DILUTION
Our as adjusted net book value as of September 30, 2009 was approximately $595.8 million, or $7.99 per ordinary share and $7.99 per ADS, based upon 113,248,243 shares outstanding as of that date after giving effect to the conversion of $400,000,000 of our 4.75% convertible senior notes due 2013 into 10,181,360 ordinary shares at the initial conversion rate of 25.4534 per $1,000 of such notes. As adjusted net book value per ordinary share is calculated by dividing our as adjusted net book value by the number of outstanding ordinary shares (after giving effect to the conversion of our convertible senior notes described above). Our as adjusted net book value is calculated by subtracting our total liabilities from our total assets. After giving additional effect to the sale by us of 18,900,000 ADSs offered in this offering at $9.20 per share and after deducting the underwriting discount and estimated offering expenses payable by us, our pro forma as adjusted net book value as of September 30, 2009 would have been $1,150,751 million, or $8.08 per ordinary shares and $8.08 per ADS. This represents an immediate increase in the as adjusted net book value of $0.01 per ordinary share and $0.01 per ADS to our existing shareholders and an immediate dilution in the net book value of $1.12 per ordinary share and $1.12 per ADS to you and other purchasers of our ADSs in this offering.
The following table illustrates the dilution based on the public offering price of $9.20 per ADS:
Public offering price per ordinary share $ 9.20
As adjusted net book value per ordinary share as of September 30, 2009 7.99
Increase per ordinary share attributable to you and other new investors 0.01
Pro forma as adjusted net book value per ordinary share after giving effect to this offering 8.08
Dilution per ordinary share in as adjusted net book value to you and other new investors in this offering 1.12
The foregoing table does not take into effect further dilution to you and other new investors that could occur upon the exercise of outstanding options having a per share exercise price less than the offering price per share in this offering.
As of September 30, 2009, there were:
8226; 6,403,234 ADSs issuable upon the exercise of options outstanding; and
8226; 4,694,065 ADSs reserved for future issuance under our 2006 share incentive plan.
S-69
Our as adjusted net book value as of September 30, 2009 was approximately $595.8 million, or $7.99 per ordinary share and $7.99 per ADS, based upon 113,248,243 shares outstanding as of that date after giving effect to the conversion of $400,000,000 of our 4.75% convertible senior notes due 2013 into 10,181,360 ordinary shares at the initial conversion rate of 25.4534 per $1,000 of such notes. As adjusted net book value per ordinary share is calculated by dividing our as adjusted net book value by the number of outstanding ordinary shares (after giving effect to the conversion of our convertible senior notes described above). Our as adjusted net book value is calculated by subtracting our total liabilities from our total assets. After giving additional effect to the sale by us of 18,900,000 ADSs offered in this offering at $9.20 per share and after deducting the underwriting discount and estimated offering expenses payable by us, our pro forma as adjusted net book value as of September 30, 2009 would have been $1,150,751 million, or $8.08 per ordinary shares and $8.08 per ADS. This represents an immediate increase in the as adjusted net book value of $0.01 per ordinary share and $0.01 per ADS to our existing shareholders and an immediate dilution in the net book value of $1.12 per ordinary share and $1.12 per ADS to you and other purchasers of our ADSs in this offering.
The following table illustrates the dilution based on the public offering price of $9.20 per ADS:
Public offering price per ordinary share $ 9.20
As adjusted net book value per ordinary share as of September 30, 2009 7.99
Increase per ordinary share attributable to you and other new investors 0.01
Pro forma as adjusted net book value per ordinary share after giving effect to this offering 8.08
Dilution per ordinary share in as adjusted net book value to you and other new investors in this offering 1.12
The foregoing table does not take into effect further dilution to you and other new investors that could occur upon the exercise of outstanding options having a per share exercise price less than the offering price per share in this offering.
As of September 30, 2009, there were:
8226; 6,403,234 ADSs issuable upon the exercise of options outstanding; and
8226; 4,694,065 ADSs reserved for future issuance under our 2006 share incentive plan.
S-69
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