The company Forthnet announces that the Ordinary General Meeting of shareholders took place on Friday the 22th.6.2007 at it's registered seat at the Municipality of Heraklion of Crete (Foundation for Research and Technology, area Vassilika Voutes) and at 12:30, where the following resolutions on the items of the agenda were discussed and taken. During the General Meeting present were seventeen (17) shareholders representing 16,583,359 shares out of the total shares 38,540,682 (percentage 43.03%) with voting right and therefore the required quorum provided for by Law for taking resolutions on all the items of the agenda was met.
Specifically,
- As per the 1st item on the agenda the General Meeting approved the financial statements (Parent Company and Consolidated) for the Financial Year 1/1/2006 till 31/12/2006 accompanied by the reports of the Board of Directors and Auditors of the company with regard to the actions during the financial year 2006 and resolved not to distribute dividends.
- As per the 2nd item on the agenda the General Meeting discharged the Members of the Board of Directors and the Auditors from any liability for damages with regard to the Financial Statements and administrative actions during the financial year 2006 (1/1/2006 till 31/12/2006).
- As per the 3rd item on the agenda the General Meeting elected the auditing companies "Ernst & Young (Hellas) Certified Auditors Accountants S.A." and "SOL -Certified Auditors S.A" in order to undertake jointly the ordinary audit of the financial statements (Parent Company and Consolidated) of the financial year 2006, and approved their remuneration.
- As per the 4th item on the agenda, the General Meeting approved the compensation and benefits of the executive Member of the BoD and the compensation of the non executive Members paid during the year 2006 which amounted to euro 398,013 and specifically euro 262,213 for the executive Member of the BoD and euro 135,800 for the non executives. For the current year 2007 the General Meeting determined the monthly compensation of euro 1,450 for each executive and non executive Member of the Board of Directors, approved a bonus for the Executive Member of the BoD regarding the year 2006, while the terms of his existing contract remain in force, and finally it approved the number of the stock options granted to the Members of BoD within the program already approved by the General Meeting.
- As per the 5th item on the agenda, the General Meeting resolved not to discuss it.
- As per the 6th item on the agenda, the General Meeting approved as its corporate title: Forthnet (S.A.)
- As per the 7th item on the agenda the General Meeting approved the extension of the service provision agreement (administrative, financial, legal) between Forthnet and its' subsidiary FORTH-CRS until the 30.12.2007.
- As per the 8th item on the agenda the General Meeting has been informed that, no own-shares were bought-back on the basis of the relevant decision of the Ordinary General Meeting of Shareholders of 30th.6.2006 and approved the option to buy-back up to 2,000,000 own shares, at a price per share ranging between euro 0.30 (minimum) and euro 20 (maximum). The total duration of buy-back programme is set to twelve months while the Board of Directors has been authorized to determine by its' decision the partial periods of purchases.
- As per the 9th item no announcements were made.