The Board of Directors of the company, during its meeting of 28/11/2008, decided that it would begin the procedures for the merger by absorption of the 100% subsidiaries: ALPINO SA, A-SEA SA and RED ANCHOR SA with transformation balance sheets date 30/11/2008. The absorption process of ALPINO SA and A-SEA SA has been announced at the end of 2007, but was suspended because of an in-progress tax audit that was completed on 19/11/2008. The absorption process of the company SEAFARM IONIAN SA, that has also been announced, will proceed when deemed appropriate by all the shareholders and after taking into account the financial conditions.
The company transformation is made under the scope of the Group restructuring and in accordance with the applicable provisions of Articles 69 and following C.L. 2190/1920, the provisions of Law 2166/1993 and in conjunction with the observance of the obligations required by the applicable stock exchange legislation.
Finally, the Board of Directors informs that the Boards of Directors of all involved companies made on 28/11/2007 the respective decisions for the commencement of the proceedings. The Chartered Accountants who will prepare all the reports required by the legislation will be selected after considering all relevant offers