MOTODYNAMICS S.A. announces that its Board of Directors decided on 03.06.2009, not to proceed with the merger by virtue of absorption of its fully (100%) owned subsidiary under the trade name MOTODYNAMICS INSURANCE AGENTS S.A., pursuant to art. 78 and 69-77 of Greek Codified Law 2190/1920 and art. 1-5 of Greek Law 2166/1993, as initially decided on 12.02.2009.
The companys management re-examined the companys intended actions and decided not to proceed with the merger procedure, but to examine the possibility to adopt a different legal transformation procedure instead.