Lemeco Silvex to Transfer Sector
30/7/2001 9:41
Lemeco Silvex Industries Ltd. announced that during its EGM of the 26 July 2001, the following special resolutions were approved:
Special Resolution
That the Board be authorised to acquire over the next twelve months and on behalf of the company, shares of the company not exceeding 10% of its issued share capital against sums which will not exceed 5% of the average market price of shares of the company as traded over the five trading sessions preceding such purchase and to hold such shares for a period not exceeding two years.
Ordinary Resolutions
1. The Board's decision was endorsed that the company expands into the investment sector. In particular, the company to cease to be included in the industrial sector in accordance with CSE regulations and to be transferred to the Other companies sector or other relevant investment companies' sector and for the Board to take all necessary steps towards this.
2. As the CSE Council did not approve the prospectus submitted by the company for the issuance of rights as decided by the EGM of the 27 July 2000, it was decided that ordinary resolutions 4 and 5 of the EGM of the 27 July 2000 be cancelled.
3. The Board be authorised upon approval of the ordinary resolution referred to in paragraph 1 above, to issue to shareholders registered as at a date to be determined in the future, new rights and warrants.
Special Resolution
That the Board be authorised to acquire over the next twelve months and on behalf of the company, shares of the company not exceeding 10% of its issued share capital against sums which will not exceed 5% of the average market price of shares of the company as traded over the five trading sessions preceding such purchase and to hold such shares for a period not exceeding two years.
Ordinary Resolutions
1. The Board's decision was endorsed that the company expands into the investment sector. In particular, the company to cease to be included in the industrial sector in accordance with CSE regulations and to be transferred to the Other companies sector or other relevant investment companies' sector and for the Board to take all necessary steps towards this.
2. As the CSE Council did not approve the prospectus submitted by the company for the issuance of rights as decided by the EGM of the 27 July 2000, it was decided that ordinary resolutions 4 and 5 of the EGM of the 27 July 2000 be cancelled.
3. The Board be authorised upon approval of the ordinary resolution referred to in paragraph 1 above, to issue to shareholders registered as at a date to be determined in the future, new rights and warrants.
