The Annual General Meeting held on Thursday, July 10, 2003 in Nicosia has decided the following:
1. Approved unanimously the financial statements for the year 2002.
2. Decided to appoint two new Board members with effect as from January 1, 2004 and authorized the Board of Directors to select and appoint two new members.
Further to our announcements dated March 24, 2003 and March 31, 2003, we wish to inform you that there is a delay in the establishment of the Company in Greece, which will undertake the acquisition from Alpha Bank of the animal feed factory in Thessaloniki, as the Company needs to clarify more issues with regard to role of each part. The negotiations concern the post of the General Manager. There is no other negative impact resulting from the delay or any pressures by the Alpha Bank in the signing of the contract.
The Extraordinary General Meeting of Renos Hadjiioannou Farm Ltd held on July 10, 2003 approved the following special resolutions:
Special Resolution 1:
“That the Board of Directors be authorized to proceed to buyback of own shares within the period of 12 months from the resolution. The minimum and maximum acquisition price of shares of the company should not to exceed 5% of the average market value of shares of the company over the last five trading sessions prior such a purchase. The shares may be acquired either by personal agreement or by the purchase. Shares acquired to be held for a maximum of two years”.
Special Resolution 2:
“That the Board of Directors be authorized to issue four-year convertible bonds of up to CYP 4.000.000 with a zero coupon with a conversion price of 18 cents per share, which will be offered solely to owners of poultry facilities, who are interested to sell their units. Each holder of bonds will be able to convert them into shares of Renos Hadjiioannou Farm Ltd at 18 cents each at any time within four years until their expiry.. The expiry date will be four (4) years from the date of issue. Bonds that have not been converted into shares until the expiry, will be converted into shares of 18 cents each at the time of expiry. The bonds will be used for the acquisition of poultry facilities so that the company has an increased supply of chickens to be able to maintain low costs in its abattoirs in the face of Cyprus harmonization with the EU laws. Should the law permits it, the bonds will not be listed inn the CSE”.
1. Approved unanimously the financial statements for the year 2002.
2. Decided to appoint two new Board members with effect as from January 1, 2004 and authorized the Board of Directors to select and appoint two new members.
Further to our announcements dated March 24, 2003 and March 31, 2003, we wish to inform you that there is a delay in the establishment of the Company in Greece, which will undertake the acquisition from Alpha Bank of the animal feed factory in Thessaloniki, as the Company needs to clarify more issues with regard to role of each part. The negotiations concern the post of the General Manager. There is no other negative impact resulting from the delay or any pressures by the Alpha Bank in the signing of the contract.
The Extraordinary General Meeting of Renos Hadjiioannou Farm Ltd held on July 10, 2003 approved the following special resolutions:
Special Resolution 1:
“That the Board of Directors be authorized to proceed to buyback of own shares within the period of 12 months from the resolution. The minimum and maximum acquisition price of shares of the company should not to exceed 5% of the average market value of shares of the company over the last five trading sessions prior such a purchase. The shares may be acquired either by personal agreement or by the purchase. Shares acquired to be held for a maximum of two years”.
Special Resolution 2:
“That the Board of Directors be authorized to issue four-year convertible bonds of up to CYP 4.000.000 with a zero coupon with a conversion price of 18 cents per share, which will be offered solely to owners of poultry facilities, who are interested to sell their units. Each holder of bonds will be able to convert them into shares of Renos Hadjiioannou Farm Ltd at 18 cents each at any time within four years until their expiry.. The expiry date will be four (4) years from the date of issue. Bonds that have not been converted into shares until the expiry, will be converted into shares of 18 cents each at the time of expiry. The bonds will be used for the acquisition of poultry facilities so that the company has an increased supply of chickens to be able to maintain low costs in its abattoirs in the face of Cyprus harmonization with the EU laws. Should the law permits it, the bonds will not be listed inn the CSE”.
Friday, 11 July, 2003 - 10:05