Amathus to issue 35m Rights and 17.6m Warrants

According to a decision of the Board of Directors dated June 16, 2006, Amathus Public Limited will proceed with the issue of up to 35,218,480 Rights and up to 17,609,240 warrants.  The warrants will be listed on the CSE. 

The 35,218,480 rights, will be offered gratis to the shareholders who will acquire shares until February 1, 2007 (cum-date) in the ratio of 2 Rights for every 5 shares held.  As a result, the ex-right will be on February 2, 2007. 

The exercise price stands at 20 cents per Right and will be paid in installments.  With the payment of the first installment, each Right will give 1 new partially-paid share of the Company.  This share will be freely transferable outside the CSE. 

Each Right with its full payment will give 1 new fully paid share without a voting right.  No decision has been taken for their listing in the CSE. 

The beneficiaries will have the right to exercise their Rights in order to acquire the corresponding number of new fully paid shares (that is, acquisition of a new fully paid share without a voting right for every Right exercised fully), submitting the exercise price of 20 cents per Right, which will be paid as follows:

•28/02/2007 first installment of 3 cents for every PO.
•1-10 September 2007 2 cents for every PO.
•1-10 September 2008 2 cents for every PO.
•1-10 September 2009 2 cents for every PO.
•1-10 September 2010 2 cents for every PO.
•1-10 September 2011 2 cents for every PO.
•1-10 September 2012 7 cents for every PO.

ISSUE OF WARRANTS

Issue of up to 17,609,240 warrants, which will be allocated gratis to the ratio of 1 warrant for every 2 Rights that will be taken by the beneficiaries with the payment of the first installment of 3 cents. 

– The exercise price of warrants is 20 cents per warrant. 

– For every warrant exercised, the beneficiary will receive 1 ordinary fully paid share, which will be listed in the CSE. 

The warrant exercise periods will be May 1-15 and November 1-15 from 2007 to 2013.  The application must be delivered on time, before 1.30 pm of the last warrant exercise period together with the required sum (cheque payable to Amathus Public Limited – Warrants 2013”.