Lemeco: Interim Management Statement – EGM on 12/6
19/5/2008 16:50
We wish to inform you that at the meeting held on May 19, 2008, the Board of Directors of Lemeco Silvex Industries Public Company Ltd examined and approved the Interim Management Statement pursuant to the provisions of the Transparency Requirements Law 2007 (N. 190(I)/2007.
We submit the Interim Management Statement for the period from January 1 to May 19, 2008, pursuant to article 11 of the Transparency Requirements Law 2007 (N. 190(I)/2007.
At the meeting held on March 17, 2008 at the Company’s Head Office, the Board of Directors decided to issue and allocate 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share to the shareholders of Explosal Ltd as an exchange for the acquisition of 100% of the issued share capital of the Company.
The goodwill of €22,591,144 that has resulted from the acquisition has been capitalized in a consolidated balance sheet.
The total sales of the Company and Explosal Ltd for the first four months of the year stood at €2,163,781. The total sales of Explosal stood at €2,756,558 but a profit of €279,529 has been incorporated in the Group’s results due to the fact that the acquisition was carried out on March 17, 2008.
The Group showed profits of €120,224. The profits of Explosal Ltd for the same period reached €762,351 but a profit of €279,529 has been incorporated in the Group’s results due to the fact that the acquisition was carried out on March 17, 2008.
The net assets of the Group on April 30, 2008 stood at €37,009,157. The net assets of Explosal Ltd for the same period amounted to €10,688,385.
The above sums do not include the value of lease of the Company’s land which was registered by the Ministry of Industry, Commerce and Tourism to Explosal Ltd on 18/4/2008 to the Larnaca Free Trade Zone. The lease is of 33 years with a right for renewal of 99 years more. The plot is of 9,276 sq. meters. It market value has been estimated by the Land Register at €1,625,000.
EGM
The Board of Directors decided to hold an Extraordinary General Meeting on June 12, 2008 at 4.30 pm at the Company’s Head Office to approve a resolution on the change of the Company’s name.
We submit the Interim Management Statement for the period from January 1 to May 19, 2008, pursuant to article 11 of the Transparency Requirements Law 2007 (N. 190(I)/2007.
At the meeting held on March 17, 2008 at the Company’s Head Office, the Board of Directors decided to issue and allocate 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share to the shareholders of Explosal Ltd as an exchange for the acquisition of 100% of the issued share capital of the Company.
The goodwill of €22,591,144 that has resulted from the acquisition has been capitalized in a consolidated balance sheet.
The total sales of the Company and Explosal Ltd for the first four months of the year stood at €2,163,781. The total sales of Explosal stood at €2,756,558 but a profit of €279,529 has been incorporated in the Group’s results due to the fact that the acquisition was carried out on March 17, 2008.
The Group showed profits of €120,224. The profits of Explosal Ltd for the same period reached €762,351 but a profit of €279,529 has been incorporated in the Group’s results due to the fact that the acquisition was carried out on March 17, 2008.
The net assets of the Group on April 30, 2008 stood at €37,009,157. The net assets of Explosal Ltd for the same period amounted to €10,688,385.
The above sums do not include the value of lease of the Company’s land which was registered by the Ministry of Industry, Commerce and Tourism to Explosal Ltd on 18/4/2008 to the Larnaca Free Trade Zone. The lease is of 33 years with a right for renewal of 99 years more. The plot is of 9,276 sq. meters. It market value has been estimated by the Land Register at €1,625,000.
EGM
The Board of Directors decided to hold an Extraordinary General Meeting on June 12, 2008 at 4.30 pm at the Company’s Head Office to approve a resolution on the change of the Company’s name.
