Spidernet EGM approves capital increase

The Extraordinary General Meeting of Spidernet Services Public Ltd held on July 5, 2007, approved a special resolution which provides that the nominal capital of the Company be increased from 40,000,000 to 60,000,000 shares of nominal value CYP0.10 cents each.
The issued capital of the Company be increased by 13,799,399 shares, that is, from 27,598,798 to 41,398,197 shares.
The new shares will rank pari passu with the existing shares and will be offered via the issue and allocation of Rights to the ratio of 1 Right for every share held.
The exercise price has been set at CYP0.10 cents for every two Rights exercised and will give 1 new fully paid share of nominal value CYP0.10 cents.
In case that after the expiry of the exercise period there are unexercised rights, the Board of Directors will proceed with their disposal at its sole discretion.
The proceeds of the issue will be used for the strengthening of the Company’s activities and/or the acquisition of other companies of the sector.