Avacom Net EGM blocks massive share issue

The Extraordinary General Meeting of Avacom Net Public Company Ltd held on October 18, 2007 blocked a Board proposal for a massive share issue, but approved the resolutions allowing the company to express its capital in euros and to proceed with a share buyback.
The Board of Directors failed to garner 75% support needed to proceed in a period of one year from today to proceed with the issue and allocation of new share capital of up to 110,000,000 ordinary shares of nominal value EUR0.10 (EUR0.171) each (which stands at 73.33% of the issued capital) for strategic cooperation and/or acquisitions, without being offered to the existing shareholders first.