CARS MOTORCYCLES AND MARINE ENGINE TRADE AND IMPORT COMPANY S.A
Change of use of raised funds
Pursuant to art. 9 of Greek Law No. 3016/2002 and articles 4.1.3.1. and 4.1.3.9. of Athens Stock Exchange Regulation in force, MOTODYNAMICS S.A. announces its Board of Directors decision of 7/5/2009 regarding the change of use of raised funds.
In particular, the companys Board of Directors decided to change the use of the undisposed amount of 200.000 euros of the raised funds from the Athens Stock Exchange, which following the previous Decisions of the Shareholders General Meeting of 30/5/2007 and the Board of Directors decisions of 27/3/2008 and 17/12/2008, was originally decided to be used for the establishment of a retail store in Athens with basic object of activity the sale of marine products.
The Board of Directors estimated that the present conditions for the realization of the aforementioned use are unfavorable, also taking into account the financial recession circumstances which affect the market, and decided to change the use of the aforementioned fund, so as to cover part of the Short-term Borrowing of the company, until June 2009. Finally, the Board of Directors decided to submit the aforementioned change of use of funds to the approval of the Shareholders Annual General Meeting, as the law requires.
In particular, the companys Board of Directors decided to change the use of the undisposed amount of 200.000 euros of the raised funds from the Athens Stock Exchange, which following the previous Decisions of the Shareholders General Meeting of 30/5/2007 and the Board of Directors decisions of 27/3/2008 and 17/12/2008, was originally decided to be used for the establishment of a retail store in Athens with basic object of activity the sale of marine products.
The Board of Directors estimated that the present conditions for the realization of the aforementioned use are unfavorable, also taking into account the financial recession circumstances which affect the market, and decided to change the use of the aforementioned fund, so as to cover part of the Short-term Borrowing of the company, until June 2009. Finally, the Board of Directors decided to submit the aforementioned change of use of funds to the approval of the Shareholders Annual General Meeting, as the law requires.