The management of BVIC SA following its announcement on 08 December 2008, would like to inform investors regarding the progress of the appeal for a suspension of the building permit and the related approval of the environmental conditions referring to the building complex that is being developed in Votanikos within the context of the joint redevelopment of Athens.
On the December 8th 2008 the Organization for Planning and Environmental Protection of Athens sent to the authorities and to BVIC a document analyzing the reasons for which, BVIC's grant of 56,000sqm in Votanikos to the Municipality of Athens, created an unequivocally unique area in Elaiona, that is absolutely necessary for the new stadium. Furthermore, the Organization clearly states its view that any interruption of the construction of the Company's building complex on land plot 45a, based on the provisions of Law 3481/2006, will have as a consequence the cancellation of the joint redevelopment, that can not be materialized without the contribution of our company.
Subsequently, BVIC submitted a Memorandum to the Committee for Suspensions of the Council of State, and with these facts we are confident that the final outcome of the case will be positive for the company and will enable the continuation of this important project.
The Chief Executive Officer of the company, Aris Vovos, informed investors on the subject of this case, on Tuesday 09 December 2008, during a series of meetings with foreign institutional investors.
BVIC will inform investors of any new developments concerning this matter.