We wish to inform you that at the meeting held on Thursday, July 31, 2008, the Board of Directors of CLR Capital Public Ltd examined and approved the six-month report, which includes the interim financial statements and the interim management statement.
The interim management statement refers to the annual accounts for 2007 and the guarantee of €9.2 million that the Company had granted in 2003. In its consolidated results for the year ended December 31, 2007 the guarantee was included in the “Contingent Liabilities”, a well-grounded registration due to the controversial legality of the guarantee. It is noted that the Company continues to dispute the legal entity of the guarantee. However, after SEC’s remark and despite the fact that there was no change with regard to the reasons for which the guarantee was presented as contingent liability in the financial statements of 2007, the Company decided to proceed with the provision of the sum of €9,622,517 in the profit and loss account with regard to the above guarantee.
The interim consolidated profit and loss account and the interim management statement will be published in newspaper X press Economiki on Friday, August 1, 2008. Copies will be available free of charge at the Company’s registered office, 26 Vironos, CLR House, Nicosia, tel. 22898600.
We also release the special resolution on the redenomination of the share capital in euros, which was approved by the Annual General Meeting on July 11, 2008. We wish to emphasize that the nominal capital of the Company stands at €595,000,000 divided into 3,500,000,000 ordinary shares of nominal value €0.17 each and the issued share capital stands at €39,111,871 divided into 230,069,830 ordinary shares of nominal value €0.17 each.
It is noted that the special resolution will be re-submitted to the Companies’ Superintendent.
Special Resolution 1
That:
a. The share capital of the Company be redenominated in euros pursuant to Law 33(I)/2007, article 18(I).
b. The redenomination in euros be rounded pursuant to article 5 of the European Directive.
c. The Company uses the £1.00 = €0.585274 exchange rate,
Special Resolution 2
That pursuant to the above Law and Articles:
a. The current nominal value of the share be redenominated from £0.10 to €0.17 after the rounding.
b. The nominal capital of the Company be redenominated from £100,000,000 divided into 1,000,000,000 ordinary shares of nominal value £0.10 each to €170,000,000 divided into 1,000,000,000 ordinary shares of nominal value €0.17 each.
c. The issued share capital of the Company be redenominated from £20,160,000 divided into 201,600,000 ordinary shares of nominal value £0.10 each to €34,272,000 divided into 201,600,000 ordinary shares of nominal value €0.17 each after the rounding with the simultaneous increase in the share capital by €1,068,941 that will be carried out with the equal capitalization of the profits reserves”.
The interim management statement refers to the annual accounts for 2007 and the guarantee of €9.2 million that the Company had granted in 2003. In its consolidated results for the year ended December 31, 2007 the guarantee was included in the “Contingent Liabilities”, a well-grounded registration due to the controversial legality of the guarantee. It is noted that the Company continues to dispute the legal entity of the guarantee. However, after SEC’s remark and despite the fact that there was no change with regard to the reasons for which the guarantee was presented as contingent liability in the financial statements of 2007, the Company decided to proceed with the provision of the sum of €9,622,517 in the profit and loss account with regard to the above guarantee.
The interim consolidated profit and loss account and the interim management statement will be published in newspaper X press Economiki on Friday, August 1, 2008. Copies will be available free of charge at the Company’s registered office, 26 Vironos, CLR House, Nicosia, tel. 22898600.
We also release the special resolution on the redenomination of the share capital in euros, which was approved by the Annual General Meeting on July 11, 2008. We wish to emphasize that the nominal capital of the Company stands at €595,000,000 divided into 3,500,000,000 ordinary shares of nominal value €0.17 each and the issued share capital stands at €39,111,871 divided into 230,069,830 ordinary shares of nominal value €0.17 each.
It is noted that the special resolution will be re-submitted to the Companies’ Superintendent.
Special Resolution 1
That:
a. The share capital of the Company be redenominated in euros pursuant to Law 33(I)/2007, article 18(I).
b. The redenomination in euros be rounded pursuant to article 5 of the European Directive.
c. The Company uses the £1.00 = €0.585274 exchange rate,
Special Resolution 2
That pursuant to the above Law and Articles:
a. The current nominal value of the share be redenominated from £0.10 to €0.17 after the rounding.
b. The nominal capital of the Company be redenominated from £100,000,000 divided into 1,000,000,000 ordinary shares of nominal value £0.10 each to €170,000,000 divided into 1,000,000,000 ordinary shares of nominal value €0.17 each.
c. The issued share capital of the Company be redenominated from £20,160,000 divided into 201,600,000 ordinary shares of nominal value £0.10 each to €34,272,000 divided into 201,600,000 ordinary shares of nominal value €0.17 each after the rounding with the simultaneous increase in the share capital by €1,068,941 that will be carried out with the equal capitalization of the profits reserves”.
Friday, 1 August, 2008 - 09:46