Avacom: District Court ratified reduction of share capital
We wish to inform you that the Nicosia District Court ratified the reduction of the nominal value of the share of Avacom Public Company Ltd from £0.05 to £0.025 per share, pursuant to the special resolution approved by the Extraordinary General Meeting on 3/8/2007.
Special Resolution
That the authorized share capital, which amounts to £10,000,000 (€17,241,379) divided into 200,000,000 ordinary shares of 5 cents (€0.086) each and the issued share capital, which amounts to £5,119,916.3 (€8,827,441.74) divided into 102,398,326 ordinary fully paid shares of 5 cents (€0.086) each be reduced to £7,440,041.85 (€12.827,658.13) divided into 297,601,674 ordinary shares of 2.5 cents (€0.043) each (authorized) and £2,559,958.15 (€4,413,720.87) divided into 102,398,326 ordinary fully paid shares of 2.5 cents (€0.043) each (issued) and that this reduction be carried out with the reduction of the nominal value of the share from 5 cents (€0.086) each to 2.5 cents (€0.043) each, since the amount of 2.5 cents per issued and fully paid ordinary share is not represented in the assets due to losses. Following the court’s approval, the authorized share capital will be increased to £10,000,000 (€17,241,379), which will be divided in 400,000,000 ordinary shares of 2.5 cents each.
Special Resolution
That the authorized share capital, which amounts to £10,000,000 (€17,241,379) divided into 200,000,000 ordinary shares of 5 cents (€0.086) each and the issued share capital, which amounts to £5,119,916.3 (€8,827,441.74) divided into 102,398,326 ordinary fully paid shares of 5 cents (€0.086) each be reduced to £7,440,041.85 (€12.827,658.13) divided into 297,601,674 ordinary shares of 2.5 cents (€0.043) each (authorized) and £2,559,958.15 (€4,413,720.87) divided into 102,398,326 ordinary fully paid shares of 2.5 cents (€0.043) each (issued) and that this reduction be carried out with the reduction of the nominal value of the share from 5 cents (€0.086) each to 2.5 cents (€0.043) each, since the amount of 2.5 cents per issued and fully paid ordinary share is not represented in the assets due to losses. Following the court’s approval, the authorized share capital will be increased to £10,000,000 (€17,241,379), which will be divided in 400,000,000 ordinary shares of 2.5 cents each.
