CORINTH PIPEWORKS SA announces the following: On Tuesday June 12, 2007 at 11:00 am the company's Annual Ordinary General Shareholders Meeting was held at the ATHENS IMPERIAL hotel, Karaiskaki Square, Athens. There were 12 shareholders present who represented 101,435,119 shares of the total 124,170,201 company outstanding shares thus a 81.69% and the General Meeting unanimously approved the following:
1. Approval of Annual Financial Statements of the fiscal year 2006 along with the corresponding Management Report of the Board of Directors and the Audit Report of the Chartered Accountant/Auditor.
2. Approval of discharge of the Members of the Board of Directors and the Chartered Accountants-Auditors from any liabilities for the fiscal year ended on December 31st 2006.
3. The election of the company's regular chartered accountant/auditor for the fiscal year 2007 and his remuneration.
4. The ratification of the election of Mr. Andreas Adamopoulos as temporary member of the Board on April 4, 2007, in replacement of the resigned member Mr. Sarados Milios.
5. The election of the members of the new Board of Directors according to the provisions of Law 3016/2002 on Corporate Governance as it was amended by Law 3091/2002, as follows: KONSTANTINOS BAKOURIS. MELETIOS FYKIORIS. CHRISTOFOROS CATSAMBAS. IOANNIS STAVROPOULOS. EFSTATHIOS STRIMBER, Independent Member. ANDREAS KYRIAZIS. Independent Member.
6. Approval according to article 24§2 of Law 2190/1920 of the remunerations paid to members of the Board of Directors.
7. The amendment of Articles 12 regarding the election of the temporary members of the Board, 14 regarding quorum and majority issues for the valid assembly and decision making of the Board of Directors and the abolishment of articles 37,38,39 and 40 of the Articles of Association, which contain transitory provisions set at the company's original establishment and whose validity has now expired.
Regarding the 8th item of the agenda, approval by 81.25% (or 100,892,921 shares voted for) was given to issue a common bond loan up to the amount of fifty million euro (50,000,000).
The company will not distribute dividend for the fiscal year ended as of 31.12.2006