Today, the 25th day of June 2008, the Shareholders of the company GEK S.A. held the Ordinary General Assembly, in which 50 Shareholders holding 32.141.659 shares and voting rights, thus a percentage 49.35% of the share capital, participated.
Τhe General Assembly approved with a majority of 32.096.769 shares out of a total of 32.141.659, in whole the Financial Statements (Company and Consolidated) for the financial year 2007, as these statements were published in the Press and were analytically presented in the Annual Report, which was distributed to the Shareholders present in the Assembly.
The General Assembly unanimously the distribution of profits for the year 2007 and in particular, the distribution of the amount of euros 500.000 as remuneration of the Members of the Board of Directors and as well as the distribution of a dividend of 0.12 euro per share that will be distributed to the Shareholders, holders of shares at the closing of trading on 26th June 2008. More specifically, the General Assembly decided that the distribution of dividends will be conducted by "PIRAEUS BANK S.A." and set as date of commencement of distribution Monday July 7th 2008.
After the approval of the Financial Statements the General Assembly, by nominal vote, discharged unanimously the Members of the Board of Directors and the Auditor from every liability or compensation deriving from the exercise of their duties for the financial year 2007.
Further on, the General Assembly unanimously elected from the members of the company "SOL S.A. CHARTERED AUDITORS" Mr. Vasilios Papageorgakopoulos as Regular Certified Auditor for the financial year 2008 and Mr. Dimitrios Stavrou as Deputy, arranging as fee the one set forth by the company "SOL S.A. CHARTERED AUDITORS" which applies to all of its members.
The General Assembly decides unanimously the purchase on behalf of the Company of its own shares up to the 10% of the total share capital of the Company at a minimum price of one (1) euro and a maximum price of thirty (30) euros per share. The purchase shall take place up to two years from today thus by the 25th June 2010 and the General Assembly empowers the Board of Directors to follow the procedure in force regarding the approval of such purchase.
The General Assembly unanimously approved the amendment of the Articles of Association for the purpose of compliance with the new L. 3604/2007
The General Assembly gave unanimously its permission and approval for the participation of Members of the Board of Directors and Executives of the Company in the management of other companies, which are in any way connected with the Company.
Regarding the Item "Announcements, approvals and discussion of matters of general interest" the General Assembly in favour of which 30.767.797 shares and voting rights of total 32.141.659 were cast, the General Assembly approved that the Member of the Board of Directors Mr. Agelos Pappas, apart from his fees due to his participation in the Board of Directors, will continue to receive fees payable to him for his services rendered to the Company. Further on, the C.E.O of the Company informed the attending Shareholders on the recent developments in the merger process, henceforth by the secession of the Company TERNA and the absorption by GEK of all TERNA's activities, except the construction and all construction related activities, which will be absorbed by the 100% TERNA's subsidiary company LITHOS SA. Lithos SA will be subsequently renamed as TERNA. Detailed information regarding the above is included in the relevant announcement released yesterday June 24, 2008.
Finally, reference was made to the progress in sales of real estate in Greece and in other countries.