Announcement Variation
Content Languages: 
0052/00019910/en
Alteration of capital/dept (Increase/Reduction/Cancellation/ Split/ Consolidation etc)
COSMOS INSURANCE PUBLIC COMPANY LTD
COS - COSMOS INSURANCE PUBLIC COMPANY LTD
Decrease in capital

Further to its meeting of 12 May 2017, the Board of Directors of "Cosmos Insurance Public Company Ltd" met again on Thursday, 18 May 2017 at 16:30 to continue with the examination of the matters relating to the Company's capital structure and decided that:

At an Extraordinary General Meeting of the Company to be held on Thursday, 15 June 2017 at 17:00 on the 4th floor of the Company's Head Offices (46, Griva Dhigenis Str., 1080 Nicosia) it recommends the following Special Resolutions for approval:

1.    (a) THAT the nominal share capital of the Company, which amounts to Euro 9.300.000 divided into 30.000.000 ordinary shares of a nominal value of Euro 0.31 each be converted into Euro 9.300.000 divided into 465.000.000 ordinary shares of a nominal value of Euro 0.02 each, and

(b) THAT the issued share capital of the Company, which amounts to Euro 5.575.350 divided into 17.985.000 ordinary shares of a nominal value of Euro 0.31 each decrease into Euro 359.700 divided into 17.985.000 ordinary shares of a nominal value of Euro 0.02 each through the decrease in the nominal value of each one of the ordinary shares comprising the nominal and issued share capital of the Company from Euro 0.31 to Euro 0.02.

2.    THAT from the amount of Euro 5.215.650, which corresponds to the amount to be cancelled from the paid share capital of the Company (through the decrease in the nominal value of each share as aforementioned), the amount of Euro 1.197.995 be employed in order to decreciate accumulated losses of the Company pursuant to Article 64(1)(d) of the Companies Law, Cap.113 as amended and the amount of Euro 4.017.655 be employed in order to create a capital reduction reserve fund, pursuant to Article 64(1)(e) of the Companies Law, Cap.113 as amended.

Moreover, the Board of Directors will consider increasing the Company's share capital pursuant to the legislation in force non excluding the issue of preemption rights. Any relevant decision which will be made in the future in relation to this will be announced.

Regulated
Filing Date: 19/05/2017 10:18

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