Orphanides: Indicative results – Redenomination of capital in euros
27/2/2008 13:13
1. Preliminary results 2007
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, the Board of Directors of Orphanides Public Company Limited announces that:
At the meeting held on February 27, 2008, at the Company’s Head Office, the Board of Directors examined and approved the indicative results for 2007. The results, which have been prepared pursuant to the same accounting standards as those adopted in the annual accounts and are in accordance with the International Financial Reporting Standards, are attached. The results will not be posted to the shareholders but will be available free of charge at the Company’s registered office, 20-22 Yiannou Kranidioti Avenue, Larnaca.
The results together with the explanatory report will be published in newspapers Phileleftheros on March 2, 2008 and Financial Mirror on March 5, 2008.
2. Redenomination of share capital in euros
The Board of Directors also decided that pursuant to N. 33(I)/2007 the share capital be converted as follows:
a) The nominal value of the share be converted from £0.20 to €0.34 after the rounding.
b) The nominal capital of the Company be converted from £25,000,000 divided into 125,000,000 ordinary shares of nominal value £0.20 to €42,500,000 divided into 125,000,000 ordinary shares of nominal value €0.34 and the issued share capital of the Company be converted from £16,193,245 divided into 80,966,225 ordinary shares of nominal value £0.20 each to €27,528,516.50 divided into 80,966,225 ordinary shares of nominal value €0.34 each.
The reduction by £139,251.08 be registered in a special reserve, which will be called “Difference from conversion of share capital into euros”.
The redenomination is carried out on the nominal value of the share and not on the total share capital. The redenomination from Cyprus pounds in euros is carried out with the division of the sum in Cyprus pounds with the irrevocable conversion price determined on July 10, 2007 and stands at 0.585274 using the six decimals. The amount in euros is rounded in two decimals.
The Board of Directors decided that the resolution above is subject to an EGM approval, which will take place on the same day as the AGM. The AGM date will be determined at the examination of the final results for 2007.
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, the Board of Directors of Orphanides Public Company Limited announces that:
At the meeting held on February 27, 2008, at the Company’s Head Office, the Board of Directors examined and approved the indicative results for 2007. The results, which have been prepared pursuant to the same accounting standards as those adopted in the annual accounts and are in accordance with the International Financial Reporting Standards, are attached. The results will not be posted to the shareholders but will be available free of charge at the Company’s registered office, 20-22 Yiannou Kranidioti Avenue, Larnaca.
The results together with the explanatory report will be published in newspapers Phileleftheros on March 2, 2008 and Financial Mirror on March 5, 2008.
2. Redenomination of share capital in euros
The Board of Directors also decided that pursuant to N. 33(I)/2007 the share capital be converted as follows:
a) The nominal value of the share be converted from £0.20 to €0.34 after the rounding.
b) The nominal capital of the Company be converted from £25,000,000 divided into 125,000,000 ordinary shares of nominal value £0.20 to €42,500,000 divided into 125,000,000 ordinary shares of nominal value €0.34 and the issued share capital of the Company be converted from £16,193,245 divided into 80,966,225 ordinary shares of nominal value £0.20 each to €27,528,516.50 divided into 80,966,225 ordinary shares of nominal value €0.34 each.
The reduction by £139,251.08 be registered in a special reserve, which will be called “Difference from conversion of share capital into euros”.
The redenomination is carried out on the nominal value of the share and not on the total share capital. The redenomination from Cyprus pounds in euros is carried out with the division of the sum in Cyprus pounds with the irrevocable conversion price determined on July 10, 2007 and stands at 0.585274 using the six decimals. The amount in euros is rounded in two decimals.
The Board of Directors decided that the resolution above is subject to an EGM approval, which will take place on the same day as the AGM. The AGM date will be determined at the examination of the final results for 2007.
