Shareholders of Greek glassware importer Yalco approved the scheme for the forthcoming merger with Vellifest on 19 April 2002. For the purpose, Yalco will move to a EUR 3.0 million share capital incre…
Shareholders of Greek glassware importer Yalco approved the scheme for the forthcoming merger with Vellifest on 19 April 2002. For the purpose, Yalco will move to a EUR 3.0 million share capital increase by means of issuing 5,480,000 new shares. Out of these, the 3,973, 517 are earmarked for a one for 0.5 bonus share issue. The remaining 1,506, 483 will be offered to Vellifest“s shareholders at an exchange ratio of one for 0.37 share. Following the move, Yalco“s share capital will grow to EUR 8.2 million, equal to 13,191,620 shares at a par value of EUR 0.62. After the merger, Yalco will control an 88.58% stake in the new entity and Vellifest will hold the remaining 11.42%. Yalco closed 2001 with a pre-tax profit of EUR 2.6 million and a turnover of EUR 30.3 million.