Vasilikos to issue bonus shares

Vasilikos Cements Ltd will hold an EGM on November 29, 2000 at 4pm at the Hotel Cleopatra. The purpose of the EGM is to examine and vote on a resolution to allow the capitalisation of reserves and the subsequent distribution of bonus shares among investors. The company recommends the capitalisation of reserves worth £2.686.803,75 resulting from an issue of shares at a premium. The sum is to be used for the payment of 10.747.215 shares to be distributed among existing shareholders on the basis of one new fully paid bonus share with a nominal value of £0,25 for every four shares held on November 29, 2000.

Fractional shares resulting from the 1 for 4 distribution, will be allocated in favour of shareholders, if the fractional surplus ranges between 0,6 and 0,9, otherwise they will be ignored, i.e. if a shareholder has 7 shares giving him the right to 1,75 bonus shares, they will receive 2 new shares. Should problems arise as a result of the above distribution process, these will be resolved at the discretion of the Board. The new shares will rank pari passu with existing shares.