Laser EGM approves capital issue and expansion of operations

The Board of Directors of Laser Investments Public Ltd announced that the Extraordinary General Meeting held on December 7, 2006 approved the resolutions to

reduce the capital with the simultaneous reduction of accumulated losses and also to
increase in the authorized share capital and expand the Company’s activities and its release from the investment restrictions.

 

SPECIAL RESOLUTIONS

 

1. That the authorized share capital, which amounts to CYP2,000,000 divided into 20,000,000 shares of nominal value CYP 0.10 each be reduced to CYP 700,000 divided into 20,000,000 shares of CYP 0.035 cents each.

2. That the issued share capital, which amounts to CYP 1,250,000 divided into 12,500,000 shares of nominal value £0.10 cents each be reduced to CYP 437,500 divided into 12,500,000 shares of CYP 0.035 cents each.

3. That this reduction be carried out with the reduction of the nominal value of the share from CYP 0.10 each to CYP 0.035 each, since the amount of CYP 0.065 cents per issued and fully paid share, that is CYP 812,500, has been lost.

4. That, following the Court’s approval of special resolution 1, the authorized share capital be increased to CYP 5,250,000 with the introduction of 130,000,000 shares of CYP 0.035 cents each, which will rank pari passu with the existing shares.

5. That the Board of Directors be authorized to take all the necessary measures for the enforcement of the resolutions of the Extraordinary General Meeting.