The Board of Directors of the company has decided to offer 10.7 million 10% Convertible Cumulative Redeemable Preference Shares of ten cents each for subscription by the ordinary stockholders on the basis of one share for each 15 units of ordinary stock already held in the capital of the company.
The invitation is is being hereby extended to stockholders on record on September 4, 2000.The issue price fixed by the Directors is $14.00 per share and it is expected that by virtue of this issue which is underwritten in full, the company will raise $150 million of additional equity capital.
