Liberty Life to Extend Associates Share Scheme
Liberty Life Insurance Co. Ltd. announced that its AGM will take place on the 18 May 2001. The Board’s report and financial statements will be examined for the year ending 31 December 2000 and approval will be sought for payment of final dividends of 10% of the nominal value of shares to shareholders registered as at 1 June 2001.
Elections will also take place for members of the Board and remuneration of Board members and the auditors will be determined.
On the same date an EGM will be held during which the following special resolutions will be proposed:
Special Resoluton 1
To issue bonus shares to shareholders registered as at 1 June 2001 who have not sold their shares up to the 31 October 2001, to the ratio of 1 bonus share for every 10 held during the said period.
Special Resolution 2
To extend up to the 30 September 2001, the Associates Share Scheme offering 500.000 warrants, which was approved by the EGM of the 30 November 1998 and to end on the 31 December 2000. Also, due to the notable increase of business and in particular of the number of new associates who have recently joined the company, to increase the maximum number of warrants offered from 500.000 to 1.000.000.
Up to a maximum 50% of warrants secured from business produced during the extension period to be offered on the 15 December 2001 and to be exercisable, as a whole or in part, from the 15 December 2001 up to the 31 December 2001. The remaining warrants to be offered on the 1 December 2002 and to be exercisable either as a whole or in part from the 1 December 2002 up to the 15 December 2002, as well as those not exercised during the previous period. In the event where the total number of warrants is not sufficient, the number offered to each insurance associate to be reduced in ratio.
The remaining conditions, terms of offering and exercise price will apply in accordance with the EGM’s decision of the 30 November 1998.
Elections will also take place for members of the Board and remuneration of Board members and the auditors will be determined.
On the same date an EGM will be held during which the following special resolutions will be proposed:
Special Resoluton 1
To issue bonus shares to shareholders registered as at 1 June 2001 who have not sold their shares up to the 31 October 2001, to the ratio of 1 bonus share for every 10 held during the said period.
Special Resolution 2
To extend up to the 30 September 2001, the Associates Share Scheme offering 500.000 warrants, which was approved by the EGM of the 30 November 1998 and to end on the 31 December 2000. Also, due to the notable increase of business and in particular of the number of new associates who have recently joined the company, to increase the maximum number of warrants offered from 500.000 to 1.000.000.
Up to a maximum 50% of warrants secured from business produced during the extension period to be offered on the 15 December 2001 and to be exercisable, as a whole or in part, from the 15 December 2001 up to the 31 December 2001. The remaining warrants to be offered on the 1 December 2002 and to be exercisable either as a whole or in part from the 1 December 2002 up to the 15 December 2002, as well as those not exercised during the previous period. In the event where the total number of warrants is not sufficient, the number offered to each insurance associate to be reduced in ratio.
The remaining conditions, terms of offering and exercise price will apply in accordance with the EGM’s decision of the 30 November 1998.
