We wish to inform you that the Extraordinary General Meeting of Elma Holding Ltd held on 20 November, 2003 approved the following special resolutions:
SPECIAL RESOLUTIONS
1. That the capital of the Company be reduced from £150,000,000 divided into 600,000,000 shares of nominal value £0.25 each to £48,000,000 divided into 600,000,000 shares of nominal value £0.08 each and that this reduction be achieved with the cancellation of the capital which has been lost or does not represent the existing asset of £0.17 per share on each of the 185,520,172 shares issued and with the reduction of the nominal amount of all shares to the Company’s capital from £0.25 to £0.08 per share. Pursuant to the Companies’ Law Chapter 113, the reduction of the capital will be valid as from the issue date of the certificate of the capital reduction from the office of the Companies Superintendent and the Official Recipient.
2. That the nominal capital of the Company increase to £150,000,000 divided into 1,875,000,000 ordinary shares of £0.08 each with the launch of 1,275,000,000 of ordinary shares of £0.08 each, which will rank pari passu with the existing ordinary shares.
3. That the exercise price and conversion of the existing Warrants 2004 into shares be reduced from 25 cents per share to 8 cents per share.
SPECIAL RESOLUTIONS
1. That the capital of the Company be reduced from £150,000,000 divided into 600,000,000 shares of nominal value £0.25 each to £48,000,000 divided into 600,000,000 shares of nominal value £0.08 each and that this reduction be achieved with the cancellation of the capital which has been lost or does not represent the existing asset of £0.17 per share on each of the 185,520,172 shares issued and with the reduction of the nominal amount of all shares to the Company’s capital from £0.25 to £0.08 per share. Pursuant to the Companies’ Law Chapter 113, the reduction of the capital will be valid as from the issue date of the certificate of the capital reduction from the office of the Companies Superintendent and the Official Recipient.
2. That the nominal capital of the Company increase to £150,000,000 divided into 1,875,000,000 ordinary shares of £0.08 each with the launch of 1,275,000,000 of ordinary shares of £0.08 each, which will rank pari passu with the existing ordinary shares.
3. That the exercise price and conversion of the existing Warrants 2004 into shares be reduced from 25 cents per share to 8 cents per share.
Friday, 21 November, 2003 - 10:02