Avacom decided to cancel rights issue and to amend agreement on acquisition of Tachidomiki
The meeting of the Board of Directors of Avacom Public Company Ltd scheduled for Monday, September 29, 2008 decided the following:
1. The cancellation of the issue of preference Rights due to the drop in the trading price of the share below their nominal value and the subsequent unwillingness to exercise the rights.
2. The amendment of the agreement for the acquisition of Tachidomiki as follows:
“Participation in Tachidomiki Ltd with a stake of 15% instead of an acquisition of 100% with a right to participate for 12 months in the next capital increases or acquisition on the basis of the same terms. The exchange will be paid cash or shares of listed companies”.
The amendment of the agreement was deemed necessary due to the cancellation of the above Rights and the different priorities in the plan for the development of Crosswise technology due to the anticipated decline in construction activity and the possible involvement of ACS in other sectors.
3. To set the date for the Extraordinary General Meeting to propose a resolution for buyback of own shares.
1. The cancellation of the issue of preference Rights due to the drop in the trading price of the share below their nominal value and the subsequent unwillingness to exercise the rights.
2. The amendment of the agreement for the acquisition of Tachidomiki as follows:
“Participation in Tachidomiki Ltd with a stake of 15% instead of an acquisition of 100% with a right to participate for 12 months in the next capital increases or acquisition on the basis of the same terms. The exchange will be paid cash or shares of listed companies”.
The amendment of the agreement was deemed necessary due to the cancellation of the above Rights and the different priorities in the plan for the development of Crosswise technology due to the anticipated decline in construction activity and the possible involvement of ACS in other sectors.
3. To set the date for the Extraordinary General Meeting to propose a resolution for buyback of own shares.
