At the meeting that started on Thursday, November 19, 2009 and ended on November 20, 2009, the Board of Directors of Elma Holdings Public Company Ltd decided the following:
1. After reviewing the Group's activities so far, the Board of Directors decided to inform the CSE and the investors that the results for 2009 are expected to show improvement compared to those of 2008. This is exclusively attributable to the positive course of the CSE and the other international stock markets in which the Group invests.
2. Decided to pay a dividend to the shareholders as follows:
– Payment of 1 cent per share in the form of cash.
– Payment of dividend of 2 cents per share in the form of shares with the nominal value of the share as the issue price, that is, 9 cents. The issue of new shares as dividend to the shareholders will be carried out on the basis of the net dividend. For the payment of the dividend in cash and the payment in the form of shares, the Company will use the profits of 2006 and 2007, as well as the existing reserves. The decision of the Board of Directors will be approved by the Extraordinary General Meeting, which will take place on December 11, 2009 at 10.00 am at the Company's office, Silvex Court, 54 Griva Digeni, 6th floor, Nicosia.
3. The dividend – both in the form of shares and in cash – will be paid to the shareholders registered on the record date, which follows the EGM date and which will be announced in due time, following the relevant deliberations with the Cyprus Stock Exchange. The dividend will be paid to the shareholders by December 31, 2009.
4. The Board of Directors decided to hold an Extraordinary General Meeting on Friday, December 11, 2009 at 10.00 am at the Company's office to approve the following special resolution:
Special Resolution
“That the proposed dividend of 1 cent per share cash and the additional 2 cents per share in the form of shares is approved. For the payment of the dividend, the profits of 2006 and 2007, as well as the existing reserves will be used. The payment of the fully-paid shares will be carried out in their nominal value of 9 cents per share. As a result, the issue of 63 million new shares is approved.
The Board of Directors is authorized to adopt the current resolution and to issue the new shares, as well as to take all necessary measures for the listing of the new shares in the CSE”.
