Phinikas Prospectus for Rights issue approved

Phinikas Ammochostou Plc (CONF.CY) announced that it’s Prospectus for the issue Rights and warrants has been approved by the Securities and Exchange Commission and has secured permission for its publication on May 21, 2008.
According to the decision of the Board of Directors dated October 10, 2007, the Company will proceed with the issue of 13,204,527 bonus Rights to the existing shareholders in the ratio of 1 Right per share. For every 10 Rights exercised, 1 fully paid share with an exercise price of EUR0.34 will emerge. It is noted that for every 10 Rights exercised, The Company will allocate a bonus warrant with an exercise price of EUR0.34 and will be exercisable on November 1-9, 2009 and 2010 (that is, allocation of up to 1,320,453 warrants 2009.2010). Also, for every warrant exercised, 2 bonus warrants will be allocated with an exercise price of EUR0.34 each and will be exercisable on November 1 – 9, 2011 and 2012 (that is, allocation of up to 2,640,906 additional warrants).