Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announces that today it held its Repeated Extraordinary General Assembly of Shareholders, during which 308 shareholders representing 51.5% of the total shareholders capital, were present. In accordance with the EGM''s agenda, the following issues were approved by the shareholders:
1. The amendments to Articles of Association: 9 (Board of Directors), 13 (Chief Executive Officer) and 23 (Absolute Quorum and Majority of the General Assembly of Shareholders). The elimination of Articles of Association: 7 (participation of the Greek State in the Company''s share capital), 16 (impediment - incompatibility of members of the Board of Directors) and 17 (State rights). The renumbering of article 7 (previously numbered 8) and subsequent articles.
2. The initiation of a stock option plan for executives of the OTE Group. During the first year of the plan, participating employees will have the right to receive options which will correspond to a maximum of 0.9% of OTE SA''s share capital. The exercise price of the options to be granted will be equal to OTE''s average share price during H2 2006.
3. The settlement of a debt payable to OTE by Fibre Optic Telecommunication Network LTD (Foptnet), by remission. The debt was owed to OTE following the installation, in 1997, of a fibre optic network in Georgia by OTE''s subsidiary Hellascom, for a total construction cost of 17.7 million USD. The settlement involves an immediate payment of 5 million EUR by Foptnet, and the write-off of the remaining debt by OTE. OTE had already written off the total debt in its accounts by 2005.
About OTE
OTE Group is Greece''s leading telecommunications organization and one of the pre-eminent players in South-eastern Europe, providing top-quality products and services to its customers. Apart from serving as a full service telecommunications group in the Greek telecoms market, OTE Group has also expanded during the last decade its geographical footprint throughout South East Europe, acquiring stakes in the incumbent telecommunications companies of Romania and Serbia, and establishing mobile operations in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. At present, companies in which OTE Group has an equity interest employ over 30,000 people in six countries, and our portfolio of solutions ranges from fixed and mobile telephony to Internet applications, satellite, maritime communications and consultancy services. Listed on the Athens Stock Exchange, the company trades under the ticker HTO as well as on the New York Stock Exchange under the ticker OTE. In the U.S., OTE''s American Depository Receipts (ADR''s) represents - ordinary share. Additional Information is also available on http://www.ote.gr.
Contacts:
OTE:
Dimitris Tzelepis - Head of Investor Relations, Tel: +30 210 611 1574, Email: dtzelepis@ote.gr
Nektarios Papagiannakopoulos - Senior financial analyst, Investor Relations, Tel: +30 210 611 7593, Email: npapagiannakopoulos@ote.gr
Daria Kozanoglou - Communications Officer, Investor Relations, Tel: +30 210 611 1121, Email: nkozanoglou@ote.gr
Marilee Diamanti - IR Coordinator, Tel: +30 210 611 5070, Email: mdiamant@ote.gr
Christina Hadjigeorgiou - Financial Analyst, Tel: +30 210 611 1428, Email: cchatzigeo@ote.gr
Forward-looking statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the Company''s future financial results are discussed more fully in the Company''s filings with the U.S. Securities and Exchange Commission (the SEC)impaon Form 20-F for 2005 filed with the SEC on June 29, 2006. OTE assumes no obligation to update information in this release.