Avacom: PO for acquisition of Ceilfloor – EGM on 20/11 – Approval of agreement for acquisition of Tachidomi
At the meeting held on October 15, 2007, the Board of Directors of Avacom Public Company Ltd decided to:
1. Submit a Public Offer for the acquisition of 100% of the share capital of the subsidiary Ceilfloor Public Company Ltd.
2. Hold an Extraordinary General Meeting on November 20, 2007 for:
- The cancellation of the resolution approved by the EGM on August 3, 2007, which concerned the proposed terms of the issue and allocation of new shares in the form of rights.
- The approval of the increase in the share capital via the issue and allocation of rights to the existing shareholders, as well as the terms of the capital increase,
- The approval of the proposal for the change of the Company’s name after the sale of the largest part of its investment in Avacom Net Services Ltd and the agreement between the two companies from Avacom Public Company Ltd to CrossWise Building Solutions Public Company Ltd.
- The analytical presentation of the independent evaluation report of TACHIDOMI LTD and the technology of CrossWise.
3. Approve the agreement for the sale of 20,400,000 shares of Avacom Net Services Ltd which are held by the Company with KPMG as Escrow Agent with the payment of the obligations of the Company and its subsidiary Ceilfloor Public Company Ltd (£2.5 million) to the Banks and Avacom Net Public Company Ltd as an exchange.
4. Approve the agreement for the acquisition of Tachidomi Ltd. Tachidomi is based in Nicosia and has associates to all cities around Cyprus. It is actively involved in the specialized construction of houses, flats and buildings in general. Tachidomi applies exclusively the Cross Wise Technology systems and has the exclusive rights for their promotion on a global scale.
The Cross Wise technology gives the option for a lower cost of construction compared to other conventional methods of construction, while the time required for the completion of a building is less than any other traditional method. The Cross Wise technology is combined with the construction of anti-seismic buildings and allows an energy saving for heating and air-conditioning.
Further details on Tachidomi will be announced at the Extraordinary General Meeting on November 20, 2007, while the acquisition exchange will be subject to its approval. The EGM will also examine the evaluation report that will be prepared by independent experts.
1. Submit a Public Offer for the acquisition of 100% of the share capital of the subsidiary Ceilfloor Public Company Ltd.
2. Hold an Extraordinary General Meeting on November 20, 2007 for:
- The cancellation of the resolution approved by the EGM on August 3, 2007, which concerned the proposed terms of the issue and allocation of new shares in the form of rights.
- The approval of the increase in the share capital via the issue and allocation of rights to the existing shareholders, as well as the terms of the capital increase,
- The approval of the proposal for the change of the Company’s name after the sale of the largest part of its investment in Avacom Net Services Ltd and the agreement between the two companies from Avacom Public Company Ltd to CrossWise Building Solutions Public Company Ltd.
- The analytical presentation of the independent evaluation report of TACHIDOMI LTD and the technology of CrossWise.
3. Approve the agreement for the sale of 20,400,000 shares of Avacom Net Services Ltd which are held by the Company with KPMG as Escrow Agent with the payment of the obligations of the Company and its subsidiary Ceilfloor Public Company Ltd (£2.5 million) to the Banks and Avacom Net Public Company Ltd as an exchange.
4. Approve the agreement for the acquisition of Tachidomi Ltd. Tachidomi is based in Nicosia and has associates to all cities around Cyprus. It is actively involved in the specialized construction of houses, flats and buildings in general. Tachidomi applies exclusively the Cross Wise Technology systems and has the exclusive rights for their promotion on a global scale.
The Cross Wise technology gives the option for a lower cost of construction compared to other conventional methods of construction, while the time required for the completion of a building is less than any other traditional method. The Cross Wise technology is combined with the construction of anti-seismic buildings and allows an energy saving for heating and air-conditioning.
Further details on Tachidomi will be announced at the Extraordinary General Meeting on November 20, 2007, while the acquisition exchange will be subject to its approval. The EGM will also examine the evaluation report that will be prepared by independent experts.
