CARS MOTORCYCLES AND MARINE ENGINE TRADE AND IMPORT COMPANY S.A
Announcement regarding the change of the allocation of funds drawn from the Company's Public Listing.
Pursuant to art. 9 of Greek Law 3016/2002, paragraph 4.1.3.9. of Athens Stock Exchange Regulation and art. 2 paragraph 2 (ib) of Greek Capital Markets Commission Decision No. 3/347/2005, the Company "MOTODYNAMICS S.A." announces its Board of Directors Decision of 17/12/08, regarding the change in the scheduled allocation of funds drawn from the company's Public Listing in the Athens Stock Exchange. The aforementioned change specifically refers to the sum of 200.000 euros, for setting up a retail branch for the sale of marine products.
The company's Annual General Meeting of 30/5/07 had approved Board of Directors' Decision of 14/5/07, according to which the sum of 200.000 euros would be used during the first half of 2008, for setting up a marine product retail branch in Athens. Through this investment, the company aimed at further strengthening its presence in the Greek marine product market. Subsequently, the Company's Board of Directors, by its Decision of 27/3/08, considered the change in the allocated funds of 200.000 euros to the second half of 2008, as necessary.
Since the most appropriate site for setting up the aforementioned branch has not been found yet, the Company's Board of Directors decided, in its meeting of 17/12/08 that the scheduled funds of 200.000 euros, be further allocated to the first half of 2009.
The company's Annual General Meeting of 30/5/07 had approved Board of Directors' Decision of 14/5/07, according to which the sum of 200.000 euros would be used during the first half of 2008, for setting up a marine product retail branch in Athens. Through this investment, the company aimed at further strengthening its presence in the Greek marine product market. Subsequently, the Company's Board of Directors, by its Decision of 27/3/08, considered the change in the allocated funds of 200.000 euros to the second half of 2008, as necessary.
Since the most appropriate site for setting up the aforementioned branch has not been found yet, the Company's Board of Directors decided, in its meeting of 17/12/08 that the scheduled funds of 200.000 euros, be further allocated to the first half of 2009.