With reference to the exercise of warrants of ELMA HOLDINGS Ltd under the code Epw and further to our announcement dated October 11, 2004, we wish to inform the warrant holders the following:
On November 10, 2004, the Nicosia District Court approved the application submitted by the Company based on the decision of the EGM held on August 24, 2004 for the reduction of the nominal value of the share from 25 cents to 5 cents per share with the cancellation of capital which has been lost or is not represented by the Company’s assets at £0.20 per share on each of the 185,520,172 shares issued and the reduction of the nominal value of all shares in the Company’s capital from £0.25 to £0.05 per share.
According to the special resolution approved by the Extraordinary General Meeting, the reduction of the nominal value of the share will be valid from the date of submission of the relevant forms to the Companies’ Superintendent. The forms required by the Companies’ Law Chapter 113 for the reduction of the capital together with the Court Decree have been submitted on November 11, 2004 to the Companies’ Superintendent with the Official Consignee and the nominal value of the share is now 5 cents and not 25 cents.
As a result of the reduction of the nominal value of the share, the price of conversion of the warrants into shares will be 5 cents per share and not 25 cents. It is reminded that the warrant conversion period is November 1 – 30, 2004. Those warrant holders who have converted their warrants into shares against 25 cents per share will be reimbursed a cheque of 20 cents per share.
All warrant holders who wish to exercise their warrants in November must submit the amount of 5 cents per warrant by November 30, 2004, declaring the number of shares for which warrants are exercised at the Company’s office, SILVEX HOUSE, 54 Griva Digeni Avenue, 5th floor, 1080 Nicosia, tel. . 22664444 or any Bank of Cyprus branch (Account Number: 0183-01-002331), declaring their ID Number and the number of shares for which warrants are exercised. The exercise of warrants may be paid either cash or a cheque payable to ELMA HOLDINGS LTD. Postdated cheques will not be accepted and cheques that will be returned will cancel the right of warrant exercise.
The shares resulting from the exercise of warrants will be fully paid shares of nominal value 5 cents, will rank pari passu, will be registered in the Central Registry and will be listed in the CSE.
We would like to notify all warrant holders that they should seriously consider the share’s trading price at the CSE during the exercise of warrants. It is noted that at the date of this announcement, the share’s price is lower than the warrant’s exercise price and amounts to 1.8 cents per share.
On November 10, 2004, the Nicosia District Court approved the application submitted by the Company based on the decision of the EGM held on August 24, 2004 for the reduction of the nominal value of the share from 25 cents to 5 cents per share with the cancellation of capital which has been lost or is not represented by the Company’s assets at £0.20 per share on each of the 185,520,172 shares issued and the reduction of the nominal value of all shares in the Company’s capital from £0.25 to £0.05 per share.
According to the special resolution approved by the Extraordinary General Meeting, the reduction of the nominal value of the share will be valid from the date of submission of the relevant forms to the Companies’ Superintendent. The forms required by the Companies’ Law Chapter 113 for the reduction of the capital together with the Court Decree have been submitted on November 11, 2004 to the Companies’ Superintendent with the Official Consignee and the nominal value of the share is now 5 cents and not 25 cents.
As a result of the reduction of the nominal value of the share, the price of conversion of the warrants into shares will be 5 cents per share and not 25 cents. It is reminded that the warrant conversion period is November 1 – 30, 2004. Those warrant holders who have converted their warrants into shares against 25 cents per share will be reimbursed a cheque of 20 cents per share.
All warrant holders who wish to exercise their warrants in November must submit the amount of 5 cents per warrant by November 30, 2004, declaring the number of shares for which warrants are exercised at the Company’s office, SILVEX HOUSE, 54 Griva Digeni Avenue, 5th floor, 1080 Nicosia, tel. . 22664444 or any Bank of Cyprus branch (Account Number: 0183-01-002331), declaring their ID Number and the number of shares for which warrants are exercised. The exercise of warrants may be paid either cash or a cheque payable to ELMA HOLDINGS LTD. Postdated cheques will not be accepted and cheques that will be returned will cancel the right of warrant exercise.
The shares resulting from the exercise of warrants will be fully paid shares of nominal value 5 cents, will rank pari passu, will be registered in the Central Registry and will be listed in the CSE.
We would like to notify all warrant holders that they should seriously consider the share’s trading price at the CSE during the exercise of warrants. It is noted that at the date of this announcement, the share’s price is lower than the warrant’s exercise price and amounts to 1.8 cents per share.
Thursday, 11 November, 2004 - 10:04