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CLR: AGM decisions – EGM approved reduction of capital

Annual General Meeting

We wish to inform you that the Annual General Meeting of CLR Capital Public Ltd took place on Tuesday, July 4, 2006 at 3.00 pm at 26 Vironos Avenue, CLR House in Nicosia.

The AGM presented the Directors’ Report and the Auditors’ Report and approved the financial statements for the year ended December 31, 2005.

Pursuant to the Company’s Articles of Association, Mr. Neoclis Nicolaou withdrew from the Board of Directors but put himself forward for re-election. The AGM re-elected Mr. Neoclis Nicolaou as Board member and decided that the remuneration of Board members remains the same in 2006.

The AGM also reappointed PricewaterhouseCoopers Ltd as auditors and authorized the Board of Directors to set their remuneration.

Extraordinary General Meeting

The AGM was followed by an Extraordinary General Meeting, which approved the following special resolution for the reduction of the Company’s capital:

Pursuant to article 64 of the Companies’ Law chapter 113, the Company decided “That the authorized share capital of the Company, which amounts to £350,000,000 divided into 1,000,000,000 ordinary shares of £0.35 each and the issued share capital, which amounts to £70,560,000 divided into 201,600,000 ordinary fully paid shares of 0.35 each be reduced to £100,000,000 divided into 1,000,000,000 ordinary shares of £0.10 each (authorized) and £20,160,000 divided into 201,600,000 fully paid ordinary shares of nominal value £0.10 cents each (issued), and that this reduction be carried out with the reduction of the nominal value of each ordinary share from £0.35 each to £0.10 each as the amount of £0.25 per issued and fully paid ordinary shares, is not represented by the current assets of the company due to losses. Following the reduction, the authorized share capital of the Company will increase to £350,000,000, which will be divided into 3,500,000,000 ordinary shares of £0.10 each.
Wednesday, 5 July, 2006 - 10:11