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Elma: Warrant exercise period

We wish to inform all warrant holders of Elma Holdings Ltd that warrants are exercisable on November 1-30.

All warrant holders who wish to exercise their warrants must submit 25 cents per warrant by November 30, 2003, 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 no 0183-01-002331) declaring the ID number and the number of shares for which warrants are exercised. The exercise of warrants may be paid either by cash or cheques payable to Elma Holdings Ltd. Postdated cheques will not be accepted and all cheques returned will cancel the exercise of warrants.

The shares resulting from the exercise of warrants will be fully paid shares of nominal value 25 cents, will rank pari passu and will be registered in the Central Registry and 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 time of exercising the warrants. It is noted that at the date of this announcement, the share’s price (4.5 cents) is lower than the warrant’s exercise price.

The last period of warrant exercise is November 1-30, 2004. All unexercised warrants will continue being valid.
Wednesday, 8 October, 2003 - 10:28