Serious loss of capital at Blue Diamonds Jewellery Worldwide PLC has compelled the Board of Directors of the company to convene an extraordinary general meeting (EGM) on December 23, 2009 in compliance with Section 220 of the Companies Act No.7 of 2007, the Colombo Stock Exchange (CSE) has been informed.
A circular to shareholders states that as per the provisions of Section 220 of the Act, in the event the net assets of the company are less than half of its stated capital, the Directors are required to convene an EGM of the shareholders of the company. The circular further stated that the business to be transacted at the EGM would be to discuss the report prepared by the directors in terms of Section 220 and the financial position of the company.
Subsequent to the discussion of the report, an ordinary resolution will be passed as set out in the notice of the meeting. |
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