By virtue of the company share capital increase and selling of stock through initial public offering, which was carried out on the basis of the resolution of the General Assembly of Shareholders dated 15/3/2004 and the resolution no. 7/297/10-3-2004 of the Capital Market Committee, 625.000 common unregistered shares were issued at an issuance price specified at Euro 9,78. Initial Public Offering has been held on 21, 22 and 23 of April 2004 and the raised funds amounted to Euro 6.112.500,00. Following deduction of issuance expenses at the amount of Euro 295.015,25, the net amount of funds raised amounts to Euro 5.817.484,75. The payment of the aforementioned share capital increase has been certified on 13/5/2004; on 27/5/2004 trading of all company shares, i.e. 3.125.000 shares, has commenced in the New Stock Market of the Athens Stock Exchange.
Upon resolution by the Annual General Assembly of the company''s shareholders held on 23/06/2005, the Investment Plan has been revised, both with respect to allocation of funds towards the investment actions, as well as with regard to the time scheduling, while action "B. Systems for Cooling and Atmosphere control", which has not been allocated any funds yet, has been replaced by action "B. Water Turbine design". It is noted that the total cost of the Revised Investment Plan only marginally varies with respect to the one approved by the Special General Assembly of shareholders dated 03/11/2004.
Thereafter, upon decision by the Board of Directors meeting held on 03/04/2006, the Investment Plan has been modified through transferring the sum of Euro 183.891,95, from the following actions: "Products Marketing" and "ISO Expansion" to action "Α.2. Metal sheet processing and special purpose constructions unit" for the purchase of a crane truck; it has been furthermore decided to revise allocation of funds over the last two semesters of 2006. Out of the aforementioned amount, Euro 117.474,45 derived from the funds raised through the initial public offering.
By virtue of the present, the Company announces that in the meeting held on 6/11/2006, the Special General Assembly of the Company''s shareholders decided further amendments of the company''s investment plan:
1) Investment Α. - Factory Expansion (New Budget Euro 2.275.922)
Sub - Investment Α.2. - Metal sheet processing and special purpose constructions unit (New Budget Euro 1.096.376)
It has been decided that the entire balance (Euro 109.356) is transferred to the sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN FIVOS ENERGIAKI SA. In particular, out of the funds raised through the initial public offering, an amount of Euro 423 is transferred, while out of owners'' equity an amount of Euro108.932 is transferred.
Sub - Investment Α.3. - Electrical Panel Unit (New Budget Euro 41.374)
It has been decided that balance (Euro 77.625) is transferred to the sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN FIVOS ENERGIAKI SA. The entire amount originates from funds raised through the initial public offering.
Sub - Investment Α.4. - Water Turbine Construction (New Budget Euro 613.000)
It has been decided that three (3) new tooling units are purchased for machining and processing of important material and water turbine components.
In particular, it has been decided that two (2) horizontal CNC lathes are purchased, 1.200 mm machining length, Euro 125.000 budget value each (thus a total investment of Euro 250.000) as well as one (1) vertical 3-axial CNC processing center, Euro 150.000 budget value. Since it is possible that the above mentioned equipment units are not delivered within 2006, possible extension of Investment Plan timeline has been decided, by another quarter, i.e. up to 31/03/2007.
Finally, it has been decided that a sum of Euro 69.000 is transferred to sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN F ENERGIAKI SA. The entire amount is originated from funds raised through the initial public offering.
2) Investment Β. - Water Turbine Design (New Budget Euro 70.482) It has been decided that further investment of an additional Euro 21.000 to the above mentioned investment (to be funded from funds raised through the initial public offering) takes place, and the transfer of the balance of Euro 329.518 to sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN FIVOS ENERGIAKI SA. Of the above mentioned transferred amount, Euro 145.518 are originated from funds raised through the initial public offering, while Euro 184.000 are own funds.
3) Investment Ζ. - ISO Expansion (New Budget Euro 32.070)
It has been decided that the balance (Euro 18.128) is transferred to sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN FIVOS ENERGIAKI SA. Of this amount, Euro 12.000 constitute own funds while Euro 6.128 are subsidies. Nevertheless, since this subsidy is considered doubtful, it has been decided that Investment Plan funding is slightly revised by decreasing subsidies by Euro 6.128 and equally increasing own funds contribution to the Investment Plan.
4) Investment C. - Participation in Companies activated in energy production from Renewable Resources of Energy (New Budget: Euro 4.420.480)
It has been decided to proceed with the transfer of the balance of the sub - investment C.1.2. PARTICIPATION & SHARE CAPITAL INCREASE IN FTHIOTIKI ENERGIAKI (Euro 12.600) to the sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN FIVOS ENERGIAKI SA. The entire amount originates from own funds.
The total funds transferred to sub - investment C.1.3. PARTICIPATION & SHARE CAPITAL INCREASE IN FIVOS ENERGIAKI SA, amount to Euro 616.228; out of these, Euro 292.568 are originated from funds raised through the initial public offering and Euro 323.660 from own funds.
In summary, the aforementioned amendment amounts to Euro 616.228 of which a sum of Euro 292.568 is derived from funds raised through the initial public offering. Therefore, the Investment Plan amendment with respect to funds raised through the initial public offering is in the order of 5,03% while overall Investment Plan amendment is in the order of 8,78%. Moreover, it has been decided that Investment Plan time schedule is extended by a 3 - month period and therefore the Investment Plan must be completed until 31/03/2007.