Budapest, 27 March 2008 – The Board of Directors of State Printing House Plc has published the invitation to its General Meeting today. The annual General Meeting proposals include the conversion of B and C series employee shares, dividing the par value of the Company’s ordinary shares with the ratio 1:10 and the approval of the guidelines of the share option programme.
The Board of Directors of State Printing House Plc proposes to the General Meeting to be held on 28 April 2008 the conversion of Series B and C dividend preferential employee shares to Series A ordinary shares and their listing to the stock exchange. After the decision of the General Meeting and acquiring the necessary permissions, 9,475 pieces of Series B and 73,470 pieces of Series C shares will be converted into ordinary shares listed on the Budapest Stock Exchange. The conversion does not affect the amount of share capital and does not modify the 2008 EPS forecasts of the Company (HUF 900 per share). Earnings per share have been fixed together with Series ‘A’, ‘B’, ‘C’ shares so far as well.
The stock exchange price of State Printing House shares has been exceeding HUF 10,000 since April 2007. In order to increase the trading volume of the share, the Board of Directors proposes to the General Meeting the division of the par value of ordinary shares. The proposal presented to the General Meeting involves the division of shares with 1:10 ratio that is decreasing the ordinary shares’ par value by increasing the number of the Company’s issued shares simultaneously with the same ratio.
By the conversion of employee shares, almost 6% more State Printing House shares will be listed on the stock exchange which may have a favourable effect on the share’s trading volume together with the share split.
Among the proposals to the General Meeting, the approval of the guidelines of the share option programme is also included. To cover the programme, the Board of Directors requests further authorisation from the shareholders to acquire treasury shares. The resolution proposals connected to the different agenda items can be found on the homepage of the Company and that of the Budapest Stock Exchange from 8 April 2008.
State Printing House Plc