It is hereby announced that at the Extraordinary General Meeting of the Company's shareholders that took place on December 15, 2017, at the Company's headquarters (Lykovrysis 7, Metamorfosi, Attica, 144 52) at 12:00 pm, shareholders were present or represented 20.841.410 shares in a total of 28,580,100 shares, which corresponds to a share 72,92 % of the share capital. The decisions taken unanimously and unanimously are the following:
Issue 1: Approval for the disposal of treasury shares. More specifically, the company had proceeded to the purchase of 23,800 m of treasury shares during the year 2014, representing 0,0832747% of the total number of shares of the company with a value of 29,491.05 euros. The aforementioned shares were purchased in accordance with the decision of the Extraordinary General Meeting of Shareholders of 23.04.2014, which had appointed the Board of Directors to decide on its disposal. The Board of Directors of the company decided with the meeting of 24/11/2017 the sale of the same shares in 2017 with the purpose of not canceling. The General Meeting ratified the Board of Directors' decision to sell its own shares in 2017 in order not to cancel them. If a buyer is not found, he will proceed with their cancellation.
Issue 2: Approval of the distribution of previous years profits of € 0.039541285 per share. The General Meeting decided to distribute profits of previous years of € 0.039541285 per share. According to the legislation in force, the amount corresponding to the 327.753 shares held by the Company increases the amount that the other shareholders will receive and therefore the total gross amount of the cash distribution per share amounts to 0.04 euro. From this amount of financial distribution, the proportional tax of 15% is deducted according to the provisions of article 3 par. 1 of law 4110/2013 and therefore the total amount paid per share will amount to 0.034 Euros.
The cut will take place on Tuesday, December 19, 2017, the beneficiaries will be the investors registered with DAS on Wednesday 20/12/2017 and the payment will take place on Friday 22/12/2017.
Issue 3: Approval for the creation of a reserve to cover the same stake for an investment program. More specifically, in order to carry out a mechanical modernization of its new plant in the Industrial Area of Drama and the construction of new offices, the Company will apply to the investment program (AN.4991 / 2016) of the Ministry of Economy and Competitiveness of approximately 6,000,000 euro. Under the aforementioned development law, the project is subsidized with a tax exemption of 35%.
The Company is required to cover the remaining amount by owning the contractual investment, which should at least equal 25% of the cost of the investment and the balance with bank debt. The Company intends to make a bank loan of approximately 50% and the remaining 50% will be covered by equity, so the company will have to make a reserve equal to the amount of the same stake. The General Meeting decided to create a reserve of 3,000,000 euros (or any amount resulting from the subordination to be received) from the "retained earnings" account, which will be committed to cover the Company's own participation, will appear in a separate account in the Company's accounting records and will not be distributed until five years after the commencement of the production operation of the investment.