Aspis EGM approves capital increase and share issue

The Board of Directors of Aspis Holdings Public Company Ltd announced that the Extraordinary General Meeting that took place on Friday, March 16, 2007 approved unanimously the special resolutions to increase the capital and issue new shares.
Special resolution 1 concerned raising the nominal capital from CYP 22 mln divided into 55 mln shares of CYP 0.40 each to CYP 30 mln or EUR 51.9 mln divided into 75 mln shares of CYP 0.40 each.
The second resolution authorises the Board to proceed by 31/3/2007 with the issue and allocation of up to 6,500,000 shares of nominal value CYP0.40 (EUR0.692) each, which will be distributed to strategic investor/s at the price of CYP0.80 (EUR1,384) per share cash.
The existing shareholders disclaim their right provided by article 50 of the Company’s Articles of Association and authorize the Board of Directors to offer the shares pursuant to Special Resolution 1.
Special Resolution 3 authorises the Board  to issue and allocate shares of nominal value CYP0.40 (EUR0.692) each at the price of CYP0.80 (EUR1,384) per share, which will be offered on a pro rata basis to the shareholders who will be included in the Company’s register during the Record Date. The Record Date will be decided by the Board of Directors and will depend on the safeguard of all necessary approvals by the competent authorities.
The shares will be allocated in the form of Rights. For every issued share, 1 Right will be allocated, while for every 4 Rights with an exercise price of CYP0.80 (EUR1,384), 1 share of nominal value CYP0.40 (EUR0.692) will be allocated.
The above shares will be paid at the acceptance of the offer by the shareholders who will declare that they accept the Rights.
After the expiry of Rights, all undistributed shares will be distributed at the same price and under the same terms to strategic investor/s and/or as a consideration for the purchase of properties and/or for the acquisition and/or the participation in other companies or businesses and/or the life portfolios at the sole discretion of the Board of Directors. It is noted that in case that the shares are allocated as a consideration for the purchase of properties and/or the purchase of movable assets and/or the acquisition of other companies or businesses, the provisions of the Companies’ Law will be abided by.