Lemeco: EGM approved buyback and rejected name change
16/4/2008 10:35
The Board of Directors of Lemeco Silvex Industries Public Co Ltd announces that the Extraordinary General Meeting held on Tuesday, April 15, 2008 at the Company’s Head Office, 1 Andrea Haliou, 1st floor, Engomi, Nicosia, examined and approved unanimously the following special resolution:
“That the Board of Directors be authorized to proceed to buyback of own shares, pursuant to the provisions of article 57A of the Companies’ Law Chapter 113 (as amended). The minimum and maximum acquisition price of shares will not exceed 5% of the average market value of shares over the last five trading sessions prior to such a purchase. The Company will be able to acquire the maximum number of shares provided by the Law over the period of 12 months following endorsement of the said resolution. Shares can be acquired either by private agreement or by the purchase. Shares acquired to be held for a maximum of two years”.
The Extraordinary General Meeting also examined and rejected the change of the Company’s name to New Phoenix Public Limited since it has not been ratified by the Companies’ Superintendent’s Department.
The Company decided to hold a new Extraordinary General Meeting to decide on its name change.
“That the Board of Directors be authorized to proceed to buyback of own shares, pursuant to the provisions of article 57A of the Companies’ Law Chapter 113 (as amended). The minimum and maximum acquisition price of shares will not exceed 5% of the average market value of shares over the last five trading sessions prior to such a purchase. The Company will be able to acquire the maximum number of shares provided by the Law over the period of 12 months following endorsement of the said resolution. Shares can be acquired either by private agreement or by the purchase. Shares acquired to be held for a maximum of two years”.
The Extraordinary General Meeting also examined and rejected the change of the Company’s name to New Phoenix Public Limited since it has not been ratified by the Companies’ Superintendent’s Department.
The Company decided to hold a new Extraordinary General Meeting to decide on its name change.
