APW President Systems Ltd has informed that the Board of Directors of the Company at its meeting held on December 01, 2008, has taken a decision to cancel the Rights Issue in view of the turmoil in the equity market. However, considering the opportunities likely to arise in the future, the Board has also decided to go ahead with the proposed expansion now in two phases, financing through additional Term Loans and Internal Accruals in place of raising equity capital.
In view of above decision, the Board has also decided to cancel the ensuing Extra Ordinary General Meeting of the members of the Company scheduled to be held on December 08, 2008 for approving the Rights Issue.
In view of above decision, the Board has also decided to cancel the ensuing Extra Ordinary General Meeting of the members of the Company scheduled to be held on December 08, 2008 for approving the Rights Issue.
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