Options clears the way for dividend

The Board of Directors of Options Cassoulides (OPT) has cleared the way for the distribution of dividends from the profits of 2005, by proceeding with a unique restructuring of its capital base, which is subject to shareholder approval.

For the this purpose, the Board said it has decided to hold an Extraordinary General Meeting, the date and venue will be fixed in due time, seeking approval of the capital restructuring plan.

Under the first proposal, the Board of OPT is seeking the reduction of the issued share capital against CYP 2,308,061.80 by slashing the nominal value of each of the 46,161,337 issued shares from 10 cents to 5 cents.

Capitalisation from the share premium account of CYP 2,308,061.80 and allocation to the shareholders of free shares of 5 cent nominal value on the 46,161,337 shares in circulation.

Consolidation of 92,322,674 shares of nominal value 5 cents each that will result from the above restructuring to 46,161,337 shares of nominal value 10 cents each.

The number and nominal value of the shares that the shareholders will hold if the relevant resolutions are approved will remain the same.

The notifications for the Extraordinary General Meeting and the full text of the proposed resolutions will be posted to the shareholders in due time.

Thus by clearing the prior losses of the mother company, OPT will be in a position to start declaring and paying dividends from 2005 profits, with many analysts including the Financial Mirror expecting an interim dividend, probably as early as when the AGM is held.