circumstances in which rights would otherwise not be distributed,
if an Owner of Receipts requests the distribution of warrants or other
instruments in order to exercise the rights allocable to the Restricted American
Depositary Shares of such Owner hereunder, the Depositary will make such rights
available to such Owner upon written notice from the Company to the Depositary
that (a) the Company has elected in its sole discretion to permit such rights to
be exercised and (b) such Owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law.
If the Depositary has distributed warrants or other instruments for
rights to all or certain Owners, then upon instruction from such an Owner
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 upon the exercise of the rights, and upon payment of the fees and
expenses of the Depositary and any other charges as set forth in such warrants
or other instruments, the Depositary shall, on behalf of such Owner, exercise
the rights and purchase the Shares, and the Company 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 pursuant to Section 2.02 of this Restricted Deposit Agreement, and
shall, pursuant to Section 2.03 of this Restricted Deposit Agreement, execute
and deliver Receipts to such Owner. In the case of a distribution pursuant to
the second paragraph of this section, such Receipts shall be legended in
accordance with applicable U.S. laws, and shall be subject to the appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.
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,
-16-
warrants or other instruments in proportion to the number of Restricted American
Depositary Shares 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 as provided in
Section 5.09 and all taxes and governmental charges payable in connection with
such rights and subject to the terms and conditions of this Restricted 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 Receipt or otherwise.
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 with respect to a distribution to all
Owners or are registered under the provisions of such Act; provided, that
--------
nothing in this Restricted Deposit Agreement shall create, any obligation on the
part of the Company 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 Receipts requests the distribution of
warrants or other instruments, notwithstanding that there has been no such
registration under such Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States
for the Company upon which the Depositary may rely that such distribution to
such Owner is exempt from such registration.
The Depositary shall 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.
SECTION 4.05. Conversion of Foreign Currency. Whenever the
------------------------------
Depositary or the Custodian shall receive foreign currency, by way of dividends
or other distributions or the net proceeds from the sale of securities, property
or rights, and if at the time of the receipt thereof the foreign currency so
received can in the judgment of the Depositary be converted on a reasonable
basis into Dollars and the resulting Dollars transferred to the United States,
the Depositary shall convert or cause to be converted, by sale or in any other
manner that it may determine, such foreign currency into Dollars, and such
Dollars shall be distributed to the Owners entitled thereto or, if the
Depositary shall have distributed any warrants or other instruments which
entitle the holders thereof to such Dollars, then to the holders of such
warrants and/or instruments upon surrender thereof for cancellation. Such
distribution may be made upon an averaged or other practicable basis without
regard to any distinctions among Owners on account of exchange restrictions, the
date of delivery of any Receipt or otherwise and shall be net of any expenses of
conversion into Dollars incurred by the Depositary as provided in Section 5.09.
-17-
If such conversion or distribution can be effected only with the
approval or license of any government or agency thereof, the Depositary shall
file such application for approval or license, if any, as it may deem desirable.
If at any time the Depositary shall determine that in its judgment any
foreign currency received by the Depositary or the Custodian is not convertible
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
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.
SECTION 4.06. Fixing of Record Date. 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 the Depositary shall receive notice of any meeting of
holders of Shares or other Deposited Securities, or whenever for any reason the
Depositary causes a change in the number of Shares that are represented by each
Restricted American Depositary Share, or whenever the Depositary shall find it
necessary or convenient, the Depositary shall fix a record date, which shall be
the record date, if any, established by the Company for such purpose or, if
different, as close thereto as practicable, (a) for the determination of the
Owners who shall 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 Restricted American Depositary Share will represent the changed
number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and
to the other terms and conditions of this Restricted Deposit Agreement, the
Owners on such record date shall be entitled, as the case may be, to receive the
amount distributable by the Depositary with respect to such dividend or other
distribution or such rights or the net proceeds of sale thereof in proportion to
the number of Restricted American Depositary Shares held by them respectively
and to give voting instructions and to act in respect of any other such matter.
-18-
SECTION 4.07. Voting of Deposited Securities. Upon receipt of notice
------------------------------
of any meeting of holders of Shares or other Deposited Securities, if requested
in writing by the Company, the Depositary shall, as soon as practicable
thereafter, mail to the Owners a notice, the form of which notice shall be in
the sole discretion of the Depositary, which shall contain (a) all of the
information contained in such notice of meeting received by the Depositary from
the Company, (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
Irish law and of the Memorandum and Articles of Association of the Company, 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 Restricted American Depositary Shares, (c) a statement that
Owners who instruct the Depositary as to the exercise of their voting rights
will be deemed to have instructed the Depositary or its authorized
representative to call for a poll with respect to each matter for which such
instructions are given, subject to any applicable provisions of Irish law and of
the Memorandum and Articles of Association of the Company and (d) if applicable,
a statement as to the manner in which such instructions may be given, including
an express indication that instructions may be given or deemed given in
accordance with the last sentence of this paragraph if no instruction is
received, to the Depositary to give a discretionary proxy to a person designated
by the Company. 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 shall endeavor, in so far as practicable, to vote or cause to be
voted the amount of Shares or other Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. Accordingly, pursuant to the Company's
Memorandum and Articles of Association and applicable Irish law, the Depositary
will cause its authorized representative to attend each meeting of holders of
Shares and call for a poll as instructed in accordance with clause (c) above for
the purpose of effecting such vote. The Depositary shall 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 or deemed
instructions. If no instructions are received by the Depositary from any Owner
with respect to any of the Deposited Securities represented by the American
Depositary Shares evidenced by such Owner's Receipts on or before the date
established by the Depositary for such purpose, the Depositary will deem such
Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and
the Depositary will give a discretionary proxy to a person designated by the
Company to vote such Deposited Securities; provided, that no such instructions
--------
will be deemed given and no such discretionary proxy will be given when the
Company notifies the Depositary (and the Company agrees to provide such notice
as promptly as practicable in writing) that the matter to be voted upon is one
of the following:
-19-
1. is a matter not submitted to shareholders by means of a proxy
statement comparable to that specified in Schedule 14-A of the
Commission;
2. is the subject of a counter-solicitation, or is part of a proposal
made by a shareholder which is being opposed by management (i.e., a
- -
contest);
3. relates to a merger or consolidation (except when the Company's
proposal is to merge with its own wholly-owned subsidiary, provided
its shareholders dissenting thereto do not have rights of appraisal);
4. involves right of appraisal;
5. authorizes mortgaging of property;
6. authorizes or creates indebtedness or increases the authorized
amount of indebtedness;
7. authorizes or creates preferred shares or increases the authorized
amount of existing preferred shares;
8. alters the terms or conditions of any shares of the Company's
stock then outstanding or existing indebtedness;
9. involves waiver or modification of preemptive rights (except when
the Company's proposal is to waive such rights with respect to
ordinary shares being offered pursuant to stock option or purchase
plans involving the additional issuance of not more than 5% of the
Company's outstanding ordinary shares (see Item 12 below));
10. alters voting provisions or the proportionate voting power of a
class of shares, or the number of its votes per share (except where
cumulative voting provisions govern the number of votes per share for
election of directors and the Company's proposal involves a change in
the number of its directors by not more than 10% or not more than
one);
11. changes existing quorum requirements with respect to shareholder
meetings;
12. authorizes issuance of ordinary shares, or options to purchase
ordinary shares, to directors, officers, or employees in an amount
which exceeds 5% of the total amount of the class outstanding (when no
plan is
-20-
amended to extend its duration, the Company shall factor into the
calculation the number of ordinary shares that remain available for
issuance, the number of ordinary shares subject to outstanding options
and any ordinary shares being added; should there be more than one
plan being considered at the same meeting, all ordinary shares are
aggregated);
13. authorizes
(a) a new profit-sharing or special remuneration plan, or a new
retirement plan, the annual cost of which will amount to more
than 10% of average annual income before taxes for the preceding
five years; or
(b) the amendment of an existing plan which would bring its costs
above 10% of such average annual income before taxes (should
there be more than one plan being considered at the same meeting,
all costs are aggregated; exceptions may be made in cases of (a)
retirement plans based on agreement or negotiations with labor
unions (or which have been or are to be approved by such unions);
and (b) any related retirement plan for benefit of non-union
employees having terms substantially equivalent to the terms of
such union-negotiated plan, which is submitted for action of
stockholders concurrently with such union-negotiated plan);
14. changes the purposes or powers of the Company to an extent which
would permit it to change a materially different line of business and
it is the Company's stated intention to make such a change;
15. authorizes the acquisition of property, assets, or a company,
where the consideration to be given has a fair value of 20% or more of
the market value of the previously outstanding shares;
16. authorizes the sale or other disposition of assets or earning
power of 20% or more of those existing prior to the transaction;
17. authorizes a transaction not in the ordinary course of business
in which an officer, director or substantial security holder has a
direct or indirect interest;
18. reduces earned surplus by 51% or more, or reduces earned surplus
to an amount less than the aggregate of three years' ordinary share
dividends computed at the current dividend rate.
-21-
SECTION 4.08. Changes Affecting Deposited Securities. In
--------------------------------------
circumstances where the provisions of Section 4.03 do not apply, upon any change
in nominal value, change in 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 the Company
or to which it is a party, any securities which shall be received by the
Depositary or a Custodian in exchange for or in conversion of or in respect of
Deposited Securities, shall be treated as new Deposited Securities under this
Restricted Deposit Agreement, and Restricted American Depositary Shares shall
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 Receipts are delivered pursuant to the following
sentence. In any such case the Depositary may execute and deliver additional
Receipts as in the case of a dividend in Shares, or call for the surrender of
outstanding Receipts to be exchanged for new Receipts specifically describing
such new Deposited Securities.
SECTION 4.09. Reports. The Depositary shall make available for
-------
inspection by Owners at its Corporate Trust Office any reports and
communications, including any proxy soliciting material, received from the
Company which are both (a) received by the Depositary as the holder of the
Deposited Securities and (b) made generally available to the holders of such
Deposited Securities by the Company. The Depositary shall also send to the
Owners copies of such reports when furnished by the Company pursuant to Section
5.06. Any such reports and communications, including any such proxy soliciting
material, furnished to the Depositary by the Company shall be furnished in
English, to the extent such materials are required to be translated into English
pursuant to any regulations of the Commission.
SECTION 4.10. Lists of Owners. Promptly upon request by the Company,
---------------
the Depositary shall, at the expense of the Company, furnish to it a list, as of
a recent date, of the names, addresses and holdings of Restricted American
Depositary Shares by all persons in whose names Receipts are registered on the
books of the Depositary.
SECTION 4.11. Withholding. In the event that the Depositary
-----------
determines that any distribution in property (including Shares and rights to
subscribe therefor) is subject to any tax or other governmental charge which the
Depositary is obligated to withhold, the Depositary may by public or private
sale dispose of all or a portion of such property (including Shares and rights
to subscribe therefor) in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes or charges and the Depositary
shall 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
Restricted American Depositary Shares held by them respectively.
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ARTICLE 5
THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
SECTION 5.01. Maintenance of Office and Transfer Books by the
-----------------------------------------------
Depositary. Until termination of this Restricted Deposit Agreement in
----------
accordance with its terms, the Depositary shall maintain in the Borough of
Manhattan, The City of New York, facilities for the execution and delivery,
registration, registration of transfers and surrender of Receipts in accordance
with the provisions of this Restricted Deposit Agreement.
The Depositary shall keep books, at its Corporate Trust Office, for
the registration of Receipts and transfers of Receipts which at all reasonable
times shall be open for inspection by the Owners, provided that such inspection
shall not be for the purpose of communicating with Owners in the interest of a
business or object other than the business of the Company or a matter related to
this Restricted Deposit Agreement or the Receipts.
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 hereunder.
If any Receipts or the Restricted American Depositary Shares evidenced
thereby are listed on one or more stock exchanges in the United States, the
Depositary shall act as Registrar or appoint a Registrar or one or more co-
registrars for registry of such Receipts in accordance with any requirements of
such exchange or exchanges.
SECTION 5.02. Prevention or Delay in Performance by the Depositary or
-------------------------------------------------------
the Company. Neither the Depositary nor the Company nor any of their respective
-----------
directors, employees, agents or affiliates shall incur any liability to any
Owner or Beneficial Owner of any Receipt, 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 the Memorandum and Articles of
Association of the Company, or by reason of any provision of any securities
issued or distributed by the Company, or any offering or distribution thereof,
or by reason of any act of God or war or other circumstances beyond its control,
the Depositary or the Company 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 this Restricted Deposit Agreement or
Deposited Securities it is provided shall be done or performed; nor shall the
Depositary or the Company or any of their respective directors, employees,
agents or affiliates incur any liability to any
-23-
Owner or Beneficial Owner of any Receipt by reason of any nonperformance or
delay, caused as aforesaid, in the performance of any act or thing which by the
terms of this Restricted Deposit Agreement it is provided shall or may be done
or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Restricted Deposit Agreement. Where, by the
terms of a distribution pursuant to Section 4.01, 4.02, or 4.03 of the
Restricted Deposit Agreement, or an offering or distribution pursuant to Section
4.04 of the Restricted 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 shall not
make such distribution or offering, and shall allow any rights, if applicable,
to lapse.
SECTION 5.03. Obligations of the Depositary, the Custodian and the
----------------------------------------------------
Company. The Company assumes no obligation nor shall it be subject to any
-------
liability under this Restricted Deposit Agreement to Owners or Beneficial
Owners, except that it agrees to perform its obligations specifically set forth
in this Restricted Deposit Agreement without negligence or bad faith.
The Depositary assumes no obligation nor shall it be subject to any
liability under this Restricted Deposit Agreement to any Owner or Beneficial
Owner (including, without limitation, liability with respect to the validity or
worth of the Deposited Securities), except that it agrees to perform its
obligations specifically set forth in this Restricted Deposit Agreement without
negligence or bad faith.
Neither the Depositary nor the Company shall be under any obligation
to appear in, prosecute or defend any action, suit or other proceeding in
respect of any Deposited Securities or in respect of the Receipts, which in its
opinion may involve it in expense or liability, unless indemnity satisfactory to
it against all expense and liability shall be furnished as often as may be
required, and the Custodian shall not be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary.
Neither the Depositary nor the Company shall be liable for any action
or nonaction by it in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Owner or any
other person believed by it in good faith to be competent to give such advice or
information.
The Depositary shall not be liable for any acts or omissions made by a
successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the
removal or resignation of the Depositary, provided that in connection with the
issue out of which
-24-
such potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary.
The Depositary shall not be responsible for any failure to carry out
any instructions to vote any of the Deposited Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any
such action or nonaction is in good faith.
No disclaimer of liability under the Securities Act is intended by any
provision of this Restricted Deposit Agreement.
SECTION 5.04. Resignation and Removal of the Depositary. The
-----------------------------------------
Depositary may at any time resign as Depositary hereunder by written notice of
its election so to do delivered to the Company, such resignation to take effect
upon the appointment of a successor depositary and its acceptance of such
appointment as hereinafter provided.
The Depositary may at any time be removed by the Company by written
notice of such removal effective upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided.
In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall use its best efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the
Borough of Manhattan, The City of New York. Every successor depositary shall
execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor; but such
predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Company shall execute and deliver an instrument transferring to
such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the Deposited
Securities to such successor, and shall deliver to such successor a list of the
Owners of all outstanding Receipts. Any such successor depositary shall
promptly mail notice of its appointment to the Owners.
Any corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act.
SECTION 5.05. The Custodians. The Custodian shall be subject at all
--------------
times and in all respects to the directions of the Depositary and shall be
responsible solely to it. Any Custodian may resign and be discharged from its
duties hereunder by written
-25-
notice of such resignation delivered to the Depositary at least 30 days prior to
the date on which such resignation is to become effective. If upon such
resignation there shall be no Custodian acting hereunder, the Depositary shall,
promptly after receiving such notice, appoint a substitute custodian or
custodians, each of which shall thereafter be a Custodian hereunder. Whenever
the Depositary in its discretion determines that it is in the best interest of
the Owners to do so, it may appoint a substitute or additional custodian or
custodians, each of which shall thereafter be one of the Custodians hereunder.
Upon demand of the Depositary any Custodian shall deliver such of the Deposited
Securities held by it as are requested of it to any other Custodian or such
substitute or additional custodian or custodians. Each such substitute or
additional custodian shall deliver to the Depositary, forthwith upon its
appointment, an acceptance of such appointment satisfactory in form and
substance to the Depositary.
Upon the appointment of any successor depositary hereunder, each
Custodian then acting hereunder shall forthwith become, without any further act
or writing, the agent hereunder of such successor depositary and the appointment
of such successor depositary shall in no way impair the authority of each
Custodian hereunder; but the successor depositary so appointed shall,
nevertheless, on the written request of any Custodian, execute and deliver to
such Custodian all such instruments as may be proper to give to such Custodian
full and complete power and authority as agent hereunder of such successor
depositary.
SECTION 5.06. Notices and Reports. On or before the first date on
-------------------
which the Company gives notice, by publication or otherwise, of any meeting of
holders of Shares or other Deposited Securities, or of any adjourned meeting of
such holders, or of the taking of any action in respect of any cash or other
distributions or the offering of any rights, the Company agrees to transmit to
the Depositary and the Custodian a copy of the notice thereof in the form given
or to be given to holders of Shares or other Deposited Securities.
The Company will arrange for the translation into English, if not
already in English, to the extent required pursuant to any regulations of the
Commission, and the prompt transmittal by the Company to the Depositary and the
Custodian of such notices and any other reports and communications which are
made generally available by the Company to holders of its Shares. If requested
in writing by the Company, the Depositary will arrange for the mailing, at the
Company's expense, of copies of such notices, reports and communications to all
Owners. The Company will timely provide the Depositary with the quantity of
such notices, reports, and communications, as requested by the Depositary from
time to time, in order for the Depositary to effect such mailings.
-26-
SECTION 5.07. Distribution of Additional Shares, Rights, etc. The
-----------------------------------------------
Company agrees that in the event of any issuance or distribution of (1)
additional Shares, (2) rights to subscribe for Shares, (3) securities
convertible into Shares, or (4) rights to subscribe for such securities (each a
"Distribution"), the Company will promptly furnish to the Depositary a written
opinion from U.S. counsel for the Company, which counsel shall be satisfactory
to the Depositary, stating whether or not the Distribution requires a
Registration Statement under the Securities Act to be in effect prior to making
such Distribution available to Owners entitled thereto. If in the opinion of
such counsel a Registration Statement is required, such counsel shall furnish to
the Depositary a written opinion as to whether or not there is a Registration
Statement in effect which will cover such Distribution.
The Company agrees with the Depositary that neither the Company nor
any person controlled by, controlling or under common control with the Company
will at any time deposit any Shares, either originally issued or previously
issued and reacquired by the Company or any such affiliate, unless a
Registration Statement is in effect as to such Shares under the Securities Act.
SECTION 5.08. Indemnification. The Company agrees to indemnify the
---------------
Depositary, its directors, employees, agents and affiliates and any Custodian
against, and hold each of them harmless from, any liability or expense
(including, but not limited to, the fees and expenses of counsel) which may
arise out of acts performed or omitted, in accordance with the provisions of
this Restricted Deposit Agreement and of the Receipts, as the same may be
amended, modified or supplemented from time to time, (i) by either the
Depositary or a Custodian or their respective directors, employees, agents and
affiliates, except for any liability or expense arising out of the negligence or
bad faith of either of them, or (ii) by the Company or any of its directors,
employees, agents and affiliates.
The Depositary agrees to indemnify the Company, its directors,
employees, agents and affiliates and hold them harmless from any liability or
expense which may arise out of acts performed or omitted by the Depositary or
its Custodian or their respective directors, employees, agents and affiliates
due to their negligence or bad faith.
SECTION 5.09. Charges of Depositary. The Company agrees to pay the
---------------------
fees, reasonable expenses and out-of-pocket charges of the Depositary and those
of any Registrar only in accordance with agreements in writing entered into
between the Depositary and the Company from time to time. The Depositary shall
present its statement for such charges and expenses to the Company once every
three months. The charges and expenses of the Custodian are for the sole
account of the Depositary.
-27-
The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are
issued (including, without limitation, issuance pursuant to a stock dividend or
stock split declared by the Company or an exchange of stock regarding the
Receipts or Deposited Securities or a distribution of Receipts pursuant to
Section 4.03), 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 the Share register of the
Company or Foreign Registrar 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 hereunder, (3) such cable, telex and facsimile
transmission expenses as are expressly provided in this Restricted Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion
of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100
Restricted American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts pursuant to Section 2.03, 4.03 or 4.04 and the surrender of
Receipts pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or less per
Restricted American Depositary Share (or portion thereof) for any cash
distribution made pursuant to the Restricted Deposit Agreement, including, but
not limited to Sections 4.01 through 4.04 hereof, (7) a fee for the distribution
of securities pursuant to Section 4.02, such fee being in an amount equal to the
fee for the execution and delivery of Restricted American Depositary Shares
referred to above which would have been charged as a result of the deposit of
such securities (for purposes of this clause 7 treating all such securities as
if they were Shares) but which securities are instead distributed by the
Depositary to Owners and (8) a fee not in excess of $1.50 per certificate for a
Receipt or Receipts for transfers made pursuant to the terms of the Restricted
Deposit Agreement.
The Depositary, subject to Section 2.09 hereof, may own and deal in
any class of securities of the Company and its affiliates and in Receipts.
SECTION 5.10. Retention of Depositary Documents. The Depositary is
---------------------------------
authorized to destroy those documents, records, bills and other data compiled
during the term of this Restricted Deposit Agreement at the times permitted by
the laws or regulations governing the Depositary unless the Company requests
that such papers be retained for a longer period or turned over to the Company
or to a successor depositary.
SECTION 5.11. Exclusivity. The Company agrees not to appoint any
-----------
other depositary for issuance of Restricted American Depositary Receipts so long
as The Bank of New York is acting as Depositary hereunder.
ARTICLE 6
AMENDMENT AND TERMINATION
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SECTION 6.01. Amendment. The form of the Receipts and any provisions
---------
of this Restricted Deposit Agreement may at any time and from time to time be
amended by agreement between the Company and the Depositary without the consent
of Owners or Beneficial Owners of Receipts in any respect which they may deem
necessary or desirable, including, without limitation, amendments agreed upon
pursuant to Section 2.09(b) hereof. Any amendment which shall impose or
increase 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 shall otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding
Receipts until the expiration of thirty days after notice of such amendment
shall have been given to the Owners of outstanding Receipts. Every Owner, at
the time any amendment so becomes effective, shall be deemed, by continuing to
hold such Receipt, to consent and agree to such amendment and to be bound by the
Restricted Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to surrender such Receipt
and receive therefor the Deposited Securities represented thereby, except in
order to comply with mandatory provisions of applicable law.
SECTION 6.02. Termination. The Depositary shall, at any time at the
-----------
direction of the Company, terminate this Restricted Deposit Agreement by mailing
notice of such termination to the Owners of all Receipts then outstanding at
least 90 days prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate this Restricted Deposit Agreement by mailing
notice of such termination to the Company and the Owners of all Receipts then
outstanding, if at any time 90 days shall have expired after the Depositary
shall have delivered to the Company a written notice of its election to resign
and a successor depositary shall not have been appointed and accepted its
appointment as provided in Section 5.04. On and after the date of termination,
the Owner of a Receipt will, upon (a) 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 referred to in Section 2.05, 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
American Depositary Shares evidenced by such Receipt. If any Receipts shall
remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under this Restricted Deposit Agreement,
except that the Depositary shall continue to collect dividends and other
distributions pertaining to Deposited Securities, shall sell rights and other
property as provided in this Restricted Deposit Agreement, and shall continue to
deliver 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 Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a
-29-
Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of this Restricted 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 hereunder and may thereafter hold uninvested the net
proceeds of any such sale, together with any other cash then held by it
hereunder, unsegregated and without liability for interest, for the pro rata
benefit of the Owners of Receipts which have not theretofore been surrendered,
such Owners thereupon becoming general creditors of the Depositary with respect
to such net proceeds. After making such sale, the Depositary shall be discharged
from all obligations under this Restricted Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of
the Depositary for the surrender of a Receipt, any expenses for the account of
the Owner of such Receipt in accordance with the terms and conditions of this
Restricted Deposit Agreement, and any applicable taxes or governmental charges).
Upon the termination of this Restricted Deposit Agreement, the Company shall be
discharged from all obligations under this Restricted Deposit Agreement except
for its obligations to the Depositary under Sections 5.08 and 5.09 hereof.
ARTICLE 7
MISCELLANEOUS
SECTION 7.01. Counterparts. This Restricted Deposit Agreement may be
------------
executed in any number of counterparts, each of which shall be deemed an
original and all of such counterparts shall constitute one and the same
instrument. Copies of this Restricted Deposit Agreement shall be filed with the
Depositary and the Custodians and shall be open to inspection by any Owner or
Beneficial Owner of a Receipt during business hours.
SECTION 7.02. No Third Party Beneficiaries. This Restricted Deposit
----------------------------
Agreement is for the exclusive benefit of the parties hereto and shall not be
deemed to give any legal or equitable right, remedy or claim whatsoever to any
other person.
SECTION 7.03. Severability. In case any one or more of the
------------
provisions contained in this Restricted Deposit Agreement or in the Receipts
should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein or therein shall in no way be affected, prejudiced or disturbed thereby.
SECTION 7.04. Owners and Beneficial Owners as Parties; Binding
------------------------------------------------
Effect. The Owners and Beneficial Owners of Receipts from time to time shall be
------
parties
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to this Restricted Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance thereof.
SECTION 7.05. Notices. Any and all notices to be given to the
-------
Company shall be deemed to have been duly given if personally delivered or sent
by mail or cable, telex or facsimile transmission confirmed by letter, addressed
to CBT Group PLC, Belfield Office Park, Clonskeagh, Xxxxxx 0, Xxx Xxxxxxxx of
Ireland, Attention: President, or any other place to which the Company may have
transferred its principal office.
Any and all notices to be given to the Depositary shall be deemed to
have been duly given if in English and personally delivered or sent by mail or
cable, telex or facsimile transmission confirmed by letter, addressed to The
Bank of New York, 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention:
Restricted American Depositary Receipt Administration, or any other place to
which the Depositary may have transferred its Corporate Trust Office.
Any and all notices to be given to any Owner shall be deemed to have
been duly given if personally delivered or sent by mail or cable, telex or
facsimile transmission confirmed by letter, addressed to such Owner at the
address of such Owner as it appears on the transfer books for Receipts of the
Depositary, or, if such Owner shall have filed with the Depositary a written
request that notices intended for such Owner be mailed to some other address, at
the address designated in such request.
Delivery of a notice sent by mail or cable, telex or facsimile
transmission shall be deemed to be effective at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable,
telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box. The Depositary or the Company may, however, act upon any cable,
telex or facsimile transmission received by it, notwithstanding that such cable,
telex or facsimile transmission shall not subsequently be confirmed by letter as
aforesaid.
SECTION 7.06. Governing Law. This Restricted Deposit Agreement and
-------------
the Receipts shall be interpreted and all rights hereunder and thereunder and
provisions hereof and thereof shall be governed by the laws of the State of New
York.
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IN WITNESS WHEREOF, CBT GROUP PLC and THE BANK OF NEW YORK have duly
executed this Restricted Deposit Agreement as of the day and year first set
forth above and all Owners and Beneficial Owners shall become parties hereto
upon acceptance by them of Receipts issued in accordance with the terms hereof.
CBT GROUP PLC
By: /s/ Xxxx Xxxxx
-----------------------------
Name:
Title:
THE BANK OF NEW YORK,
as Depositary
By: /s/ Xxxxx Xxxxxxxxxxx
-----------------------------
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Annex I
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Certification and Agreement of Acquirors of
Receipts Upon Deposit of Shares Pursuant to
Section 2.02 of the Restricted Deposit Agreement (B)
We refer to the Restricted Deposit Agreement (B), dated as of June 8,
1999, (the "Restricted Deposit Agreement"), among CBT GROUP PLC (the "Company"),
THE BANK OF NEW YORK, as Depositary, and Owners and Beneficial Owners of
Restricted American Depositary Receipts (the "Receipts") issued thereunder.
Capitalized terms used but not defined herein shall have the meanings given them
in the Restricted Deposit Agreement.
1. This certification and agreement is furnished in connection with
the deposit of Shares and issuance of Restricted American Depositary Shares to
be evidenced by one or more Receipts pursuant to Section 2.02 of the Restricted
Deposit Agreement.
2. We represent that, if the Shares being deposited were not
registered under the Securities Act of 1933, as amended (the "Act"), we acquired
the Shares in a transaction exempt from registration under the Act.
3. We acknowledge that the offer and sale of the Receipts, the
Restricted American Depositary Shares evidenced thereby and the Shares which may
be received upon surrender of Receipts or cancellation of American Depositary
Shares have not been and will not be registered under the Securities Act of
1933, as amended (the "Act") and may not be offered, sold, pledged or otherwise
transferred unless registered under the Act or unless an exemption from
registration is available.
4. We acknowledge that each Receipt (i) will be in physical form and
legended, (ii) will be registered in the name of the beneficial owner furnishing
this Deposit Certificate, (iii) will not be eligible for acceptance in any book-
entry settlement system, and (iv) may only be transferred in accordance with
Section 2.04 of the Restricted Deposit Agreement.
5. We acknowledge that the Receipts, the Restricted American
Depositary Shares evidenced thereby, and the Shares which may be received upon
surrender of Receipts or cancellation of American Depositary Shares may be
subject to different and less favorable restrictions on transfer than those
applicable to the Shares hereby being deposited, including, without limitation,
the unavailability of transfer based on the satisfaction of a holding period
pursuant to paragraphs (d) or (k) of Rule 144 under the Securities Act.
Annex I-1
6. We certify that either:
[CHECK ONE]
[_] A. the Shares are not "restricted securities" within the meaning of Rule
144 under the Securities Act, we are an affiliate of the Company
within the meaning of Rule 144, and the Shares were not acquired by us
in a transaction specified in paragraph (a) of Rule 145 under the
Securities Act.
OR
--
[_] B. the Shares were acquired by us in a transaction specified in paragraph
(a) of Rule 145 under the Securities Act and we are not an affiliate
of the Company within the meaning of Rule 144 or Rule 145 under the
Securities Act.
OR
--
[_] C. the Shares have been or are subject to restrictions on transfer by us
pursuant to the holding period requirements of Rule 144(d) under the
Securities Act; we have held the Shares for a period satisfying such
holding period; and we have attached an opinion of counsel
satisfactory to the Depositary stating that after deposit of the
Shares, all of the Receipts, the American Depositary Shares, and all
other deposited Shares may after the deposit of our Shares still be
withdrawn, transferred or resold pursuant to only the restrictions
described by paragraphs (c), (e), (f), (g), and (h) of Rule 144 under
the Securities Act, without any need to satisfy any further holding
period.
7. We certify that we are or at the time the Shares are deposited
and at the time the Receipts are issued will be, the beneficial owner of the
Shares and of the Restricted American Depositary Shares evidenced by such
Receipt or Receipts and if the Shares were acquired in a transaction exempt from
the registration requirements of the Act under Regulation S of the Act, we are
not a U.S. person (as defined in Regulation S) and we are located outside the
United States (within the meaning of Regulation S under the Act) and acquired,
or have agreed to acquire and will have acquired, the Shares to be deposited
outside the United States (within the meaning of Regulation S).
8. We agree that the Receipts, the Restricted American Depositary
Shares evidenced thereby and the Shares represented thereby may not be offered,
sold, pledged or otherwise transferred except pursuant to an effective
registration statement registering the resale of the Restricted American
Depositary Shares or in accordance with the transfer restrictions imposed by
paragraphs (c), (e), (f), (g) and, if applicable, (h) of Rule 144 under the Act,
without reliance on any termination of any such restriction by operation of
Annex I-2
paragraph (k) of Rule 144, in each case (i) in accordance with the applicable
securities laws of any state of the United States, (ii) upon the delivery of a
satisfactory written opinion from U.S. counsel and (iii) upon the delivery of a
duly executed and completed Transfer Certificate in the form attached to the
Restricted Deposit Agreement as Annex II in accordance with the provisions of
Section 2.04 of the Restricted Deposit Agreement.
Very truly yours,
______________________________
[NAME OF CERTIFYING ENTITY]
By:___________________________
Name:
Dated:
Annex I-3
Annex II
--------
Certification and Agreement of Certain Persons
Transferring Receipts Pursuant to
Sections 2.01 and 2.04 of
the Restricted Deposit Agreement (B)
We refer to the Restricted Deposit Agreement (B), dated as of June 8,
1999 (the "Restricted Deposit Agreement"), among CBT GROUP PLC (the "Company"),
THE BANK OF NEW YORK, as Depositary thereunder (the "Depositary"), and Owners
and Beneficial Owners of Restricted American Depositary Receipts (the
"Receipts") issued thereunder. Capitalized terms used but not defined herein
shall have the meanings given them in the Restricted Deposit Agreement.
1. The undersigned Beneficial Owner is surrendering a Receipt or
Receipts in accordance with the terms of the Restricted Deposit Agreement for
the purpose of transferring its beneficial interest in Restricted American
Depositary Shares pursuant to Section 2.04 and 2.09 of the Restricted Deposit
Agreement.
2. The undersigned Beneficial Owner acknowledges that the Receipts,
the Restricted American Depositary Shares evidenced thereby and the ordinary
shares of the Company which may be received upon surrender of this Receipt or
cancellation of the Restricted American Depositary Shares have not been and will
not be registered under the Securities Act of 1933, as amended (the "Act") and
may not be offered, sold, pledged or otherwise transferred unless registered
under the Act or unless an exemption from registration is available.
3. The undersigned Beneficial Owner certifies that we have sold or
otherwise transferred, or agreed to sell or otherwise transfer, the Shares
pursuant to an effective registration statement registering the resale of the
Restricted American Depositary Shares or in accordance with paragraphs (c), (e),
(f), (g) and, if applicable, (h) of Rule 144 under the Act, without regard to
any termination of any such restriction by operation of paragraph (k) of Rule
144, in accordance with any applicable securities laws of any state of the
United States, and are surrendering a Receipt or Receipts for the purpose of
cancellation thereof. In connection therewith and as a condition precedent
thereto, we have delivered to the Depositary a written opinion of U.S. counsel
satisfactory to the Depositary. The Depositary, subject to applicable law and
the terms and conditions of the Restricted Deposit Agreement, shall exchange
Receipts evidencing Restricted American Depositary Shares surrendered hereunder
in connection with a transfer pursuant to an effective registration statement
registering the resale of the Restricted American Depositary Shares or in
accordance with paragraphs (c), (e), (f), (g) and, if applicable, (h)
Annex II-1
of Rule 144 under the Act, for ADRs evidencing ADSs issued pursuant to the ADR
Agreement.
4. The undersigned Beneficial Owner certifies that we have no reason
to believe that the person to whom a beneficial interest in Restricted
Depositary Shares is hereby to be transferred is an affiliate of the Company,
within the meaning of Rule 144 under the Securities Act.
This certification and agreement may be signed in counterparts.
Very truly,
Date: ____________________________________
Signature of Beneficial Owner
Print Name and Address of Owner:
__________________________________
__________________________________
__________________________________
Annex II-2
Annex III
---------
Certification and Agreement of Persons Receiving
Deposited Securities Upon Withdrawal
Pursuant to Section 2.05 of
the Restricted Deposit Agreement
We refer to the Restricted Deposit Agreement, dated as of June 8, 1999
(the "Restricted Deposit Agreement"), among CBT GROUP PLC (the "Company"), THE
BANK OF NEW YORK, as Depositary thereunder, and Owners and Beneficial Owners of
Restricted American Depositary Receipts (the "Receipts") issued thereunder.
Capitalized terms used but not defined herein shall have the meanings given them
in the Restricted Deposit Agreement.
1. We are surrendering a Receipt or Receipts in accordance with the
terms of the Restricted Deposit Agreement for the purpose of withdrawal of the
Deposited Securities represented by the Restricted American Depositary Shares
evidenced by such Receipt or Receipts (the "Shares") pursuant to Section 2.05 of
the Restricted Deposit Agreement.
2. We acknowledge that the Shares have not been and will not be
registered under the Securities Act of 1933, as amended (the "Act") and may not
be offered, sold, pledged or otherwise transferred unless registered under the
Act or unless an exemption from registration is available.
3. We certify, represent, acknowledge and agree that:
(i) We will be the beneficial owner of the Shares upon
withdrawal, and
(ii) The Shares (i) will be in physical form and legended, (ii)
will be registered in the name of the beneficial owner
furnishing this Withdrawal Certificate as an initial
depositor, (iii) will be subject to, and we will continue to
be bound by, the restrictions set forth in the Restricted
Deposit Agreement and in the Depositor Certificate, dated
____________, 1999, executed by us, and
(iii) We agree that the Shares may not be offered, sold, pledged
or otherwise transferred except pursuant to an effective
registration statement registering the resale of the
Restricted American Depositary Shares or in accordance with
paragraphs (c), (e), (f),
Annex III-1
(g), and, if applicable (h) of Rule 144 under the Act,
without regard to any termination of certain restrictions by
operation of paragraph (k) of Rule 144 under the Act,
pursuant to either Rule 144 or Rule 145 under the Act, in
each case (x) in accordance with any applicable securities
laws of any state of the United States, (y) above upon the
delivery of a satisfactory written opinion from U.S.
counsel, and (z) upon the delivery of a duly executed and
completed Transfer Certificate, substantially in the form
attached to the Restricted Deposit Agreement as Annex II,
and
(iv) We will not deposit or cause to be deposited such Shares
into any depositary receipt facility established or
maintained by a depositary bank (including any such facility
maintained by the Depositary), other than a restricted
depositary receipt facility, so long as such Shares are
"restricted securities" within the meaning of Rule 144(a)(3)
under the Act or are otherwise subject to transfer
restrictions pursuant to Rule 144 or Rule 145 under the Act.
Very truly,
[NAME OF CERTIFYING ENTITY]
By: _________________________
Name:
Dated:
Annex III-2
EXHIBIT A
RESTRICTED AMERICAN
DEPOSITARY SHARES
(Each Restricted
American Depositary
Share represents
one deposited Share)
THIS RESTRICTED AMERICAN DEPOSITARY RECEIPT, THE RESTRICTED
AMERICAN DEPOSITARY SHARES EVIDENCED HEREBY AND THE ORDINARY
SHARES OF CBT GROUP PLC (THE "ORDINARY SHARES") WHICH MAY BE
RECEIVED UPON SURRENDER OF THIS RESTRICTED AMERICAN DEPOSITARY
RECEIPT OR CANCELLATION OF THE RESTRICTED AMERICAN DEPOSITARY
SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
REGISTERED UNDER THE SECURITIES ACT OR UNLESS AN EXEMPTION FROM
REGISTRATION IS AVAILABLE. EACH PERSON DEPOSITING ORDINARY SHARES
AGREES THAT THIS RESTRICTED AMERICAN DEPOSITARY RECEIPT, THE
RESTRICTED AMERICAN DEPOSITARY SHARES EVIDENCED HEREBY AND THE
ORDINARY SHARES REPRESENTED THEREBY MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT REGISTERING THE RESALE OF THE RESTRICTED
AMERICAN DEPOSITARY SHARES OR IN ACCORDANCE WITH PARAGRAPHS (c),
(e), (f), (g) AND, IF APPLICABLE, (h) OF RULE 144 UNDER THE
SECURITIES ACT, PURSUANT TO EITHER RULE 144 OR RULE 145 UNDER THE
SECURITIES ACT, WITHOUT REGARD TO ANY TERMINATION OF CERTAIN
RESTRICTIONS BY OPERATION OF PARAGRAPH (k) OF RULE 144 UNDER THE
SECURITIES ACT, (A) IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY STATE OF
THE UNITED STATES, (B) IN EACH CASE, UPON THE DELIVERY OF A
SATISFACTORY WRITTEN OPINION FROM U.S. COUNSEL, AND
(C) IN EACH CASE UPON THE DELIVERY OF A TRANSFER CERTIFICATE
SUBSTANTIALLY IN THE FORM ATTACHED TO THE RESTRICTED DEPOSIT
AGREEMENT AS ANNEX II DULY EXECUTED AND COMPLETED BY THE
TRANSFEROR. THE BENEFICIAL OWNER OF ORDINARY SHARES RECEIVED UPON
CANCELLATION OF ANY AMERICAN DEPOSITARY RECEIPTS MAY NOT DEPOSIT
OR CAUSE TO BE DEPOSITED SUCH ORDINARY SHARES INTO ANY DEPOSITARY
RECEIPT FACILITY ESTABLISHED OR MAINTAINED BY A DEPOSITARY BANK
(INCLUDING ANY SUCH FACILITY MAINTAINED BY THE DEPOSITARY FOR THE
RESTRICTED AMERICAN DEPOSITARY RECEIPTS), OTHER THAN A RESTRICTED
DEPOSITARY RECEIPT FACILITY, SO LONG AS SUCH ORDINARY SHARES ARE
"RESTRICTED SECURITIES" WITHIN THE MEANING OF RULE 144(a)(3)
UNDER THE SECURITIES ACT OR ARE OTHERWISE SUBJECT TO THE TRANSFER
RESTRICTIONS OF RULE 144 OR RULE 145 UNDER THE SECURITIES ACT.
EACH OWNER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THIS
RESTRICTED AMERICAN DEPOSITARY RECEIPT, REPRESENTS AND AGREES
THAT IT UNDERSTANDS AND WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.
X-0
XXX XXXX XX XXX XXXX
RESTRICTED AMERICAN DEPOSITARY RECEIPT
FOR ORDINARY SHARES OF
THE NOMINAL VALUE OF IR9.375p EACH OF
CBT GROUP PLC
(INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF IRELAND)
The Bank of New York, as depositary (hereinafter called the
"Depositary"), hereby certifies that___________
____________________________________________, or registered assigns IS THE OWNER
OF _____________________________
RESTRICTED AMERICAN DEPOSITARY SHARES
representing deposited ordinary shares (herein called "Shares") of CBT Group
PLC, incorporated under the laws of The Republic of Ireland (herein called the
"Company"). At the date hereof, each Restricted American Depositary Share
represents one Share deposited or subject to deposit under the Restricted
Deposit Agreement (as such term is hereinafter defined) at the Dublin, Ireland
office of AIB Custodial Services (herein called the "Custodian"). The
Depositary's Corporate Trust Office is located at a different address than its
principal executive office. Its Corporate Trust Office is located at 000
Xxxxxxx Xxxxxx, Xxx Xxxx, X.X. 00000, and its principal executive office is
located at 00 Xxxx Xxxxxx, Xxx Xxxx, X.X. 00000.
THE DEPOSITARY'S CORPORATE TRUST OFFICE ADDRESS IS
000 XXXXXXX XXXXXX, XXX XXXX, X.X. 00000
1. THE RESTRICTED DEPOSIT AGREEMENT.
This Restricted American Depositary Receipt is one of an issue (herein
called "Receipts"), all issued and to be issued upon the terms and conditions
set forth in the Restricted Deposit Agreement, dated as of June 8, 1999, (herein
called the "Restricted Deposit Agreement"), by and among the Company, the
Depositary, and all Owners and Beneficial Owners from time to time of Receipts
issued thereunder, each of whom by accepting a Receipt agrees to become a party
thereto and become bound by all the terms and conditions thereof. The
Restricted Deposit Agreement sets forth the rights of Owners and Beneficial
Owners of the Receipts and the rights and duties of the Depositary in respect of
the Shares deposited thereunder and any and all other securities, property and
cash from time to time received in respect of such Shares and held thereunder
(such Shares, securities, property, and cash are herein called "Deposited
Securities"). Copies of the Restricted Deposit Agreement are on file at the
Depositary's Corporate Trust Office in New York City and at the office of the
Custodian.
A-3
The statements made on the face and reverse of this Receipt are
summaries of certain provisions of the Restricted Deposit Agreement and are
qualified by and subject to the detailed provisions of the Restricted Deposit
Agreement, to which reference is hereby made. Capitalized terms defined in the
Restricted Deposit Agreement and not defined herein shall have the meanings set
forth in the Restricted Deposit Agreement.
2. SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.
Upon surrender at the Corporate Trust Office of the Depositary of this
Receipt, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Restricted Deposit Agreement, the
Owner hereof is entitled to delivery, to him or upon his order, of the Deposited
Securities at the time represented by the Restricted American Depositary Shares
for which this Receipt is issued. Delivery of such Deposited Securities may be
made by the delivery of (a) certificates in the name of the Owner hereof or as
ordered by him or certificates properly endorsed or accompanied by proper
instruments of transfer and (b) any other securities, property and cash to which
such Owner is then entitled in respect of this Receipt. Such delivery will be
made at the option of the Owner hereof, either at the office of the Custodian or
at the Corporate Trust Office of the Depositary, provided that the forwarding of
certificates for Shares or other Deposited Securities for such delivery at the
Corporate Trust Office of the Depositary shall be at the risk and expense of the
Owner hereof. Notwithstanding anything to the contrary in the Restricted
Deposit Agreement, no Deposited Securities may be withdrawn upon the surrender
of this Receipt unless the Depositary shall have received (a) a written opinion
of U.S. counsel satisfactory to the Depositary in connection with a withdrawal
in accordance with Rule 144 or Rule 145 under the Securities Act, and (b) a duly
executed and completed written certificate and agreement, in substantially the
form annexed to the Restricted Deposit Agreement as Annex III, by or on behalf
of the person surrendering such Receipt who after such withdrawal will be the
beneficial owner of such Deposited Securities; provided, however, that no such
-------- -------
certificate and agreement shall be required for a withdrawal in connection with
a transfer pursuant to an effective registration statement registering the
resale of the Restricted American Depositary Shares or in accordance with
paragraphs (c), (e), (f), (g) and, if applicable, (h) of Rule 144 under the
Securities Act, without regard to any termination of certain restrictions by
operation of paragraph (k) of that Rule, in which case the terms and provisions
of Section 2.09 of the Restricted Deposit Agreement and Article 4 hereof shall
apply.
3. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.
Upon receipt by the Depositary of (a) a written opinion of U.S.
counsel satisfactory to the Depositary in connection with a transfer pursuant to
an effective registration statement registering the resale of the Restricted
American Depositary Shares or in accordance with paragraphs (c), (e), (f), (g)
and, if applicable, (h) of Rule 144 under
A-4
the Securities Act, pursuant to either Rule 144 or Rule 145 under the Securities
Act, without regard to any termination of certain restrictions by operation of
paragraph (k) of that Rule, and (b) a duly executed and completed written
certification and agreement ("Transfer Certificate"), in substantially the form
attached as Annex II to the Restricted Deposit Agreement, upon surrender of this
Receipt properly endorsed for transfer or accompanied by proper instruments of
transfer and funds sufficient to pay any applicable transfer taxes and the
expenses of the Depositary as provided in Section 5.09 of the Restricted Deposit
Agreement and upon compliance with such regulations, if any, as the Depositary
may establish for such purpose the Depositary shall effect an exchange of this
Receipt in accordance with the terms and conditions of the Restricted Deposit
Agreement. This Receipt may be split into other such Receipts, or may be
combined with other such Receipts into one Receipt, evidencing the same
aggregate number of Restricted American Depositary Shares as the Receipt or
Receipts surrendered. As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, or surrender of any Receipt or
withdrawal of any Deposited Securities, the Depositary, the Custodian, or
Registrar may require payment from the depositor of the Shares or the presenter
of the Receipt of a sum sufficient to reimburse it for any tax or other
governmental 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 as provided in this
Receipt, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
any regulations the Depositary may establish consistent with the provisions of
the Restricted Deposit Agreement or this Receipt, including, without limitation,
this Article 3.
The representations and warranties included within the Transfer
Certificate in the form of Annex II to be delivered shall survive such transfer,
surrender and withdrawal, split-up or combination of the Shares and Receipts.
The delivery of Receipts against deposit of Shares generally or
against deposit of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer
of outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary are closed, or if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from time
to time because of any requirement of law or of any government or governmental
body or commission, or under any provision of the Restricted Deposit Agreement
or this Receipt, or for any other reason.
4. EXCHANGE OF RESTRICTED AMERICAN DEPOSITARY SHARES FOR ADSs.
Subject to applicable law and the terms and conditions of the
Restricted Deposit Agreement and this Receipt, upon receipt by the Depositary of
a written opinion
A-5
of U.S. counsel satisfactory to the Depositary and a duly executed and completed
Transfer Certificate substantially in the form annexed to the Restricted Deposit
Agreement, Restricted American Depositary Shares sold or otherwise transferred
pursuant to an effective registration statement registering the resale of the
Restricted American Depositary Shares or in accordance with paragraphs (c), (e),
(f), (g) and, if applicable (h) of Rule 144 under the Securities Act, pursuant
to either Rule 144 or Rule 145 under the Securities Act, without regard to any
termination of certain restrictions by operation of paragraph (k) of that Rule,
shall be exchanged for ADSs issued pursuant to the ADR Deposit Agreement. The
transferees of the interests of Owners and Beneficial Owners of Receipts under
the Restricted Deposit Agreement shall thereafter be owners and beneficial
owners of ADRs issued pursuant to the ADR Deposit Agreement and shall have all
of the rights and obligations set forth under the ADR Deposit Agreement and the
ADRs. In connection with an Exchange, all Owners and Beneficial Owners of
Receipts issued under the Restricted Deposit Agreement shall be deemed to have
made the representations and warranties set forth in Section 3.03 of the ADR
Deposit Agreement. Each Owner and Beneficial Owner acknowledges and agrees that
there can be no assurance that applicable laws will permit the Depositary to
effect an Exchange as described herein and in the Restricted Deposit Agreement.
5. LIABILITY OF OWNER OR BENEFICIAL OWNER FOR TAXES.
If any tax or other governmental charge shall become payable by the
Custodian or the Depositary with respect to any Receipt or any Deposited
Securities represented hereby, such tax or other governmental charge shall be
payable by the Owner or Beneficial Owner hereof to the Depositary. The
Depositary may refuse to effect any transfer of this Receipt or any withdrawal
of Deposited Securities represented by Restricted American Depositary Shares
evidenced by such Receipt until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner or
Beneficial Owner hereof any part or all of the Deposited Securities represented
by the Restricted American Depositary Shares evidenced by this Receipt, and may
apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge and the Owner or Beneficial
Owner hereof shall remain liable for any deficiency.
6. WARRANTIES ON DEPOSIT OF SHARES.
Every person depositing Shares under the Restricted Deposit Agreement
shall be deemed thereby to represent and warrant, in addition to such
representations and warranties as may be required pursuant to Section 2.02 of
the Restricted Deposit Agreement, that such Shares and each certificate therefor
are validly issued, fully paid, non-assessable, and free of any preemptive
rights of the holders of outstanding Shares and that the person making such
deposit is duly authorized so to do. Such representations and warranties shall
survive the deposit of Shares and issuance of Receipts.
A-6
7. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.
Any person presenting Shares for deposit or any Owner or Beneficial
Owner of a Receipt may be required from time to time to file with the Depositary
or the Custodian such proof of citizenship or residence, exchange control
approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates
and to make such representations and warranties, as the Depositary may deem
necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or
distribution of rights or of the proceeds thereof or the delivery of any
Deposited Securities until such proof or other information is filed or such
certificates are executed or such representations and warranties made. No Share
shall be accepted for deposit unless accompanied by evidence satisfactory to the
Depositary that any necessary approval has been granted by any governmental body
in The Republic of Ireland which is then performing the function of the
regulation of currency exchange.
8. CHARGES OF DEPOSITARY.
The Company agrees to pay the fees, reasonable expenses and out-of-
pocket charges of the Depositary and those of any Registrar only in accordance
with agreements in writing entered into between the Depositary and the Company
from time to time. The Depositary shall present its statement for such charges
and expenses to the Company once every three months. The charges and expenses
of the Custodian are for the sole account of the Depositary.
The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are
issued (including, without limitation, issuance pursuant to a stock dividend or
stock split declared by the Company or an exchange of stock regarding the
Receipts or Deposited Securities or a distribution of Receipts pursuant to
Section 4.03 of the Restricted 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 the Share register of the Company or Foreign Registrar 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 under the
terms of the Restricted Deposit Agreement, (3) such cable, telex and facsimile
transmission expenses as are expressly provided in the Restricted Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion
of foreign currency pursuant to Section 4.05 of the Restricted Deposit
Agreement, (5) a fee of $5.00 or less per 100 Restricted American Depositary
Shares (or portion thereof) for the execution and delivery of Receipts pursuant
to Section 2.03, 4.03 or 4.04 of the Restricted Deposit Agreement and the
surrender of Receipts pursuant to Section 2.05 or 6.02 of the Restricted Deposit
Agreement, (6) a fee of $.02 or less per Restricted American Depositary Share
(or portion
A-7
thereof) for any cash distribution made pursuant to Sections 4.01 through 4.04
of the Restricted Deposit Agreement and (7) a fee for the distribution of
securities pursuant to Section 4.02 of the Restricted Deposit Agreement, such
fee being in an amount equal to the fee for the execution and delivery of
Restricted American Depositary Shares referred to above which would have been
charged as a result of the deposit of such securities (for purposes of this
clause 7 treating all such securities as if they were Shares), but which
securities are instead distributed by the Depositary to Owners and (8) a fee not
in excess of $1.50 per certificate for a Receipt or Receipts for transfers made
pursuant to the terms of the Restricted Deposit Agreement.
The Depositary, subject to Article 8 hereof, may own and deal in any
class of securities of the Company and its affiliates and in Receipts.
9. TITLE TO RECEIPTS.
It is a condition of this Receipt and every successive Owner and
Beneficial Owner of this Receipt by accepting or holding the same consents and
agrees, that title to this Receipt when properly endorsed or accompanied by
proper instruments of transfer, including, without limitation, any
certifications and agreements and opinions of counsel as may be required
pursuant to the terms and conditions of certificates and opinions required under
the Restricted Deposit Agreement, is transferable by delivery with the same
effect as in the case of a negotiable instrument under the laws of New York;
provided, however, that the Depositary, notwithstanding any notice to the
-------- -------
contrary, may treat the person in whose name this Receipt is registered on the
books of the Depositary as the absolute owner hereof for the purpose of
determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in the Restricted Deposit Agreement
or for all other purposes.
10. VALIDITY OF RECEIPT.
This Receipt shall not be entitled to any benefits under the
Restricted Deposit Agreement or be valid or obligatory for any purpose, unless
this Receipt shall have been executed by the Depositary by the manual signature
of a duly authorized signatory of the Depositary; provided, however that such
-------- -------
signature may be a facsimile if a Registrar for the Receipts shall have been
appointed and such Receipts are countersigned by the manual or facsimile
signature of a duly authorized officer of the Registrar.
11. REPORTS; INSPECTION OF TRANSFER BOOKS.
The Depositary will make available for inspection by Owners of
Receipts at its Corporate Trust Office any reports and communications, including
any proxy soliciting material, received from the Company which are both (a)
received by the Depositary as the holder of the Deposited Securities and (b)
made generally available to
A-8
the holders of such Deposited Securities by the Company. The Depositary will
also send to Owners of Receipts copies of such reports when furnished by the
Company pursuant to the Restricted Deposit Agreement. Any such reports and
communications, including any such proxy soliciting material, furnished to the
Depositary by the Company shall be furnished in English to the extent such
materials are required to be translated into English pursuant to any regulations
of the Commission.
The Depositary will keep books, at its Corporate Trust Office, for the
registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Owners of Receipts provided that such
inspection shall not be for the purpose of communicating with Owners of Receipts
in the interest of a business or object other than the business of the Company
or a matter related to the Restricted Deposit Agreement or the Receipts.
12. DIVIDENDS AND DISTRIBUTIONS.
Whenever the Depositary receives any cash dividend or other cash
distribution on any Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment
of the Depositary be converted on a reasonable basis into United States dollars
transferable to the United States, and subject to the Restricted Deposit
Agreement, convert such dividend or distribution into dollars and will
distribute the amount thus received (net of the fees and expenses of the
Depositary as provided in Article 7 hereof and Section 5.09 of the Restricted
Deposit Agreement) to the Owners of Receipts entitled thereto; provided,
--------
however, that in the event that the Company or the Depositary is required to
-------
withhold and does withhold from any cash dividend or other cash distribution in
respect of any Deposited Securities an amount on account of taxes, the amount
distributed to the Owners of the Receipts evidencing Restricted American
Depositary Shares representing such Deposited Securities shall be reduced
accordingly.
Subject to the provisions of Section 4.11 and 5.09 of the Restricted
Deposit Agreement, whenever the Depositary receives any distribution other than
a distribution described in Section 4.01, 4.03 or 4.04 of the Restricted Deposit
Agreement, the Depositary will cause the securities or property received by it
to be distributed to the Owners entitled thereto, 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 of Receipts
entitled thereto, or if for any other reason 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 as provided in Article 7
hereof and Section 5.09 of the Restricted Deposit Agreement) will
A-9
be distributed by the Depositary to the Owners of Receipts entitled thereto all
in the manner and subject to the conditions described in Section 4.01 of the
Restricted Deposit Agreement.
If any distribution consists of a dividend in, or free distribution
of, Shares, the Depositary may distribute to the Owners of outstanding Receipts
entitled thereto, additional Receipts evidencing an aggregate number of
Restricted American Depositary Shares representing the amount of Shares received
as such dividend or free distribution subject to the terms and conditions of the
Restricted Deposit Agreement with respect to the deposit of Shares and the
issuance of Restricted American Depositary Shares evidenced by Receipts,
including the withholding of any tax or other governmental charge as provided in
Section 4.11 of the Restricted Deposit Agreement and the payment of the fees and
expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of
the Restricted Deposit Agreement. The Depositary may withhold any such
distribution of Receipts under Section 4.03 of the Restricted Deposit Agreement
if it has not received satisfactory assurances from the Company that such
distribution does not require registration under the Securities Act or is exempt
from registration under the provisions of such Act. In lieu of delivering
Receipts for fractional Restricted American Depositary Shares in any such case,
the Depositary will sell the amount of Shares represented by the aggregate of
such fractions and distribute the net proceeds, all in the manner and subject to
the conditions described in Section 4.01 of the Restricted Deposit Agreement.
If additional Receipts are not so distributed, each Restricted American
Depositary Share shall thenceforth also represent the additional Shares
distributed upon the Deposited Securities represented thereby. Each beneficial
owner of Receipts or Shares so distributed shall be deemed to have acknowledged
that the Receipts or Shares have not been registered under the Securities Act
and to have agreed to comply with the restrictions on transfer set forth on the
face of this Receipt.
In the event that the Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold,
the Depositary may by public or private sale dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and
in such manner as the Depositary deems necessary and practicable to pay any such
taxes or charges, and the Depositary shall distribute the net proceeds of any
such sale after deduction of such taxes or charges to the Owners of Receipts
entitled thereto.
13. RIGHTS.
In the event that the Company shall 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 shall have discretion
as to the procedure to be followed in making such rights available to any Owners
or in disposing of such rights on
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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 or certain Owners but not to other Owners, the
Depositary may distribute to any Owner to whom it determines the distribution to
be lawful and feasible, in proportion to the number of Restricted American
Depositary Shares held by such Owner, warrants or other instruments therefor in
such form as it deems appropriate.
In circumstances in which rights would otherwise not be distributed,
if an Owner of Receipts requests the distribution of warrants or other
instruments in order to exercise the rights allocable to the Restricted American
Depositary Shares of such Owner hereunder, the Depositary will make such rights
available to such Owner upon written notice from the Company to the Depositary
that (a) the Company has elected in its sole discretion to permit such rights to
be exercised and (b) such Owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law.
If the Depositary has distributed warrants or other instruments for
rights to all or certain Owners, then upon instruction from such an Owner
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 upon the exercise of the rights, and upon payment of the fees and
expenses of the Depositary and any other charges as set forth in such warrants
or other instruments, the Depositary shall, on behalf of such Owner, exercise
the rights and purchase the Shares, and the Company 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 pursuant to Section 2.02 of the Restricted Deposit Agreement, and
shall, pursuant to Section 2.03 of the Restricted Deposit Agreement, execute and
deliver Receipts to such Owner. In the case of a distribution pursuant to the
second paragraph of this Article 13, such Receipts shall be legended in
accordance with applicable U.S. laws, and shall be subject to the appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.
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
Restricted American Depositary Shares 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 as provided in Section 5.09 of the Restricted Deposit
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Agreement and all taxes and governmental charges payable in connection with such
rights and subject to the terms and conditions of the Restricted 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 Receipt or otherwise.
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 with respect to a distribution to all
Owners or are registered under the provisions of such Act; provided, that
--------
nothing in this Restricted Deposit Agreement shall create, any obligation on the
part of the Company 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 Receipts requests the distribution of
warrants or other instruments, notwithstanding that there has been no such
registration under such Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States
for the Company upon which the Depositary may rely that such distribution to
such Owner is exempt from such registration.
The Depositary shall 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.
14. CONVERSION OF FOREIGN CURRENCY.
Whenever the Depositary or the Custodian shall receive foreign
currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt
thereof the foreign currency so received can in the judgment of the Depositary
be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary shall convert or cause to be
converted, by sale or in any other manner that it may determine, such foreign
currency into Dollars, and such Dollars shall be distributed to the Owners
entitled thereto or, if the Depositary shall have distributed any warrants or
other instruments which entitle the holders thereof to such Dollars, then to the
holders of such warrants and/or instruments upon surrender thereof for
cancellation. Such distribution may be made upon an averaged or other
practicable basis without regard to any distinctions among Owners on account of
exchange restrictions, the date of delivery of any Receipt or otherwise and
shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.09 of the Restricted Deposit Agreement.
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If such conversion or distribution can be effected only with the
approval or license of any government or agency thereof, the Depositary shall
file such application for approval or license, if any, as it may deem desirable.
If at any time the Depositary shall determine that in its judgment any
foreign currency received by the Depositary or the Custodian is not convertible
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
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.
15. 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 the
Depositary shall receive notice of any meeting of holders of Shares or other
Deposited Securities, or whenever for any reason the Depositary causes a change
in the number of Shares that are represented by each Restricted American
Depositary Share, or whenever the Depositary shall find it necessary or
convenient, the Depositary shall fix a record date, which shall be the record
date, if any, established by the Company for such purpose or, if different, as
close thereto as practicable, (a) for the determination of the Owners of
Receipts who shall 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 Restricted American Depositary Share will represent the changed
number of Shares, subject to the provisions of the Restricted Deposit Agreement.
16. VOTING OF DEPOSITED SECURITIES.
Upon receipt of notice of any meeting of holders of Shares or other
Deposited Securities, if requested in writing by the Company, the Depositary
shall, as
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soon as practicable thereafter, mail to the Owners of Receipts a notice, the
form of which notice shall be in the sole discretion of the Depositary, which
shall contain (a) all of the information contained in such notice of meeting
received by the Depositary from the Company, (b) a statement that the Owners of
Receipts as of the close of business on a specified record date will be
entitled, subject to any applicable provision of law and of the Memorandum and
Articles of Association of the Company, 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 Restricted American
Depositary Shares, (c) a statement that Owners who instruct the Depositary as to
the exercise of their voting rights will be deemed to have instructed the
Depositary or its authorized representative to call for a poll with respect to
each matter for which such instructions are given, subject to any applicable
provisions of Irish law and of the Memorandum and Articles of Association of the
Company and (d) if applicable, a statement as to the manner in which such
instructions may be given, including an express indication that instructions may
be given or deemed given in accordance with the last sentence of this paragraph
if no instruction is received, to the Depositary to give a discretionary proxy
to a person designated by the Company. Upon the written request of an Owner of a
Receipt on such record date, received on or before the date established by the
Depositary for such purpose, the Depositary shall endeavor insofar as
practicable to vote or cause to be voted the amount of Shares or other Deposited
Securities represented by such Restricted American Depositary Shares evidenced
by such Receipt in accordance with the instructions set forth in such request.
Accordingly, the Depositary will cause its authorized representative to attend
each meeting of holders of Shares and call for a poll as instructed in
accordance with clause (c) above for the purpose of effecting such vote. The
Depositary shall 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. If no instructions are received by the Depositary from any Owner
with respect to any of the Deposited Securities represented by the Restricted
American Depositary Shares evidenced by such Owner's Receipts on or before the
date established by the Depositary for such purpose, the Depositary will deem
such Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and
the Depositary will give a discretionary proxy to a person designated by the
Company to vote such Deposited Securities; provided, that no such instructions
will be deemed given and no such discretionary proxy will be given when the
Company notifies the Depositary (and the Company agrees to provide such notice
as promptly as practicable in writing) that the matter to be voted upon is one
of the following:
1. is a matter not submitted to shareholders by means of a proxy
statement comparable to that specified in Schedule 14-A of the
Commission;
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2. is the subject of a counter-solicitation, or is part of a proposal
made by a shareholder which is being opposed by management (i.e., a
contest);
3. relates to a merger or consolidation (except when the Company's
proposal is to merge with its own wholly-owned subsidiary, provided
its shareholders dissenting thereto do not have rights of appraisal);
4. involves right of appraisal;
5. authorizes mortgaging of property;
6. authorizes or creates indebtedness or increases the authorized
amount of indebtedness;
7. authorizes or creates preferred shares or increases the authorized
amount of existing preferred shares;
8. alters the terms or conditions of any shares of the Company's
stock then outstanding or existing indebtedness;
9. involves waiver or modification of preemptive rights (except when
the Company's proposal is to waive such rights with respect to
ordinary shares being offered pursuant to stock option or purchase
plans involving the additional issuance of not more than 5% of the
Company's outstanding ordinary shares (see Item 12 below));
10. alters voting provisions or the proportionate voting power of a
class of shares, or the number of its votes per share (except where
cumulative voting provisions govern the number of votes per share for
election of directors and the Company's proposal involves a change in
the number of its directors by not more than 10% or not more than one)
11. changes existing quorum requirements with respect to shareholder
meetings;
12. authorizes issuance of ordinary shares, or options to purchase
ordinary shares, to directors, officers, or employees in an amount
which exceeds 5% of the total amount of the class outstanding (when no
plan is amended to extend its duration, the Company shall factor into
the calculation the number of ordinary shares that remain available
for issuance, the number of ordinary shares subject to outstanding
options and any ordinary shares being added; should there be more than
one plan being considered at the same meeting, all ordinary shares are
aggregated).
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13. authorizes
(a) a new profit-sharing or special remuneration plan, or a new
retirement plan, the annual cost of which will amount to more
than 10% of average annual income before taxes for the preceding
five years, or
(b) the amendment of an existing plan which would bring its costs
above 10% of such average annual income before taxes (should
there be more than one plan being considered at the same meeting,
all costs are aggregated; exceptions may be made in cases of (a)
retirement plans based on agreement or negotiations with labor
unions (or which have been or are to be approved by such unions);
and (b) any related retirement plan for benefit of non-union
employees having terms substantially equivalent to the terms of
such union-negotiated plan, which is submitted for action of
stockholders concurrently with such union-negotiated plan);
14. changes the purposes or powers of the Company to an extent which
would permit it to change a materially different line of business and
it is the Company's stated intention to make such a change;
15. authorizes the acquisition of property, assets, or a company,
where the consideration to be given has a fair value of 20% or more of
the market value of the previously outstanding shares;
16. authorizes the sale or other disposition of assets or earning
power of 20% or more of those existing prior to the transaction;
17. authorizes a transaction not in the ordinary course of business
in which an officer, director or substantial security holder has a
direct or indirect interest;
18. reduces earned surplus by 51% or more, or reduces earned surplus
to an amount less than the aggregate of three years' ordinary share
dividends computed at the current dividend rate.
17. CHANGES AFFECTING DEPOSITED SECURITIES.
In circumstances where the provisions of Section 4.03 of the
Restricted Deposit Agreement do not apply, upon any change in nominal value,
change in 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 the
A-16
Company or to which it is a party, any securities which shall be received by the
Depositary or a Custodian in exchange for or in conversion of or in respect of
Deposited Securities shall be treated as new Deposited Securities under the
Restricted Deposit Agreement, and Restricted American Depositary Shares shall
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 Receipts are delivered pursuant to the following
sentence. In any such case the Depositary may execute and deliver additional
Receipts as in the case of a dividend in Shares, or call for the surrender of
outstanding Receipts to be exchanged for new Receipts specifically describing
such new Deposited Securities.
18. LIABILITY OF THE COMPANY AND DEPOSITARY.
Neither the Depositary nor the Company nor any of their respective
directors, employees, agents or affiliates shall incur any liability to any
Owner or Beneficial Owner of any Receipt, 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 other governmental or regulatory authority, or by reason of any
provision, present or future, of the Memorandum and Articles of Association of
the Company, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by
reason of any act of God or war or other circumstances beyond its control, the
Depositary or the Company 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 Restricted Deposit Agreement or Deposited
Securities it is provided shall be done or performed; nor shall the Depositary
or the Company or any of their respective directors, employees, agents or
affiliates incur any liability to any Owner or Beneficial Owner of a Receipt by
reason of any non-performance or delay, caused as aforesaid, in the performance
of any act or thing which by the terms of the Restricted Deposit Agreement it is
provided shall or may be done or performed, or by reason of any exercise of, or
failure to exercise, any discretion provided for in the Restricted Deposit
Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02
or 4.03 of the Restricted Deposit Agreement, or an offering or distribution
pursuant to Section 4.04 of the Restricted Deposit Agreement, such distribution
or offering may not be made available to Owners of Receipts, 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 shall not
make such distribution or offering, and shall allow any rights, if applicable,
to lapse. Neither the Company nor the Depositary assumes any obligation or
shall be subject to any liability under the Restricted Deposit Agreement to
Owners or Beneficial Owners of Receipts, except that they agree to perform their
obligations specifically set forth in the Restricted Deposit Agreement without
negligence or bad faith. The Depositary shall not be subject to any liability
with respect to the validity or worth of the Deposited Securities. Neither the
Depositary nor the Company shall be under any obligation to appear in, prosecute
or defend any action, suit, or other
A-17
proceeding in respect of any Deposited Securities or in respect of the Receipts,
which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability shall be furnished as often
as may be required, and the Custodian shall not be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary. Neither the Depositary nor the Company shall be
liable for any action or nonaction by it in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Shares for
deposit, any Owner or Beneficial Owner of a Receipt, or any other person
believed by it in good faith to be competent to give such advice or information.
The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which
any such vote is cast or the effect of any such vote, provided that any such
action or nonaction is in good faith. The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a
previous act or omission of the Depositary or in connection with a matter
arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises, the
Depositary performed its obligations without negligence or bad faith while it
acted as Depositary. The Company agrees to indemnify the Depositary, its
directors, employees, agents and affiliates and any Custodian against, and hold
each of them harmless from, any liability or expense (including, but not limited
to, the expenses of counsel) which may arise out of acts performed or omitted,
in accordance with the provisions of the Restricted Deposit Agreement and of the
Receipts, as the same may be amended, modified, or supplemented from time to
time, (i) by either the Depositary or a Custodian or their respective directors,
employees, agents and affiliates, except for any liability or expense arising
out of the negligence or bad faith of either of them, or (ii) by the Company or
any of its directors, employees, agents and affiliates. No disclaimer of
liability under the Securities Act is intended by any provision of the
Restricted Deposit Agreement.
19. RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF
SUCCESSOR CUSTODIAN.
The Depositary may at any time resign as Depositary hereunder by
written notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and
its acceptance of such appointment as provided in the Restricted Deposit
Agreement. The Depositary may at any time be removed by the Company by written
notice of such removal, effective upon the appointment of a successor depositary
and its acceptance of such appointment as provided in the Restricted Deposit
Agreement. Whenever the Depositary in its discretion determines that it is in
the best interest of the Owners of Receipts to do so, it may appoint a
substitute or additional custodian or custodians.
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20. AMENDMENT.
The form of the Receipts and any provisions of the Restricted Deposit
Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners or Beneficial
Owners of Receipts in any respect which they may deem necessary or desirable,
including, without limitation, amendments agreed upon pursuant to Section 2.09
of the Restricted Deposit Agreement. Any amendment which shall impose or
increase any fees or charges (other than taxes and other governmental charges,
registration fees and cable, telex or facsimile transmission costs, delivery
costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty days after
notice of such amendment shall have been given to the Owners of outstanding
Receipts. Every Owner of a Receipt at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by the Restricted Deposit Agreement as
amended thereby. In no event shall any amendment impair the right of the Owner
of any Receipt to surrender such Receipt and receive therefor the Deposited
Securities represented thereby except in order to comply with mandatory
provisions of applicable law.
21. TERMINATION OF RESTRICTED DEPOSIT AGREEMENT.
The Depositary at any time at the direction of the Company, shall
terminate the Restricted Deposit Agreement by mailing notice of such termination
to the Owners of all Receipts then outstanding at least 90 days prior to the
date fixed in such notice for such termination. The Depositary may likewise
terminate the Restricted Deposit Agreement by mailing notice of such termination
to the Company and the Owners of all Receipts then outstanding if at any time 90
days shall have expired after the Depositary shall have delivered to the Company
a written notice of its election to resign and a successor depositary shall not
have been appointed and accepted its appointment as provided in the Restricted
Deposit Agreement. On and after the date of termination, the Owner of a Receipt
will, upon (a) 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 referred to in Section 2.05 of the Restricted Deposit Agreement, 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 Restricted American Depositary Shares evidenced by such
Receipt. If any Receipts shall remain outstanding after the date of
termination, the Depositary thereafter shall discontinue the registration of
transfers of Receipts, shall suspend the distribution of dividends to the Owners
thereof, and shall not give any further notices or perform any further acts
under the Restricted Deposit Agreement, except that the Depositary shall
continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights and other property as provided in the Restricted
Deposit Agreement, and shall continue to deliver Deposited
A-19
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 Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of the Restricted 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 under the Restricted Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash
then held by it thereunder, unsegregated and without liability for interest, for
the pro rata benefit of the Owners of Receipts which have not theretofore been
surrendered, such Owners thereupon becoming general creditors of the Depositary
with respect to such net proceeds. After making such sale, the Depositary shall
be discharged from all obligations under the Restricted Deposit Agreement,
except to account for such net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses for
the account of the Owner of such Receipt in accordance with the terms and
conditions of the Restricted Deposit Agreement, and any applicable taxes or
governmental charges). Upon the termination of the Restricted Deposit Agreement,
the Company shall be discharged from all obligations under the Restricted
Deposit Agreement except for its obligations to the Depositary with respect to
indemnification, charges, and expenses.
22. DISCLOSURE OF INTERESTS.
Notwithstanding any other provision of this Receipt or the Deposit
Agreement, each Owner and Beneficial Owner agrees to be bound by and subject to
Irish law and the Memorandum and Articles of Association of the Company (to the
same extent as if such Restricted American Depositary Shares evidenced by such
Receipt were the Shares represented by such Restricted American Depositary
Shares evidenced by such Receipt, provided, however, that such provisions shall
apply to such persons only to the extent feasible), and to provide such
information to the Company relating to ownership of the Shares as may be
required thereunder. Under Irish law, as in effect on the date of the Deposit
Agreement, a person who acquires an interest in 5% or more of the Shares, must
notify the Company within five business days of its interest and of certain
circumstances affecting that interest. In addition, such person must give notice
of any change in its interest above the 5% level and any reduction thereof below
the 5% level. Failure of an Owner or Beneficial Owner to provide the required
information within the prescribed time period and in the prescribed manner is an
offense under Irish law and will result in no right or interest in respect of
the relevant shares being enforceable by action or legal proceedings under Irish
law (including voting rights and certain rights as to dividends in respect of
the Shares represented by such American Depositary Shares).
If the Company requests information from the Depositary or the
Custodian, as the registered owners of Shares, pursuant to Irish law or the
Memorandum
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and Articles of Association of the Company, the obligations of the Depositary or
the Custodian, as the case may be, shall be limited to disclosing to the Company
such information relating to the Shares in question as has in each case been
recorded by it pursuant to the terms of the Deposit Agreement.
A-21
