EnglishCOMCM SA has decided to expedite the closure of the financial year 2007 in order to more rapidly initiate and complete formalities in order to become listed on the Bucharest Stock Exchange (BSE). Conditions include company capitalization, certain development programs and performance indicators.
The shareholders will convene on January 17th - 18th to endorse the financial results and pass the Y2008 budget and investment plan. Another item on the agenda is the company"s strategy for 2008 - 2012. The shareholders will also consider increasing the share capital by incorporating the Y2007 profit.
The plan is to reduce the face value of the shares from 2.5 RON to 0.1 RON and increase share capital by 32,955,450 RON by issuing 329,554,500 new shares with a face value of 0.1 RON. The company will incorporate reserves worth 11,983,800 RON by issuing 119,838,000 new shares and offering them to existing shareholders at a 6:1 ratio. The second step will be a capital injection of 20,971,650 RON which will result in 209,716,500 new shares to be offered to shareholders at a 1.5:1 ratio.
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