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Panayides: Warrant exercise period

We wish to inform all warrant holders of A. Panayides Contracting Ltd that pursuant to the issue terms as included in the Prospectus dated 27/2/2002, warrants are exercisable on 18-29/11/2003, 17-28/11/2003 and 15-26/11/2004.

The exercise price is 60 cents per warrant. Each warrant exercised will be converted into a share of nominal value 20 cents each and will rank pari passu. The new shares resulting will be registered in the Central Registry and listed in the CSE.

Process:

All warrant holders who wish to exercise their warrants must complete and sign the Acceptance Form and send it to: 105 Ayioi Omologites Avenue, 1080 Nicosia together with the cheque payable to A. Panayides Contracting Limited.

Al registered warrant holders that do not posses the acceptance form, must declare the number of shares for which warrants are exercised along with the required amount at the Company’s registered office on the exercise period.

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 on the date of this announcement, the share’s price is higher than the warrant’s exercise price.
Monday, 20 October, 2003 - 12:33