The Board of Liberty Life Insurance Ltd. during its meeting on the 23 February 2001, took the following decisions.
1. It examined the preliminary results of the company for the year 2000 which were approved.
2. Rights of the company which were not exercised were cancelled.
3. Mr. Nicos Nicolaou, due to his extended duties which resulted from the company’s cooperation with Marketrends Financial Services Ltd. submitted his resignation from his position of Director of the company which the Board accepted with effect from 23 February 2001.
4. Andreas Stylianou, Panos Ioannou and Christos Christodoulou were appointed as Directors of the company with effect from 23 February 2001.
Results of the company are pre-audited, with total income from insurance premiums reaching CYP 6.614.729 in 2000, an reduction of 30% due to the reduction of single premiums in view of the negative investment climate of 2000. On the contrary, repeat premiums increased by 24%.
Shareholder profits of CYP 1.379.712 for 2000 showed a drop of 44% compared to profits of CYP 2.467.835 the previous year. This results is considered by the Board as satisfactory in view of the decline in the stockmarket during 2000.
The Board decided to examine as to whether or not dividends should be paid at a future meeting. For the year 2000 no dividends were paid.
Basic earnings per share for 2000 and 1999 are adjusted due to the issuance in July 2000 of 1.107.988 bonus shares to the ratio of 1:10. Fully disbursed earnings per share for 2000 is adjusted with the average number of shares derived from the issuance of 2.086.265 rights issued on the 22 November 2000. Basic earnings per share for 1999 is fully disbursed.
1. It examined the preliminary results of the company for the year 2000 which were approved.
2. Rights of the company which were not exercised were cancelled.
3. Mr. Nicos Nicolaou, due to his extended duties which resulted from the company’s cooperation with Marketrends Financial Services Ltd. submitted his resignation from his position of Director of the company which the Board accepted with effect from 23 February 2001.
4. Andreas Stylianou, Panos Ioannou and Christos Christodoulou were appointed as Directors of the company with effect from 23 February 2001.
Results of the company are pre-audited, with total income from insurance premiums reaching CYP 6.614.729 in 2000, an reduction of 30% due to the reduction of single premiums in view of the negative investment climate of 2000. On the contrary, repeat premiums increased by 24%.
Shareholder profits of CYP 1.379.712 for 2000 showed a drop of 44% compared to profits of CYP 2.467.835 the previous year. This results is considered by the Board as satisfactory in view of the decline in the stockmarket during 2000.
The Board decided to examine as to whether or not dividends should be paid at a future meeting. For the year 2000 no dividends were paid.
Basic earnings per share for 2000 and 1999 are adjusted due to the issuance in July 2000 of 1.107.988 bonus shares to the ratio of 1:10. Fully disbursed earnings per share for 2000 is adjusted with the average number of shares derived from the issuance of 2.086.265 rights issued on the 22 November 2000. Basic earnings per share for 1999 is fully disbursed.
Tuesday, 27 February, 2001 - 00:00