CARS MOTORCYCLES AND MARINE ENGINE TRADE AND IMPORT COMPANY S.A
Spin-off for the Retail Division.
MOTODYNAMICS S.A. announces that its Board of Directors decided on 29.12.2009 the initiation of the spin-off procedure of the companys retail sales division and its contribution to the companys affiliate by 100% company under the trade name MOTODIKTYO S.A.
The purpose of this spin-off is to reinforce the retail identity and monitor the business in an autonomous way. The total retail business includes the retail sales division for which the spin-off will take place (three existing shops), the companys affiliate (by 100%) under the trade name MOTODIKTYO S.A., the companys affiliate (by 51%) MOTODIKTYO NORTHEN GREECE S.A., and represents the 14% of the Companys total sales.
The spin-off procedure shall be carried out according to the provisions of arts. 1-5 of the Greek Law 2166/93.
Furthermore, the company?s Board of Directors decided that the date of the Transformation Balance Sheet for the said spin-off shall be the 31.12.2009. Finally the Board of Directors appointed Messrs Vassilios Kaminaris, as ordinary auditor (SOEL Reg. No 20411) and Christos Pelentridis (SOEL Reg. No 17831) as substitute auditor, from the company ERNST & YOUNG HELLAS S.A. (SOEL Reg. No. 107), in order to perform the audit provided by the law.
For more information, the shareholders are requested to communicate with MOTODYNAMICS S.A.s Investor Relations Department (tel. 210.6293517) or with the Corporate Communications & PR Department (tel. 210.6293596).
The purpose of this spin-off is to reinforce the retail identity and monitor the business in an autonomous way. The total retail business includes the retail sales division for which the spin-off will take place (three existing shops), the companys affiliate (by 100%) under the trade name MOTODIKTYO S.A., the companys affiliate (by 51%) MOTODIKTYO NORTHEN GREECE S.A., and represents the 14% of the Companys total sales.
The spin-off procedure shall be carried out according to the provisions of arts. 1-5 of the Greek Law 2166/93.
Furthermore, the company?s Board of Directors decided that the date of the Transformation Balance Sheet for the said spin-off shall be the 31.12.2009. Finally the Board of Directors appointed Messrs Vassilios Kaminaris, as ordinary auditor (SOEL Reg. No 20411) and Christos Pelentridis (SOEL Reg. No 17831) as substitute auditor, from the company ERNST & YOUNG HELLAS S.A. (SOEL Reg. No. 107), in order to perform the audit provided by the law.
For more information, the shareholders are requested to communicate with MOTODYNAMICS S.A.s Investor Relations Department (tel. 210.6293517) or with the Corporate Communications & PR Department (tel. 210.6293596).