Spidernet: 24.7m Rights exercised

Spidernet Pcl (SNET) announced that 24,653,622 Rights were exercised by 152 shareholders or 89.33% of the total 27,598,798 Rights. Since the issue was fully underwritten by Laiki Investment EPEY Public Company Limited for up to 10,000,000 Rights, the remaining 2,945,176 Rights or 1,472,588 shares have been exercised by the Company above.
The Board of Directors decided unanimously to allocate 13,799,399 new shares that have resulted from the increase in the Company’s issued capital.
The period of exercise started on October 5 and expired on October 11, 2007. The Right holders had the right to acquire 1 new share for every 2 Rights, paying CYP0.10 for every new share.
The new shares rank pari passu with the existing shares. As for the unexercised Rights, the Board of Directors allocated 1,472,688 new shares to Laiki Investment EPEY Public Company Ltd.