At the Board meeting on July 29, 1998, it was agreed to hold the annual general meeting of the company on September 10, 1998. At the meeting a decision was taken to recommend the following matters to the shareholders at the annual general meeting:
1. That additional capital be raised by the way of a Rights Issue. Details concerning the Rights Issue have not yet been finalised as the requirements of the Company are still being evaluated
2. That amendments be made to the Memorandum & Articles of Association. The main amendment being the removal of the ten per cent restriction on the ownership of shares in the Company. Copies of the draft revised Memorandum & Articles of Association, together with an Explanatory Circular to the shareholders are to be forwarded in due course.