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CLR clarifies SKR Partners acquisition

Following our announcement dated 22.10.2002 and with reference to our Company’s acquisition of 100% of the share capital of SKR Partners Limited, the CSE sent us a letter according to which our Company is asked to provide additional data for the particular acquisition. We, therefore, provide additional data, so that beneficiaries and shareholders proceed to better title estimates.

1. The value of net assets of SKR Partners Ltd during the acquisition date, that is 21.10.2002, was CYP 594,000 and it is as follows:

Investments - £54.000
Debtors - £635.000
Cash - £21.000
Taxation - (£67.000)
Creditors - (£49.000)

2. As mentioned to our previous announcement, no goodwill has resulted from the transaction.

3. The auditors of the financial reports of SKR Partners Limited are PriceWaterhouseCoopers.

4. The Board of Directors of SKR Partners Limited has not yet approved the financial reports of the Company.

5. The sale price of 64,102 shares of Libra Aviation Limited amounts to CYP 3,90 per share.

6. The complete financial reports of SKR Partners Limited will be submitted to CSE and SEC, as soon as they are approved by the Board of Directors.

7. CLR Financial Services Limited has decided to acquire 100% of SKR Partners Limited so as not to be locked in a private and inactive company that had acquired 49,5% of its share capital. With this acquisition, CLR will be able to develop its remained portfolio and will possibly bring it into action in the future.
Thursday, 31 October, 2002 - 10:00