Reduced profits for Lemeco Silvex
7/9/2001 10:26
During the Board meeting of Lemeco Silvex Industries Ltd. which took place on the 6 September 2001, the six-month results and other matters, were approved.
Whilst operational profits rose from CYP 14.108 in 2000 to CYP 106.725 in 2001, due to losses of the investment sector from the continuing downward trend of the CSE, after-tax profits were reduced to CYP 12.314 (profits from sales in 2000 were CYP 135.000 compared to losses of CYP 53.143 in 2001). Turnover for the period was CYP 1.316.089 with earnings per share reaching 0,0004 cents.
The company anticipates increased operational profits for the second six-month period of 2001 whilst performance of investment activities could become more negative.
Following a decision of the EGM of the 26 July 2001, the Board decided to issue 33.050.000 rights, one right for every share held, at the exercise price of 10 cents, as well as 13.220.000 warrants, one warrant for every 5 shares held. Warrants to be for three years at the exercise price of 10 cents per share. The record date for the warrants to be determined in accordance with CSE's circular 8/2001.
The success of the issue will strengthen considerably the company and will expand the activities of its investment sector, aiming to make the company a Venture Capital company. Based on the relevant decision of the EGM of the 26 July 2001, the Board decided also to apply to the CSE for transfer of the company from the Industrial sector of the index to the Other companies sector.
Whilst operational profits rose from CYP 14.108 in 2000 to CYP 106.725 in 2001, due to losses of the investment sector from the continuing downward trend of the CSE, after-tax profits were reduced to CYP 12.314 (profits from sales in 2000 were CYP 135.000 compared to losses of CYP 53.143 in 2001). Turnover for the period was CYP 1.316.089 with earnings per share reaching 0,0004 cents.
The company anticipates increased operational profits for the second six-month period of 2001 whilst performance of investment activities could become more negative.
Following a decision of the EGM of the 26 July 2001, the Board decided to issue 33.050.000 rights, one right for every share held, at the exercise price of 10 cents, as well as 13.220.000 warrants, one warrant for every 5 shares held. Warrants to be for three years at the exercise price of 10 cents per share. The record date for the warrants to be determined in accordance with CSE's circular 8/2001.
The success of the issue will strengthen considerably the company and will expand the activities of its investment sector, aiming to make the company a Venture Capital company. Based on the relevant decision of the EGM of the 26 July 2001, the Board decided also to apply to the CSE for transfer of the company from the Industrial sector of the index to the Other companies sector.
