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Frigoglass: Annnouncement

Frigoglass S.A.I.C. (the "Company") announces the procedure for the settlement of the fractional shares created by the increase of the Company’s share capital, approved at the Annual General Meeting of 31 May 2011, through the capitalization of reserves of the account “Tax-free reserves under special laws” and the issuance of bonus shares with a ratio of 1 bonus share for every 4 existing.

According to article 44a of Law 2396/1996 and the decision 13/375/17.3.2006 of the Board of Directors of the Hellenic Capital Markets Commission (HCMC), the Company invites the beneficiaries of fractional shares to either sell such shares or round them up to the nearest whole number of shares until 13 March 2012, when the relevant six-month period provided by the Greek Law expires, starting from the date the shares debut trading.

Following the expiration of the aforementioned deadline, any outstanding fractional shares will be sold according to the procedure provided in article 99 of the Regulation of the Athens Exchange. Article 99 provides that the sale of the fractional shares will be made by a member of the Athens Exchange who has been appointed by a decision of the HCMC. The proceeds from the sale will be deposited with the Hellenic Loan and Consignment Fund (HLCF). The former fractional shares holders will be entitled to receive their portion of the deposited amount on a pro-rata basis.

The Company will announce further information regarding the settlement process of fractional sharesat a later stage.
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