Nicosia, July 20, 2017
Decisions of the Extraordinary General Meeting
LIBERTY Life Insurance Public Company Ltd, announces that during the Extraordinary General Meeting that took place in Nicosia on Wednesday July 19 2017 at 11.30am the following resolutions that were required by the Law and Regulations, were put on election and were approved as follows:
Every 100 existing shares which are now with an authorized value of €0,01 each to be consolidated and divided into 1 share of authorized value of €1,00 each. With this change the authorized share capital of the company which is now €19.000.00 divided into 1.100.000.000 “A Class” shares of €0,01 each and 800.000.000 “Class B” shares of €0,01 each, will become €19.000.000 divided into 11.000.000 “Class A” shares of €1,00 each and 8.000.000 “Class B” shares of €1,00 each. The issued share capital of the company which is now €1.708.037,07 divided into 90.803.707 “Class A” shares of €0,01 each and 80.000.000 “Class B” shares of €0,01 each will become €1.708.037,07 divided into 908.037 “Class A” shares of €1,00 each and €800.000 “Class B” shares of €1,00. As far any fractional balances that will arise as a result of the division of the number of shares by 100, when these are more than half then one share will be given and when less than half will be ignored. For example for 199 shares two shares will be given and for 149 one share will be given. All shareholders who now have less than 49 will not be any longer shareholders and will not be compensated as the net asset value of the share is negative.
After the implementation of the consolidation and division of the value of the share which is explained in paragraph 1 above, the authorized value of the share be reduced by €0,99 each i.e from €1,00 to €0,01 and this achieved with the write off of the losses of €1.690.956,63 that the company suffered to the extent of the issued number of shares, ie, 1.708.037 * €0,99 = €1.690.956,63. With the reduction of the nominal value of the share from €1,00 to €0,01 the nominal share capital of the company will become €190.000 divided into 11.000.000 “Class A” shares of €0,01 each and 8.000.000 “Class B” shares of €0,01 each. The issued share capital of the company will become €17.080,37 divided into 908.037 “Class A” shares of €0,01 each and 800.000 “Class B” shares of €0,01 each. The reduction of the share capital, according to the Company Law Cap.113 will be effective as from the date that the relevant certificate is issued by the Registrar of Companies.
With the implementation of the reduction of capital and at the same time with this, the authorized share capital of the company will be increased to its previous level, ie, to €19.000.000 divided into 1.100.000.000 “Class A” shares of € 0,01 each and 800.000.000 “Class B” shares of €0,01 each, with the creation of 1.089.000.000 new “Class A” shares of € 0,01 each and 792.000.000 “Class B” shares of €0.01 each, which will be the same in all respects with the existing ordinary share of the Company.
The record date for the consolidation and division of the share capital provided in the special resolution 1 is determined as on Thursday July 27, 2017. Relevant announcements regarding the procedure and the dates of suspension and renegotiation of the shares in their new form will be issued by the Cyprus Stock Exchange.
After completing the consolidation and share capital division process, the company will refer the matter to the Court for the enforcement of the required Judicial Decrees to implement the resolutions in the light of Special Resolutions 2 and 3.
By order of the Board of Directors
Nicosia, July 20 2017