This excerpt taken from the IAAC 8-K filed Jul 7, 2006.
the Warrantholder shall:
pay the aggregate subscription price for the Warrant Shares in respect of which the Warrant is exercised, being the Subscription Price multiplied by that number of Warrant Shares, to the Company in cleared funds by bankers draft or by telegraphic transfer to any bank account nominated by the Company for the purpose at least one Business Day before Completion; and
in the case of Completion pursuant to service of a Company Exercise Notice under clause 6, deliver the relevant Certificate to the Company; and
the Company shall conditionally upon (for so long as the Companys shares continue to be admitted to trading on AIM) such shares being admitted to trading on AIM (Further Admission), issue the relevant number of Warrant Shares to the Warrantholder, (except that no fraction of a Warrant Share shall be issued and any fractional entitlement shall be rounded down to the nearest whole number of Warrant Shares), subject to the Articles, credited as fully paid and free from all claims, liens, charges, encumbrances, equities and other third party rights.