ELECTRONIKI ATHINON S.A.
Notification
The administration of the societe anonyme with the trade name Ilektroniki Athinon Commercial SA (hereinafter the Company), following its notification, dated 11-4-2007, to the investing public, announces the following:
1) The price for the take over of the 51% of Sarafidis S.A. amounts to 3.810.500 Euro (price of the first phase). From this amount, Euro3.200.000 will be paid at the time of the signing of the final agreement regarding the transfer of the 51 % of the shares, which will take place after the relevant approval by the Competition Committee and the rest amount of Euro 610.500 will be paid in a six month time period following the signing of the final agreements. This amount shall be subject to reductions in case of guarantee forfeiture related to the tax - legal - real - financial status of the company to be taken over (i.e. imposition of additional taxes, differences relating to the inventory, claims of third parties etc), which will be ascertained after the competent tax authority''s and company''s report prior to the payment of the above mentioned amount.
2) The price for the take over of the rest 49% of Sarafidis S.A., which shall take place in a time period of three years following the take over of the 51%, is not able to be estimated today. This is referring to the amount of Euro 4.358.000 (the current value of that amount is estimated to Euro 3.365 m.). Its assessment is relevant to the project progress and to the profits of "Sarafidis SA" during this three year time period and is based on a profit-Earn out model. Any forfeiture of guarantee-statements, which will take place after the deposit of the first-phase price, will result in further reduction of the price.
1) The price for the take over of the 51% of Sarafidis S.A. amounts to 3.810.500 Euro (price of the first phase). From this amount, Euro3.200.000 will be paid at the time of the signing of the final agreement regarding the transfer of the 51 % of the shares, which will take place after the relevant approval by the Competition Committee and the rest amount of Euro 610.500 will be paid in a six month time period following the signing of the final agreements. This amount shall be subject to reductions in case of guarantee forfeiture related to the tax - legal - real - financial status of the company to be taken over (i.e. imposition of additional taxes, differences relating to the inventory, claims of third parties etc), which will be ascertained after the competent tax authority''s and company''s report prior to the payment of the above mentioned amount.
2) The price for the take over of the rest 49% of Sarafidis S.A., which shall take place in a time period of three years following the take over of the 51%, is not able to be estimated today. This is referring to the amount of Euro 4.358.000 (the current value of that amount is estimated to Euro 3.365 m.). Its assessment is relevant to the project progress and to the profits of "Sarafidis SA" during this three year time period and is based on a profit-Earn out model. Any forfeiture of guarantee-statements, which will take place after the deposit of the first-phase price, will result in further reduction of the price.