Modestou: EGM approved continuance of operations and capital restructuring
21/6/2007 12:29
The Extraordinary General Meeting held on June 21, 2007 at 10.45 at the Company’s office, decided the following:
1. The continuance of the Company’s activities for the achievement of its corporate target.
The EGM also approved the following resolutions:
A. That the authorized share capital of the Company, which amounts to £4,000,000.00 divided into 40,000,000 shares of nominal value £0.10 each be reduced to £1,600,000.00 divided into 40,000,000 shares of £0.04 each.
B. That the issued share capital of the Company, which amounts to £2,980,000.00 divided into 29,800,000 shares of nominal value £0.10 each, be reduced to £1,192,000.00 divided into 29,800,000 shares of £0.04 each.
C. That the reductions mentioned in paragraphs A and B be carried out with the reduction of the nominal value of the share from £0.10 each to £0.04 each since the amount of £0.06 per issued and fully paid share, that is, the amount of £1,788,000.00 is part of the capital that has been lost due to losses.
D. That following the Court’s approval on the reduction above
a. The authorized share capital be increased to £4,000,000 divided into 50,000,000 shares of nominal value £0.08 each.
b. That the share capital be consolidated so that:
- The authorized capital be £4,000,000 divided into 50,000,000 shares of nominal value £0.08 each.
- The issued capital be £1,192,000.00 divided into 14,900,000 shares of nominal value £0.08 each.
1. The continuance of the Company’s activities for the achievement of its corporate target.
The EGM also approved the following resolutions:
A. That the authorized share capital of the Company, which amounts to £4,000,000.00 divided into 40,000,000 shares of nominal value £0.10 each be reduced to £1,600,000.00 divided into 40,000,000 shares of £0.04 each.
B. That the issued share capital of the Company, which amounts to £2,980,000.00 divided into 29,800,000 shares of nominal value £0.10 each, be reduced to £1,192,000.00 divided into 29,800,000 shares of £0.04 each.
C. That the reductions mentioned in paragraphs A and B be carried out with the reduction of the nominal value of the share from £0.10 each to £0.04 each since the amount of £0.06 per issued and fully paid share, that is, the amount of £1,788,000.00 is part of the capital that has been lost due to losses.
D. That following the Court’s approval on the reduction above
a. The authorized share capital be increased to £4,000,000 divided into 50,000,000 shares of nominal value £0.08 each.
b. That the share capital be consolidated so that:
- The authorized capital be £4,000,000 divided into 50,000,000 shares of nominal value £0.08 each.
- The issued capital be £1,192,000.00 divided into 14,900,000 shares of nominal value £0.08 each.
