Kanika Considers Buy-Back of Shares
9/5/2001 9:55
During the Board meeting of Kanika Hotels Ltd. held on the 8 May 2001, the final audited results for the year 2000 were approved. Further the date of the AGM was set as the 27 June 2001 and an EGM will precede at an earlier time during which a special resolution will be submitted for approval which is as follows:
Special Resolution
To authorise the Board to acquire own shares of the company during a period of 12 months from endorsement of this resolution under the following terms.
(i) The total nominal value of shares acquired including those which the company may already hold, not to exceed at any time 10% of the issued share capital of the company or 25% of the average value of transactions of shares of the company over the 30 days preceding such acquisition, whichever is the least.
(ii) Shares acquired as aforementioned to be held for a maximum of two years.
(iii) The minimum acquisition price of shares not to exceed by 5% the average market value of shares of the company as traded over the last five sessions preceding such purchase.
(iv) Such actions to be in line with current legislation and relevant amendments.
Special Resolution
To authorise the Board to acquire own shares of the company during a period of 12 months from endorsement of this resolution under the following terms.
(i) The total nominal value of shares acquired including those which the company may already hold, not to exceed at any time 10% of the issued share capital of the company or 25% of the average value of transactions of shares of the company over the 30 days preceding such acquisition, whichever is the least.
(ii) Shares acquired as aforementioned to be held for a maximum of two years.
(iii) The minimum acquisition price of shares not to exceed by 5% the average market value of shares of the company as traded over the last five sessions preceding such purchase.
(iv) Such actions to be in line with current legislation and relevant amendments.
