Zicom Electronic to issue 1575000 warrants

Zicom Electronic Security Systems Ltd has announced that the Board of Directors of the Company at its meeting held on December 20, 2007, has approved to issue on preferential basis 15,75,000 Warrants to the various Body Corporate / individuals other then Promoters' / Promoters' Group, in accordance with SEBI Guidelines on Preferential Issue.

Each warrant shall catty an option / entitlement to subscribe to one equity share of the Company of Rs 10/- each on a future date (i.e. in aggregate options to subscribe to maximum of 15,75,000 equity shares) at the price which shall not be lower than the minimum price to be determined in accordance with the SEBI Guidelines for Preferential Issues (Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000).

The above issue of Warrants, is subject to the approval of shareholders. The Board has decided to convene an Extra-Ordinary General Meeting of the Members of the Company for the above purpose on January 17, 2008.

Further the Company has informed that the Board has also taken on record the order received from the Hon'ble High Court, Bombay dated December 15, 2007 approving the Scheme of Arrangement for transferring the Consumer Service Business of the Company to its wholly owned subsidiary.

Source : Equity Bulls

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