In accordance with the Athens Stock Exchange Regulation (article 4.1.3.9), J&P-AVAX S.A. announces that on 22.06.2009 its Board of Directors decided the amendment of the investment plan financed by proceeds of the reserved rights issue completed in September 2007 and approved by shareholders on 23.08.2007.
The amendment in the initial allocation of funds was deemed necessary by delays in the financial closure and project maturity of concession deals included in the investment plan. Those delays are primarily linked to the slower pace of governments and banks in closing major financial deals amidst the international crisis in the last two years.
The Board of Directors of the Company decided to amend the allocation of funds in order to give priority to concession projects closer to construction phase and finance additional concessions
The afore-mentioned decision of the Board of Directors of the Company is included in the agenda of the Annual General Meeting scheduled for 24.06.2009.
Take a look at the annoucement of the company.