Bull Shareholders Meeting approved the accounts for fiscal year 2003 and the recapitalisation plan
Paris,
May
26, 2004 -
Bull announces that its Shareholders Meeting, held yesterday, approved the accounts for fiscal year 2003 and the recapitalisation plan as defined at the meeting of Bull's Board of Directors on 20 November 2003 and initiated at the Board meeting of 31 March 2004.
In particular, the Shareholders Meeting:
- Approved the reduction in Bull's share capital from €340,397,798.00 to €1,701,988.99 by reducing the par value of each share from €2.00 to €0.01
- Authorised the Board to increase the share capital for a maximum nominal value of €4,425,171.27 with preferential subscription rights
- Authorised the Board to increase the share capital for a maximum nominal value of €3,678,526.72 in the context of the Public Exchange Offer for OCEANE bondholders.
Following the Shareholders Meeting, Bull's Board met and decided to launch the recapitalisation process, giving Bull's Chairman the authorisation to carry out the necessary procedures related to the capital increase and public exchange offer. Applications for these transactions were filed today with the French stock market authorities (AMF - Autorité des Marchés Financiers).
Subject to the approval from the AMF, the tentative schedule for the operations would be for the Public Exchange Offer and capital increase (and quotation of the Preferential Subscription Rights) to take place during the second half of June, with payment and delivery of shares in mid-July.
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