Document:

Share Purchase Deed dated December 9, 2003

 Exhibit 4.17 
  
 SHARE PURCHASE DEED 
  
 DATED 9th December, 2003 
  
 CARLISLE HOLDINGS LIMITED 
  
 and 
  
 GOVERNMENT OF BELIZE 
  
 Relating to the sale and purchase of 
 52.46 per cent. of the issued share 
 capital of Belize Telecommunications Limited 

 CONTENTS 
  

					
	 	  	Page

	 Clause
	  	 
			
	 1.
	  	Interpretation	  	3
	 2.
	  	Sale and Purchase of the Shares	  	3
	 3.
	  	Condition Precedent	  	4
	 4.
	  	Completion	  	4
	 5.
	  	Warranties	  	4
	 6.
	  	Undertaking to Sell	  	5
	 7.
	  	Deferred Consideration	  	5
	 8.
	  	Independent Accountants	  	6
	 9.
	  	Confidentiality	  	6
	 10.
	  	Notices	  	7
	 11.
	  	Further Assurances	  	8
	 12.
	  	Assignments	  	8
	 13.
	  	General	  	8
	 14.
	  	Whole Agreement	  	9
	 15.
	  	Governing Law and Arbitration	  	9
		
	 Schedules
	  	 
			
	 1.
	  	Corporate Particulars	  	10
	 2.
	  	Interpretation	  	11
		
	 Signatories
	  	13

 THIS DOCUMENT IS EXECUTED AS A DEED AND is made on 9th December, 2003 
  
 BETWEEN: 
  

	(1)	CARLISLE HOLDINGS LIMITED a private company incorporated under laws of Belize whose registered office is at 60 Market Square, PO Box 1764, Belize City, Belize, Central
America (the Seller); and 

  

	(2)	GOVERNMENT OF BELIZE whose office is at New Administration Building, Belmopan, Cayo, Belize, Central America (the Purchaser). 

  
 BACKGROUND: 
  

	(A)	The Seller is the owner of the Shares (as defined below), representing 52.46 per cent. of the issued share capital of Belize Telecommunications Limited (the Company), further
details of which are set out in Schedule 1. 

  

	(B)	The Seller wishes to sell and the Purchaser wishes to purchase the Shares on the terms and subject to the Condition set out in this deed. 

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	In addition to terms defined elsewhere in this deed, the definitions and other provisions in Schedule 2 apply throughout this deed, unless the contrary intention appears.

  

	1.2	In this deed, unless the contrary intention appears, a reference to a clause, subclause or schedule is a reference to a clause, subclause or schedule to this deed. The schedules
form part of this deed. 

  

	1.3	The headings in this deed do not affect its interpretation. 

  

	2.	SALE AND PURCHASE OF THE SHARES 

  

	2.1	Subject to the Condition being satisfied or waived in accordance with clause 3, the Seller shall sell and the Purchaser shall purchase the Shares. 

  

	2.2	The Shares shall be sold with full title guarantee free from all Encumbrances and together with all rights attaching to them. 

  

	2.3	The initial consideration for the sale of the Shares shall be the sum of US$57,000,000 (the Initial Consideration). 

  

	2.4	Immediately after the signature of this deed, the Purchaser shall pay US$52,000,000 of the Initial Consideration to the Seller by transferring US$50,000,000 and BZ$ 4,000,000 by way
of an electronic transfer for same day value to such bank account or accounts as the Seller may indicate in writing. The balance of the Initial Consideration (being US$5,000,000) shall be paid in accordance with clause 4.2. 

 

 3 

	3.	CONDITION PRECEDENT 

  

	3.1	The sale and purchase of the Shares is conditional on the Onsale Agreement becoming unconditional except for the condition relating to this deed becoming unconditional.

  

	3.2	Each of the parties shall use reasonable endeavours to procure (so far as it is so able to procure) that the Condition is satisfied on or before the Long Stop Date.

  

	3.3	Without prejudice to any other rights or remedies of the Seller under this deed, the Seller shall be entitled to waive the Condition (or any part of the Condition) by notice in
writing to the Purchaser. 

  

	3.4	If the Condition is not fulfilled or waived on or before the date referred to in clause 3.2: 

  

	 	(a)	except for this subclause, clauses 1, 9, the clauses after it and Schedule 2, all the other clauses of this deed shall lapse and cease to have effect; but 

 

	 	(b)	the lapsing of those provisions shall not affect any accrued rights or liabilities of any party. 

  

	4.	COMPLETION 

  

	4.1	Completion shall take place at the Company Secretary’s office, third floor, 212 North Front Street, Belize City, Belize at 10 a.m. on the first Business Day after the date on
which the Condition is satisfied or waived or at such other time and on such other date as the Seller and the Purchaser may agree in writing. 

  

	4.2	At Completion the Seller shall procure the delivery to the Purchaser of duly executed transfers in favour of the Purchaser or its nominee(s) of all the Shares and the Purchaser
shall transfer the balance of the Initial Consideration (being US$5,000,000) to the Seller by way of an electronic transfer for same day value to such bank account or accounts as the Seller may indicate in writing. 

  

	4.3	In addition, the Purchaser shall, at completion, if so requested by the Seller, transfer US$2,000,000 to the Seller in the manner set out in clause 4.2 to such bank account or
accounts as the Seller may indicate in writing. Following such transfer, the Seller shall transfer BZ$4,000,000 to the Purchaser to such bank account as it may nominate in writing. 

  

	5.	WARRANTIES 

  

	5.1	The Seller warrants to the Purchaser that: 

  

	 	(a)	the Seller is a corporation validly existing under the laws of Belize with the requisite power and authority to enter into and perform, and has taken all necessary corporate action
to authorise the execution and performance of, its obligations under this deed; 

  

	 	(b)	this deed constitutes valid and binding obligations of the Seller; 

  

	 	(c)	other than as contemplated by this deed, no notices, reports or filings are required to be made by the Seller in connection with the transactions contemplated by this deed, nor are
any consents, approvals, registrations, authorisations or permits required to be obtained by the Seller in connection with the execution and performance of this deed; 

  

 4 

	 	(d)	on Completion there is no option, right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance on, over or affecting any of the Shares and there is no
agreement or commitment to give or create any of the foregoing; and 

  

	 	(e)	the Seller is entitled to transfer or procure the transfer of the full legal and beneficial ownership in the Shares to the Purchaser on the terms set out in this deed.

  

	5.2	The Purchaser warrants to the Seller that: 

  

	 	(a)	the Purchaser has the requisite power and authority to enter into and perform, and has taken all necessary action to authorise the execution and performance of, its obligations
under this deed; 

  

	 	(b)	this deed constitutes valid and binding obligations of the Purchaser; and 

  

	 	(c)	other than as contemplated by this deed, no notices, reports or filings are required to be made by the Purchaser in connection with the transactions contemplated by this deed, nor
are any consents, approvals, registrations, authorisations or permits required to be obtained by the Purchaser in connection with the execution and performance of this deed. 

  

	5.3	Each of the Warranties set out in clauses 5.1 and 5.2 is separate and independent and, except as expressly provided to the contrary in this deed, is not limited by reference to any
other paragraph of that schedule or by anything in this deed. 

  

	6.	UNDERTAKING TO SELL 

  
 The Purchaser undertakes that it shall procure a sale of all the Shares (subject to this deed becoming unconditional) and the Government Shares to a Third
Party Buyer within 60 days after signature of this deed or such later date as may be specified by the Seller in writing (the Long Stop Date). 
  

	7.	DEFERRED CONSIDERATION 

  

	7.1	As further consideration for the sale of the Shares, the Purchaser shall (subject to the terms of this deed) pay to the Seller an amount calculated in accordance with the formula
set out below, provided that if the amount is negative it shall be deemed to be nil (the Deferred Consideration). 

  
 

 
  

					
	Where	  	A =	  	the number of the Shares sold by the Seller pursuant to this deed;
			
	 	  	B =	  	the aggregate of all the issued shares in the capital of the Company acquired by the Third Party Buyer pursuant to clause 6 (the Relevant Shares);
			
	 	  	C =	  	the aggregate purchase price paid by the Third Party Buyer in respect of the Relevant Shares; and
			
	 	  	D =	  	US$52,000,000.

  

 5 

	7.2	As soon as reasonably practicable but in any event not later than three Business Days after completion of the Onsale Agreement or any other agreement pursuant to which the Purchaser
sells and/or procures the sale of all or some of the Government Shares and the Shares, the Purchaser shall pay the Deferred Consideration, if any, to the Seller by way of an electronic transfer for same day value to such bank account or accounts as
the Seller may indicate in writing. 

  

	7.3	If a dispute arises between the Seller and the Purchaser as to the amount payable by the Purchaser to the Seller under this clause, either the Seller or the Purchaser shall be
entitled to refer such dispute in writing to the Independent Accountants for determination in accordance with clause 8. 

  

	8.	INDEPENDENT ACCOUNTANTS 

  

	8.1	If and whenever any dispute under clause 7.3 is referred to Independent Accountants, it shall be referred to such firm of chartered accountants: 

  

	 	(a)	as the parties to the dispute may agree in writing within five Business Days after the date of such dispute being referred to the Independent Accountants; or

  

	 	(b)	failing such agreement, as shall be appointed for this purpose on the application of any of the parties to the dispute by the President of the Institute of Chartered Accountants in
England and Wales. 

  

	8.2	The Independent Accountants shall act on the following basis: 

  

	 	(a)	the Independent Accountants shall act as experts and not as arbitrators; 

  

	 	(b)	the issues relating to the dispute shall be notified to the Independent Accountants in writing by the Seller and the Purchaser, as applicable, within 10 Business Days of the
Independent Accountants’ appointment; 

  

	 	(c)	the Independent Accountants shall decide the procedure to be followed in the determination; 

  

	 	(d)	each of the parties to the dispute shall provide (and to the extent it is reasonably able shall procure that its respective accountants, and the Purchaser shall procure that the
Group Companies, provide) the Independent Accountants promptly with all information which they reasonably require; 

  

	 	(e)	the determination of the Independent Accountants shall be final and binding on the parties; and 

  

	 	(f)	the costs of the determination, including fees and expenses of the Independent Accountants, shall be borne equally as between the Seller on the one hand and the Purchaser on the
other hand or as the Independent Accountants shall determine. 

  

	9.	CONFIDENTIALITY 

  

	9.1	None of the parties shall make (or permit any other member of the Seller’s Group to make) any announcement concerning this sale and purchase or any ancillary matter before, on
or after Completion. 

  

 6 

	9.2	Nothing in this clause prevents any announcement being made or any confidential information being disclosed: 

  

	 	(a)	with the written approval of the other parties, which in the case of any announcement shall not be unreasonably withheld or delayed; or 

  

	 	(b)	to the extent required by law or any competent regulatory body, but a party required to disclose any confidential information shall promptly notify the other parties, where
practicable and lawful to do so, before disclosure occurs and co-operate with the other parties regarding the timing and content of such disclosure or any action which the other parties may reasonably elect to take to challenge the validity of such
requirement. 

  

	9.3	Nothing in this clause prevents disclosure of confidential information by any party: 

  

	 	(a)	to the extent that the information is in or comes into the public domain other than as a result of a breach of any undertaking or duty of confidentiality by any person; or

  

	 	(b)	to that party’s professional advisers, auditors or bankers, but before any disclosure to any such person the relevant party shall procure that he is made aware of the terms of
this clause and shall use its best endeavours to procure that such person adheres to those terms as if he were bound by the provisions of this clause. 

  

	10.	NOTICES 

  

	10.1	Any notice or other formal communication given under this deed must be in writing (which includes fax, but not email) and may be delivered or sent by post or fax to the party to be
served at its address as follows: 

  

			
	 (a) to the Seller at:
	 	 60 Market Square
 PO Box 1764
 Belize City
 Belize
 Central America

		
	 	 	 Fax: +501 22 74443

		
	 	 	 marked for the attention of Philip Osborne

		
	 (b) to the Purchaser at:
	 	 New Administration Building
 Belmopan Cayo
 Belize
 Central America

		
	 	 	 Fax: +501 82 23323

		
	 	 	 marked for the attention of Gian Ghandi

  

 7 

 or at such other address or fax number as it may have notified to the other parties in accordance with
this clause. Any notice or other document sent by post shall be sent by registered post. 
  

	10.2	Any notice or other formal communication shall be deemed to have been given: 

  

	 	(a)	if delivered, at the time of delivery; or 

  

	 	(b)	if posted, at 10.00 a.m. on the fifth Business Day after it was put into the post; or 

  

	 	(c)	if sent by fax, on the date of transmission, if transmitted before 3.00 p.m. on any Business Day, and in any other case on the Business Day following the date of transmission.

  

	10.3	In proving service of a notice or other formal communication, it shall be sufficient to prove that delivery was made or that the envelope containing the communication was properly
addressed and posted either by registered airmail or that the fax was properly addressed and transmitted, as the case may be. 

  

	11.	FURTHER ASSURANCES 

  
 Subject as may be expressly provided for elsewhere in this deed, each of the parties, insofar as each is reasonably able, shall procure the doing of all
acts (including the convening of all meetings, the giving of all waivers and consents and the passing of all resolutions as are necessary under the Companies Act, Chapter 250 of the laws of Belize, the articles of association of the Company for the
time being or any agreement or obligation affecting any Group Company to give effect to this deed) and/or execute or procure the execution of all deeds and documents in a form reasonably acceptable to the other party or parties concerned to give
effect to the terms of this deed and otherwise exercise all other powers and rights available to it to give the other party or parties the full benefit of this deed. 
  

	12.	ASSIGNMENTS 

  
 The Seller may assign the benefit of this deed to any member of the Seller’s Group without the prior written consent of the Purchaser. Except as
stated above, none of the rights or obligations under this deed may be assigned or transferred without the prior consent of all the parties. 
  

	13.	GENERAL 

  

	13.1	The receipt of the Seller’s legal counsel for any document to be delivered to the Seller will discharge the Purchaser’s obligation to deliver it to the Seller.

  

	13.2	Each of the obligations, warranties (set out in clause 5) and undertakings set out in this deed (excluding any obligation which is fully performed at Completion) shall continue in
force after Completion and will not be affected by the waiver of any Condition or any notice given by the Seller in respect of any Condition. 

  

	13.3	Time is not of the essence in relation to any obligation under this deed unless one party fails to perform an obligation by the time specified in this deed and the other party
serves a notice on the defaulting party requiring it to perform the obligation by a specified time and stating that time is of the essence in relation to that obligation. 

  

 8 

	13.4	Each party shall pay the costs and expenses incurred by it in connection with the entering into and completion of this deed. 

  

	13.5	This deed may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this deed.

  

	13.6	The rights of each party under this deed: 

  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of rights and remedies provided by law; and 

  

	 	(c)	may be waived only in writing and specifically. 

  
 Delay in exercising or non-exercise of any such right is not a waiver of that right. 
  

	14.	WHOLE AGREEMENT 

  
 This deed and the documents referred to in it contain the whole agreement between the parties relating to the transactions contemplated by this deed and
supersede all previous agreements between the parties relating to these transactions. 
  

	15.	GOVERNING LAW AND ARBITRATION 

  

	15.1	This deed is governed by and shall be construed in accordance with English law. 

  

	15.2	Any dispute arising out of or in connection with this deed including any question regarding its existence, validity or termination, which cannot be resolved amicably between the
parties shall be referred to and finally resolved by arbitration under the London Court of International Arbitration (LCIA) Rules which Rules are deemed to be incorporated by reference under this clause. There shall be 3 arbitrators.

  

	15.3	The arbitral proceedings shall be conducted in the English language. 

  

	15.4	The seat or legal place of the arbitral proceedings shall be London, England. 

  

	15.5	The Purchaser irrevocably and unconditionally: 

  

	 	(a)	agrees that if the Seller brings proceedings against it or its assets in relation to this deed no immunity from such legal proceedings (which will be deemed to include without
limitation, suit, attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement) will be claimed by or on behalf of itself or with respect to its assets; 

  

	 	(b)	waives any such right of immunity which it or its assets now has or may in the future acquire; 

  

	 	(c)	consents generally in respect of any such proceedings to the giving of any relief or the issue of any process in connection with such proceedings including, without limitation, the
making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any award, order or judgment which may be made or given in arbitration proceedings or related enforcement proceedings.

  
 IN WITNESS whereof this deed has been executed on the
date first above written. 
  

 9 

 SCHEDULE 1 
  

CORPORATE PARTICULARS OF THE COMPANY 
  

			
	 Registered office:
	  	 Esquivel Telecom Centre
 St. Thomas Street

Belize City
 Belize

		
	 Date and place of incorporation:
	  	3rd April, 1987 / Belize
		
	 Directors:
	  	 Edward Musa
 Anthony Mahler
 Philip T. Osborne
 Dean Boyce
 Lord Ashcroft KCMG
 Social Security Board
 John Searle
 Private Investment Limited

		
	 Secretary:
	  	Lois Young
		
	 Authorised capital:
	  	BZ$100,000,000 divided into 94,000,000 “B” and “C” ordinary shares of BZ$1 each, 6,000,000 preference shares of BZ$2 each and 1 special rights redeemable preference share
of BZ$1
		
	 Issued capital:
	  	BZ$36,869,719 divided into 8,000,000 “B” ordinary shares of BZ$1 each, 28,869,718 “C” ordinary shares of BZ$1 each and 1 special rights redeemable preference share of
BZ$1

  

 10 

 SCHEDULE 2 
  

INTERPRETATION 

	1.	In this deed: 

  
 Business Day means a day (other than a Saturday or Sunday) on which banks are generally open in Belize for normal business; 
  
 BZ$ means the lawful currency of Belize; 
  
 Completion means completion of the sale and purchase of the Shares in
accordance with clause 4; 
  
 Condition means the
condition precedent to the sale and purchase of the Shares set out in the clause 3.1; 
  
 Encumbrance means any mortgage, charge (fixed or floating), pledge, lien, option, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or any other security
interest of any kind, including retention arrangements and any agreement to create any of the foregoing; 
  
 Government Shareholders means the Purchaser, the Social Security Board, Social Security Board of the Belize Pension Fund, Development Finance
Corporation, Development Finance Corporation Investment Co Ltd, Financial Secretary and the Central Bank Pension Fund, and any other person which from time to time (i) is under the direct or indirect control of the Purchaser and (ii) owns any shares
in the Company; 
  
 Government Shares means the 1 special
rights redeemable preference share of BZ$1 and 11,950,663 “B” and “C” ordinary shares of BZ$1 each in the share capital of the Company held by the Purchaser or persons related or connected with the Purchaser, comprising 480,000
“B” ordinary shares held by the Purchaser, 87,666 “C” ordinary shares held by the Purchaser, 9,491,102 “C” ordinary shares held by the Social Security Board, 373,057 “C” ordinary shares held by the Social
Security Board of Belize Pension Fund, 300,779 “C” ordinary shares held by the Development Finance Corporation, 118,264 “C” ordinary shares held by the Development Finance Corporation Investment Co Ltd, 954,795 “C”
ordinary shares held by the Financial Secretary and 145,000 “C” ordinary shares held by the Central Bank Pension Fund, plus any other shares acquired by the Purchaser or any persons related or connected with the Purchaser prior to the Long
Stop Date; 
  
 Group Companies means the Company and its
subsidiary undertakings and Group Company means any of them or the relevant one of them as the context requires; 
  
 Independent Accountants means such firm of chartered accountants as may be appointed under the clause 8; 
  
 Initial Consideration has the meaning given in clause 2.3;

  
 Long Stop Date has the meaning given in clause 6;

  
 Onsale Agreement means the agreement(s) to be
concluded between, inter alia, the Purchaser and the Third Party Buyer pursuant to which the Third Party Buyer agrees to acquire all of the Government Shares and the Shares as referred to in clause 6 or an aggregate 
  

 11 

 number of ordinary shares in the Company exceeding 80 per cent. of the ordinary issued share capital of
the Company, together with the special rights redeemable preference share of BZ$1; 
  
 Seller’s Group means the Seller and all its subsidiary undertakings (other than the Group Companies) from time to time; 
  
 Seller’s Warranties means the warranties on the part of the Seller set out in clause 5.1; 
  
 Shares means 19,343,451 ordinary shares in the share capital of the
Company, comprising 7,520,000 “B” ordinary shares and 11,823,451 “C” ordinary shares; 
  
 subsidiary undertaking means any undertaking in which a person holds a majority of the voting rights; 
  
 Third Party Buyer means Innovative Communications Corporation, a
private company incorporated under the laws of the United States Virgin Islands and a party to an agreement with the Government of Belize dated November 12, 2003; and 
  
 US$ means the lawful currency of the United States of America. 
  

	2.	In this deed: 

  

	 	(a)	words denoting persons shall include bodies corporate and unincorporated associations of persons; 

  

	 	(b)	references to an individual include his estate and personal representatives; and 

  

	 	(c)	subject to the clause 12, references to a party to this deed include references to the successors or assigns (immediate or otherwise) of that party. 

  

 12 

 SIGNATORIES 
  

							
	 Signed as a deed by CARLISLE
	 	)	 	 /s/ MA Ashcroft
	 	 
	 HOLDINGS LIMITED acting by a
	 	)	 	 	 	 
	 director and its secretary/two directors
	 	)	 	 /s/ Philip T Osborne
	 	 
				
	 Director
	 	 	 	 MA Ashcroft
	 	 
				
	 Secretary/Director
	 	 	 	 Philip T Osborne
	 	 
				
	 Signed, sealed and delivered by
	 	)	 	 	 	 
	 GOVERNMENT OF BELIZE this 9th
	 	)	 	 	 	 
	 day of December 2003 in the presence of
	 	)	 	 	 	 
	 	 	)	 	 	 	 /s/RalphFonseca

	 	 	)	 	 	 	Minister of Finance
	 	 	)	 	 	 	Government of Belize
				
	 /s/ Yvette M Halliday

	 	 	 	 	 	 
	Justice of Peace	 	 	 	 	 	 

  

 13Agreement dated April 30, 2004

 Exhibit 4.18 
  
 CONFORMED COPY 
  
 AGREEMENT 
  
 DATED 30th April, 2004 
  
 THE SELLERS 
 NAMED IN SCHEDULE 1 
  
 and 
  
 CARLISLE HOLDINGS LIMITED 
  
 for the sale and purchase of 
 all of
the issued share capital 
 of Ohsea Holdings Limited 

 CONTENTS 
  

					
	 	  	Page

	 Clause
	  	 
			
	 1.
	  	Interpretation	  	3
	 2.
	  	Sale and Purchase	  	3
	 3.
	  	Condition Precedent	  	3
	 4.
	  	Consideration	  	3
	 5.
	  	Completion	  	4
	 6.
	  	Put Option	  	5
	 7.
	  	regulation s	  	5
	 8.
	  	Protective Covenants	  	6
	 9.
	  	sellers as trustees	  	6
	 10.
	  	Costs	  	7
	 11.
	  	Further Assurance	  	7
	 12.
	  	Notices	  	7
	 13.
	  	Governing Law	  	7
		
	 Schedules
	  	 
	 1.
	  	The Sellers	  	8
	 2.
	  	Form of Put Option Notice	  	9
		
	 Signatories
	  	10

 THIS AGREEMENT is made on 30th April, 2004 
  
 BETWEEN: 
  

	(1)	THE PERSONS whose names and addresses are set out in column A of Schedule 1 (each a Seller and together the Sellers); and 

  

	(2)	CARLISLE HOLDINGS LIMITED (incorporated as an International Business Company in Belize) whose registered office is at 60 Market Square, PO Box 384, Belize City, Belize (the
Purchaser). 

  
 WHEREAS: 
  

	(A)	Ohsea Holdings Limited (registered number 4493380) (the Company) is a private company limited by shares having an issued share capital of £952,394.90 divided into:
1,622,899 ‘A’ ordinary shares of £0.10 each, 769,000 ‘B’ ordinary shares of £1 each, 70,350 ‘C’ ordinary shares of £0.10 each and 140,700 ‘D’ ordinary shares of £0.10 each (the Sale
Shares). 

  

	(B)	The Sellers (save for the Trustee) are the legal and beneficial owners of those of the Sale Shares set out opposite their names in column B of Schedule 1. The Trustee is the legal
owner of those Sale Shares set out opposite its name in column B of Schedule 1. 

  

	(C)	The Sellers wish to sell and the Purchaser wishes to purchase the Sale Shares on the terms set out in this agreement, in consideration for the issue and allotment to the Sellers of
an aggregate number of 788,220 ordinary shares of no par value in the capital of the Purchaser (the Consideration Shares) in respect of the ‘A’ ‘B’ and ‘C’ ordinary shares to be sold hereunder and in
consideration of the payment of £1 in respect of the D ordinary shares to be sold hereunder. 

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  
 In this agreement: 
  
 Business Day means a day (other than a Saturday or a Sunday) on which banks are generally open in London for normal business; 
  

	2.	SALE AND PURCHASE 

  
 The Sellers with full title guarantee shall sell and the Purchaser shall purchase the Sale Shares. 
  

	3.	CONDITION PRECEDENT 

  
 The sale and purchase of the Sale Shares is conditional on the AIM market of the London Stock Exchange plc admitting all the Consideration Shares to
trading on the Alternative Investment Market, subject only to their being issued and the Consideration Shares being listed on Nasdaq to the extent required by its rules (the Conditions) 
  

	4.	CONSIDERATION 

  
 The consideration for the sale of the ‘A’ ‘B’ and ‘C’ ordinary shares to be sold hereunder, shall be the issue and allotment
to the Sellers of the Consideration Shares in the amounts set out 
  

 3 

 opposite the name of each Seller in column C of Schedule 1, and in the case of the 140,700 ‘D’
ordinary shares to be sold hereunder by CS Services Limited, the consideration shall be the aggregate amount of £1. 
  
 The Consideration Shares will be allotted credited as fully paid and will have the rights attaching thereto as specified in the articles. 
  

	5.	COMPLETION 

  

	5.1	Completion of the sale and purchase of the Sale Shares (Completion) shall take place immediately after the signature of this agreement. 

  

	5.2	At Completion the Sellers shall procure the delivery to the Purchaser (subject only to the satisfaction of the conditions) of: 

  

	 	(a)	duly executed transfers of the Sale Shares in favour of the Purchaser or as it may direct; 

  

	 	(b)	share certificate(s) representing the Sale Shares (or an express indemnity in a form satisfactory to the Purchaser in the case of any found to be missing); and

  

	 	(c)	the certificate of incorporation, common seal, minute books, statutory registers and share certificate book of the Company. 

  

	5.3	At Completion a meeting of the directors of the Purchaser shall be held at or immediately following which, subject only to the satisfaction of the Conditions,:

  

	 	(a)	the Consideration Shares shall be allotted to the Sellers in accordance with the provisions of the clause headed “Consideration”; 

  

	 	(b)	the names of the Sellers shall be entered in the register of members of the Purchaser as the holders of the Consideration Shares allotted to them; and 

  

	 	(c)	the Purchaser shall deliver share certificates representing the Consideration Shares to the respective allottees or as they may nominate. 

  

	5.4	At Completion, the Sellers (other than Andrew Dixey) shall procure that a meeting of the directors of the Company is held at or immediately following which, subject only to the
satisfaction of the Conditions: 

  

	 	(a)	the transfer of the Sale Shares shall be approved; and 

  

	 	(b)	the name of the Purchaser shall be entered in the register of members of the Company; and 

  

	 	(c)	the Company shall deliver a share certificate representing the Sale Shares to the Purchaser. 

  

	5.5	In the event that the Conditions have not been satisfied by 5 p.m on 21st May 2004, this Agreement shall cease to be of any force and effect, unless the parties otherwise agree, and
any documents and things delivered by any party (a “Deliverer”) to another party (a “Deliveree”) shall be returned by the relevant Deliveree to the Deliverer. Until such time, or until the satisfaction of the Conditions,
(whichever is the earlier) such documents and things shall be held by the relevant Deliveree in escrow, and shall only be released from such 

  

 4 

 escrow either (i) following the satisfaction of the Conditions (in which case they shall be held solely
by the Deliveree for its own account); or (ii) at 5.pm on 21st May 2004 (in which case they shall be returned to the Deliverer as aforesaid . 
  

	5.6	Completion shall be deemed to occur when the Conditions have been satisfied. 

  

	6.	PUT OPTION 

  

	6.1	In consideration of the transactions contemplated by this agreement and the payment of £1 receipt of which is acknowledged, each of CS Services Limited, Benjamin Blackden and
Andrew Dixey (each a “Putee”) grants to the Purchaser an option to require the Putees severally to purchase the entire issued share capital of S. Com Inc (the Option Shares), in the proportions set out in column (D) of Schedule 1
(the Put Option). 

  

	6.2	The Put Option shall be exerciseable only following judgment being given in favour of the plaintiffs in the case of Smith vs. S. Com Inc (case no. CGC-02-412968).

  

	6.3	The aggregate price payable for the Option Shares shall be the sum of £1 payable by each Putee. The Purchaser may only exercise the Put Option by serving a notice
substantially in the form of Schedule 2 (the Put Option Notice) on each Putee, and including evidence reasonably satisfactory to the Putees to the effect that the condition set out in 6.2 above has been satisfied. 

  

	6.4	Completion of any sale and purchase of the Option Shares (Option Shares Completion) shall take place at the offices of Allen & Overy at One New Change, London EC4M 9QQ on
the date which is the tenth Business Day after the date of service of the Put Option Notice. At Option Shares Completion the Purchaser shall procure the delivery to the Seller of: 

  

	 	(a)	duly executed transfers in respect of the Option Shares to be transferred to the relevant Putee in favour of such person or persons as the Putee may direct, and in default of any
such direction, in favour of the relevant Putee; 

  
  

	 	(b)	the share certificate(s) representing the Option Shares (or an express indemnity in a form satisfactory to the Putees in the case of any found to be missing); and

  

	 	(c)	such other documents as may be necessary to enable the Putee or their relevant nominee(s) to obtain a good title to the Option Shares. 

  

	6.5	Against delivery of the documents referred to in subclause 6.4 above, each of the Putees shall pay in full for the Option Shares in immediately available funds.

  

	7.	REGULATION S 

  

	7.1	The Consideration Shares are not registered under the United States Securities Act of 1933, as amended (the “Act”), and may not be offered or sold in the United
States or to a U.S. Person (as defined as defined in Regulation S promulgated under the Act) unless registered or an exemption from registration is available. 

  

 5 

	7.2	None of the Sellers nor the legal and beneficial owners of the Sale Shares set out opposite the name of the Trustee in column B of Schedule 1 is a U.S. Person as defined in
Regulation S or is a person in the United States. None of such persons nor the Purchaser has undertaken any activity as described in Regulation S for the purpose of or which could reasonably be expected to have the effect of conditioning the market
in the United States for any of the Consideration Shares. 

  

	7.3	For a period of 40 days from Completion, none of the Consideration Shares will be offered or sold in the United States, to any U.S. Person or otherwise except in accordance with
Regulation S; pursuant to registration of the Consideration Shares under the Act; or pursuant to an available exemption from the registration requirements of the Act. The certificates representing the Consideration Shares may be endorsed with a
legend which reflects the provisions of this Section 7.3 and provides that any purported transfer of the Consideration Shares not in compliance with this Section 7.3 may not be recognised. 

  

	8.	PROTECTIVE COVENANTS 

  

	(1)	Benjamin Blackden covenants with the Purchaser and the Company that he shall not for a period of one year from Completion: 

  

	 	(a)	be engaged or (save as the holder of the shares in a listed company which confer not more than five per cent of the votes which could normally be cast at the general meetings of the
company) be concerned in or interested in any business carrying on business in the United Kingdom which is competitive or likely to be competitive with any of the businesses carried on by the Company or any of its subsidiaries at Completion; or

  

	 	(b)	canvass or solicit orders for the supply of services similar to those being provided by the Company or any of its subsidiaries at Completion from any person who is at Completion or
has been at any time within the year prior to Completion a customer of the Company or any of its subsidiaries; or 

  

	 	(c)	induce or attempt to induce any director or any employee of the Company or any of its subsidiaries to leave the employment of the Company or any of its subsidiaries.

  

	(2)	Each of the restrictions in each paragraph or subclause above shall be enforceable independently of each of the others and its validity shall not be affected if any of the others is
invalid. 

  

	(3)	If any of those restrictions is void but would be valid if some part of the restrictions were deleted the restriction in question shall apply with such modification as may be
necessary to make it valid. 

  

	(4)	Benjamin Blackden acknowledges that the above provisions of this clause are no more extensive than is reasonable to protect the Purchaser as the purchaser of the Sale Shares.

  

	9.	SELLERS AS TRUSTEES 

  
 The Sellers shall, until the Sale Shares are registered in the name of the Purchaser or as it may direct, hold the Sale Shares on trust for the Purchaser.

  

 6 

	10.	COSTS 

  
 Each party shall pay the costs and expenses incurred by it in connection with the entering into and completion of this agreement save that the Purchaser
shall pay all reasonable costs and expenses incurred by the Putees in connection with the exercise of the Put Option, including without limitation any stamp duty, registration fees or other similar taxes.. 
  

	11.	FURTHER ASSURANCE 

  
 Each party shall procure the convening of all meetings, the giving of all waivers and consents and the passing of all resolutions and shall otherwise
exercise all powers and rights available to it in order to give effect to this agreement. 
  

	12.	WHOLE AGREEMENT 

  

	12.1	This agreement and the letters of confirmation, consent and waiver dated the same date from each of the Sellers to the Purchaser and the Company contain the whole agreement between
the parties relating to the transactions contemplated by this agreement. 

  

	12.2	Each party acknowledges that in entering into this agreement it has not relied upon any representation, warranty, or other assurance (other than as set out in this agreement and the
letters referred to in 12.1) made by or on behalf of any other party before signature of this agreement, and each party waives all rights and remedies which, but for this subclause, might otherwise be available to it in respect of any such
representation warranty or other assurance. 

  

	13.	NOTICES 

  

	13.1	Any notice or other document to be served under this agreement may be delivered or sent by post or by hand to the party to be served at its address stated in this document or at
such other address as it may have notified to the other parties in accordance with this clause. 

  

	13.2	Any notice or document shall be deemed to have been served: 

  

	 	(a)	if delivered, at the time of delivery; or 

  

	 	(b)	if posted, at 10.00 a.m. on the fifth Business Day after it was put into the post. 

  

	13.3	In proving service of a notice or document it shall be sufficient to prove that delivery was made or that the envelope containing the notice or document was properly addressed and
posted. 

  

	14.	GOVERNING LAW 

  
 This agreement shall be governed by and construed in accordance with English law. 
  
 AS WITNESS the hands of the duly authorised representatives of the parties on the date
which appears first on page 1. 
  

 7 

 SCHEDULE 1 
  

THE SELLERS 
  

							
	 (A)

	  	 (B)

	  	 (C)

	  	(D)

	 Name and address of Seller

	  	 Number of Sale
 Shares

	  	 Number of
Consideration
Shares

	  	Percentage of
Option Shares

	 CS Services Limited
 60 Market Square
 PO Box 384
 Belize City
 Belize
	  	 1,622,899 ‘A’ ordinary
 shares
  
 140,700
‘D’ ordinary
 shares
	  	 519,526
  
  
 Nil
	  	1,622,899
2,462,249
				
	 Andrew Dixey
 Hill House
 Bloxham
 Oxfordshire
 OX15 4PH
	  	 69,000 ‘B’ ordinary
 shares
 70,350 ‘C’ ordinary
 shares
	  	 22,088
  
 22,521
	  	139,350
2,462,249
				
	 Benjamin and Sally Blackden
 Crantford Layters Way
 Gerrards Cross
 Buckinghamshire
 SL9 7QZ
	  	 400,000 ‘B’ ordinary
 shares
	  	128,049	  	700,000
2,462,249
				
	 Osborne Clarke Trustees
 Limited as trustee (the
 Trustee) of the Blackden
 Personal Settlement
 2 Temple Back East
 Temple Quay
 Bristol
 BS1 6EG
	  	 300,000 ‘B’ ordinary
 shares
	  	96,036	  	 

  

 8 

 SCHEDULE 2 
  

FORM OF PUT OPTION NOTICE 
  
 To: [Name of Putee] 
  
 Dear Sirs, 
  
 We refer to the Share Exchange and Option Agreement dated 23rd April, 2004 (the Agreement) and made between yourselves and ourselves and to the Put Option granted by you to us under the Agreement. 
  
 We hereby give you notice under and pursuant to clause 6 of the Agreement that we exercise the Put Option granted by you to us in respect of
the relevant Option Shares to be purchased by [name of Putee]. 
  
 Yours
faithfully, 
  
 For and on behalf of 
  
 Carlisle Holdings Limited 
  

 9 

 SIGNATORIES 
  

					
	 SIGNED by NORTHTOWN
 LIMITED
	 	)	 	/s/ RADIANCE HEREDIA
	 for CS SERVICES LIMITED
	 	)	 	FOR NORTHTOWN LTD, DIRECTOR
			
	 SIGNED by DAVID HAMMOND
	 	)	 	/s/ D.B. HAMMOND
	 for CARLISLE HOLDINGS
 LIMITED
	 	)	 	 
			
	 SIGNED by ANDREW DIXEY
	 	)	 	/s/ ANDREW DIXEY
	 	 	 )
	 	 
			
	 SIGNED by BENJAMIN BLACKDEN
	 	 )
 )
	 	 /s/ BENJAMIN BLACKDEN

	 	 	 	 	 
			
	 SIGNED by SALLY BLACKDEN
	 	 )
 )
	 	/s/ S.L. BLACKDEN
	 	 	 	 	 
			
	 SIGNED by MATTHEW BENNETT
 and MARK WOODWARD
 for Osborne Clarke Trustees Limited
 in its capacity as a trustee of the

BLACKDEN PERSONAL
 SETTLEMENT
	 	 )
 )
	 	 /s/ MATTHEW BENNETT (DIRECTOR)
 /s/ MARK WOODWARD
(DIRECTOR)

  

 10

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