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Hadjiioannou Farm: EGM on 28/11 for issue of 28m shares

The Board of Directors of Renos Hadjiioannou Farm Public Company Ltd approved the issue of 28 million new ordinary shares of nominal value 3 cents for their allocation to creditors. Due to liquidity problems, the liabilities to creditors have been accumulated and the Company hopes that some of them – including banks – will accept a partial payment in shares even if the trading price is lower, given that the book value of the share exceeds 4 cents. The Company aims to ease the liquidity problems and to resolve legal proceedings until the agreements with the banks are implemented and the Company has access to finance sources. The decision will be subject to an Extraordinary General Meeting approval to take place after the AGM on 28/11/2012 at 6.00 pm at 6 Kolokotroni, flat 2 in Nicosia. Given that the resolution will be approved, a second resolution will be subject to approval, authorizing the Board of Directors to issue 14 million shares of nominal value 3 cents to the benefit of the creditors, which will be allocated gratis, if the creditors do not accept the purchase of shares at 3 cents.

Notification

The Board of Directors of Renos Hadjiioannou Farm Public Company Ltd will hold an Extraordinary General Meeting on Wednesday, 28/11/2012 at 18.00 at 6 Kolokotroni, flat 2, Ayios Andreas, Nicosia to approve the following special resolutions:

Special Resolution 1

It is decided that the Company will issue up to 28 million new ordinary shares of nominal value 3 cents at the price of 3 cents each and the Board of Directors is authorized to dispose them to banks, other creditors or investors within six months from the adoption of the resolution. The existing shareholders disclaim their rights on the issue and allocation of the above shares.

If Resolution 1 is approved, the following resolution will be subject to approval too.

Special Resolution 2

It is decided that the Company will issue up to 14 million new ordinary shares of nominal value 3 cents at the price of 3 cents each and the Board of Directors is authorized to dispose them to banks, other creditors or investors within six months from the adoption of the resolution. For every share issued at 3 cents, one bonus share will be granted. The existing shareholders disclaim their rights on the issue and allocation of the above shares.
Τρίτη, 13 Νοεμβρίου, 2012 - 11:42