Medica Shareholders to Decide on 1:30 Stock Split

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Medica Shareholders to Decide on 1:30 Stock Split

The shareholders of medical products maker Medica will have to decide at a general meeting, scheduled for April 24, as to whether the capital of the company should be raised at the expense of retained profit through the floating of a share issue at a ratio of 29 new shares per each existing share, according to a corporate announcement published on website x3news.

The capital of the company will be raised from 335,623 leva at present to 10,068,690 leva with own funding thought the transformation of part of the profit into capital at the expense of the profit booked as retained for previous years. The company will issue a total of 9,733,067 new shares with 1 leva par value each.

The new shares will be distributed free of charge among the shareholders depending on their stake in the capital of the company prior to its raise. Shareholders who have acquired stocks in the company, no later that 14 days after the decision is taken at a general shareholders' meeting, will be entitled to take part in the capital raise operation. First Financial Brokerage House will be the investment intermediary in the capital raise operation.

Medica's shareholders will put to vote other important issues at the meeting as well. One of them is the allocation of 335,623 leva for dividend payments, which translates into 1 leva dividend per share. The remaining 981,872 leva of Medica's profit for 2007 will be booked as a retained profit.

The shareholders will also have to decide whether Medica should produce medicines marketed under Sopharma brands. The value of the contract is expected to amount to 20 mln leva. The five-year contract will run until December 31, 2012.

A decision on the purchase purchase of products by Sopharma Trading from Medica, and their sale to third parties is also on the agenda of the meeting. The one-year contract will run until January 4, 2009, while its value remains undisclosed.

The shareholders will also put to vote the appointment of Ognyan Donev as a successor of Pravin Banker as a member of the Supervsory Board of the company.

Individuals registered at the Central Depository as shareholders in the company as at April 10 will have voting rights at the general shareholders' meeting. April 8 is the last date when shares entitling voting rights at Medica's general shareholders' meeting may be purchased.

If there is lack of quorum, the meeting will be held on May 12, 2008 at 10.00 o'clock.

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