On the meeting held on Thursday, May 15, 2003, the Board of Directors of Renos Hadjiioannou Farm Ltd has dealt with the following issues:
The Board decided to propose the payment of an interim dividend of 3.6% on the nominal value of the share (5 cents) for the year 2003 at 0.18 cents per share. The record date will be set by the Board of Directors at a later stage.
As announced on April 21, 2003, the Board of Directors decided to hold an Extraordinary General Meeting to examine and approve the following resolution:
“That the Board of Directors be authorized to buyback own shares within the period of 12 months from the date of the resolution.
The Company will be entitled to purchase the maximum number of shares provided by the Law. The minimum and maximum purchase price will not exceed five per cent (5%) of the average market price of the share during the last five sessions prior to this purchase. The shares may be purchased either by private agreement or by the purchase and the Company will be entitled to hold them for the period that will not exceed two years from the date of their purchase”.
The Board also decided that the EGM will examine and approve the following resolution, which has already been announced on March 18, 2003.
“That the Board of Directors be authorized to issue four-year convertible bonds of CYP 4,000,000 with zero coupon and a convertible price of 18 cents per share. Bondholders will have the right to convert bonds into shares of Renos Hadjiioannou Farm Ltd at the price of 18 cents per share any time within the period of four years until the expiry date. The expiry date will be four years from the date of issue. The bonds that have not been converted to shares to date, will be converted at the price of 18 cents per share at the expiry date. These bonds will be used for the purchase of poultry facilities that will enable the Company to secure an increased supply of chicken and maintain low costs at the abattoirs in the face of the adoption of EU legislations. Provided it is permitted by the law, the bonds will not be listed in the CSE”.
The resolutions will be set under approval at the EGM and will be posted to all shareholders in the next few days.
The Board decided to propose the payment of an interim dividend of 3.6% on the nominal value of the share (5 cents) for the year 2003 at 0.18 cents per share. The record date will be set by the Board of Directors at a later stage.
As announced on April 21, 2003, the Board of Directors decided to hold an Extraordinary General Meeting to examine and approve the following resolution:
“That the Board of Directors be authorized to buyback own shares within the period of 12 months from the date of the resolution.
The Company will be entitled to purchase the maximum number of shares provided by the Law. The minimum and maximum purchase price will not exceed five per cent (5%) of the average market price of the share during the last five sessions prior to this purchase. The shares may be purchased either by private agreement or by the purchase and the Company will be entitled to hold them for the period that will not exceed two years from the date of their purchase”.
The Board also decided that the EGM will examine and approve the following resolution, which has already been announced on March 18, 2003.
“That the Board of Directors be authorized to issue four-year convertible bonds of CYP 4,000,000 with zero coupon and a convertible price of 18 cents per share. Bondholders will have the right to convert bonds into shares of Renos Hadjiioannou Farm Ltd at the price of 18 cents per share any time within the period of four years until the expiry date. The expiry date will be four years from the date of issue. The bonds that have not been converted to shares to date, will be converted at the price of 18 cents per share at the expiry date. These bonds will be used for the purchase of poultry facilities that will enable the Company to secure an increased supply of chicken and maintain low costs at the abattoirs in the face of the adoption of EU legislations. Provided it is permitted by the law, the bonds will not be listed in the CSE”.
The resolutions will be set under approval at the EGM and will be posted to all shareholders in the next few days.
Friday, 16 May, 2003 - 09:52