June 02, 2011 (LBO) - Sri Lanka's Environmental Resources Incorporated (ERI) has delayed by up to six months warrants that were to be converted to shares.
The decision to delay the conversion was passed at an extraordinary general meeting of the warrant holders of the company, which is 85 percent controlled by Lionhart Investments, a UK-based fund, Thursday.
The conversion date has been changed from May - June to July and December 2011.
ERI director Kosala Heengama told LBO the decision to extend the conversion date was due to "adverse market conditions".
“Our market condition is not so good at the moment. So, warrant holders unanimously decided to extend the date," he said.
ERI director G Scott Newsome said investors have the right to decide what they want to do and that the rights of minority shareholders will also be considered.
The company EGM which began at 9.00 am Thursday to decide the date of convertibility of warrants was over in a matter of minutes, said a director of a stock broking company who attended.
ERI's March 2011 quarter net profit doubled to 50 million rupees from a year ago with sales rising to 64 million from seven million rupees, according to accounts filed with the stock exchange.
source - www.lbo.lk
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