Further to its announcement dated 10 December 2007, AXON HOLDINGS SOCIETE ANONYME would like to announce that the Deputy Minister of Development approved, on 31 December 2007, with a relative decision, the spin-off of ACHAIKI ADVANCED TECHNOLOGY INDUSTRY SOCIETE ANONYME and the acquisition of its divisions by the societes anonymes AXON HOLDINGS SOCIETE ANONYME and MYSTRAS INVESTMENTS AND CORPORATE HOLDINGS SOCIETE ANONYME.
In addition, the decision of the company's Extraordinary General Meeting of the shareholders as regards the increase of the share capital of AXON HOLDINGS SOCIETE ANONYME by an amount of 5,490,000.00 Euros, with the issue of 9,000,000 new common (dematerialised) registered shares of a nominal value of 0.61 Euros each, was approved.
The amount of the said increase will be covered: (i) by the paid-up share capital of acquired division production of advanced technology products and services and buildings, real estate and technical works of ACHAIKI ADVANCED TECHNOLOGY INDUSTRY SOCIETE ANONYME of an amount of 1,434,476.00 Euros, in accordance with Law 2166/1933, and (ii) by the capitalisation of an amount of 4,055,554.04 Euros from account "Share premium reserve", in accordance with the provisions of the Draft Spin-Off Agreement dated 27 September 2007.
The shareholders of ACHAIKI ADVANCED TECHNOLOGY INDUSTRY SOCIETE ANONYME will be the beneficiaries of the new shares, who, for every one (1) old share that they held, will receive 8.951818683 new shares of AXON HOLDINGS SOCIETE ANONYME. Following the said increase, the share capital of AXON HOLDINGS SOCIETE ANONYME will amount to a total of 24,712,082.10 Euros, divided into 40,511,610 common registered shares of a nominal value of 0.61 Euros each, and will be distributed as follows:
31,511,610 shares to the old shareholders of AXON HOLDINGS SOCIETE ANONYME
9,000,000 shares to the new shareholders who will arise from the spin-off of ACHAIKI ADVANCED TECHNOLOGY INDUSTRY SOCIETE ANONYME 40,511,610