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CAIR: EGM on 8/10 for reduction of nominal value and issued capital increase via rights issue – Cancellation of previous decision

Cyprus Airways Public Ltd would like to inform the investing public the following:

At a meeting held on September 11, 2012, the Board of Directors decided that subject to the approval of the relevant special resolution by the Extraordinary General Meeting to take place on October 8, 2012, the nominal value of the Company’s shares is reduced from €0.09 to €0.01.

It was also decided that, following the approval of the above special resolution, the Company proceeds with an increase of its issued share capital by €45,061,076 with the issue of 2,253,053,820 ordinary shares of nominal value €0.01 each. The new shares will rank pari passu with the existing ones.

The capital increase will be carried out with a rights issue that will be offered gratis to the shareholders to the ratio of 1 right for every share held at the time of the issue. Every 25 rights exercised with a total exercise price of €2.88 will be converted into 144 fully paid ordinary shares with an exercise price of €0.02 per fully paid new share.

It is clarified that the previous decision of the Board of Directors dated February 28, 2012 – announced on February 29, 2012 – has been cancelled and replaced with the decision of this announcement.

Corrective announcement

Further to the announcement dated 29.2.2012 on its capital increase, Cyprus Airways Public Ltd releases the following corrective announcement.

At a meeting held yesterday (28.2.2012), the Board of Directors decided that the issued share capital of the Company, which currently stands at €35,203,966 divided into 391,155,177 ordinary shares of nominal value €0.09 each be increased by €45,061,076 with the launch of 500,768,627 ordinary shares of nominal value €0.09 each. Those shares will rank pari passu with the existing ones. The capital increase will be carried out with the issue of rights that will be offered gratis to the shareholders to the ratio of 1 right for every existing share held at the date of issue. Every 25 rights exercised with a total exercise price of €2.28 will be converted into 32 fully paid ordinary shares.
Wednesday, 12 September, 2012 - 10:52