The Company is announcing, pursuant to L. 3340/2005 provisions, of article 2 of the Securities and Exchange Commission ruling No. 3/347/12.7.2005 and in accordance with article 281 of the Stock Exchange Regulation, that its Board of Directors during its meeting on 28.3.2007 decided a) the merger by take-over of the Company by MYTILINEOS HOLDINGS SA according to articles 69 of the codified law 2190/1920, articles 1-5, L. 2166/1993 and in general the commercial legislation in effect, in the context of MYTILINEOS HOLDINGS SA decision on the merger by take-over of the Company and DELTA PROJECT SA by MYTILINEOS HOLDINGS SA and b) the separation of its sectors (i) power generation and trading (ii) production, construction and trading of alumina, aluminium, mineral materials and the Company?s metals and their being carried over to its 100% subsidiaries non listed companies according to provisions of L. 2166/1993, articles 69 on codified law.2190/1920 and in general the commercial legislation in effect. The separated sector of alumina, aluminium, mineral materials and metals production, construction and trading represents over 30% of the Company?s turnover during the last financial year. During the above meeting, it was decided to begin the merger process on 31.3.2007, a date on the one hand for the merger Transformation Balance Sheet and on the other for the Accounting Statement of the above separations. Chartered accountants were appointed to ascertain the Company?s assets book value in the framework of the merger and the separation of its two sectors. It was further decided to appoint independent credit institutions of high reputation to deliver opinion on what is just and fair on the shares exchange ratio. In order to correctly inform shareholders and investors, the Board of Directors jointly announce their estimate on the shares exchange ratio, which is conditional on the independent credit institutions verification and approval on behalf of the transformed companies Shareholders General Meetings. In detail, it is proposed ALUMINIUM Shareholders to exchange their shares with MYTILINEOS shares by an exchange relation 1 common listed ALUMINIUM share with a vote of nominal value 5,30 euro each for 0,39540 common listed MYTILINEOS share of nominal value 0,60 euro. The proposed exchange relations reflect the last Stock Exchange closing on 27.03.2007 for all companies, which fall within the internal assessments prices range.
The BoDs of the three listed transformed companies decided -according to law- to jointly assign to NBGI, EFG EUROBANK and ALPHA BANK to assess the merging companies and they shall deliver opinion and verify what is just and fair on the above shares exchange ratio.
Finalizing the abovementioned transformation is conditional on the approval by the General Shareholders Meeting of the three companies expected to decide within the 2nd quarter of 2007 and on the approvals required by the competent supervisory authorities.
The Company following the approval and separation of the sectors thereof by the Shareholders General Meeting, which shall be convened for that purpose, shall distribute a joint information notice to investors.