Chris Joannou awaits listing

Trading company Chris Joannou Ltd, which has filed an application to list on the CSE, is currently awaiting the approval of its application by the CSE Council. The company hopes to float on the market by the end of the year.

Chris Joannou trades in foodstuffs, cleaning agents and raw materials and equipment for confectioneries, bakeries and the ice cream and chocolate industries. In seeking a listing, the company hopes to raise the necessary funds to pursue the further development of its activities and strengthen its leading position in this segment of the market.

As part of its bid to list on the stock market, Chris Joannou has issued 25 mln shares with a nominal value of £0,20 each, 3.301.749 of which have been allocated to investors who filed irrevocable applications. Some 500.000 shares will be offered to the public at large at the issue price of £0,47 each. The company also plans to offer 5.120.748 bonus shares to existing investors and issue 1.267.250 warrants on a 1:10 basis.

In 1999 the trading group registered turnover of £4.033.223 and net profits of £184.340. This year’s net profit is expected to reach £260.000.