During the EGM of CLR Financial Services Ltd. which took place on the 8 March 2002, the following special resolutions were endorsed:
Special Resolution 1
That the investment policy, as outlined in the prospectus of the company, Part ZI (Aim of the issue and purpose of new funds) be amended due to recent developments in the economic field and the board was authorised to implement new investment policy, along the following main parameters.
1. Consolidation of the company in the Cyprus market by the enhancement of services offered, development of its manpower and continuing upgrade of its technology, as well as by the expansion into the following sectors:
a. Active participation of the Group in the mutual funds sector.
b. Enhancement of its International Investments Department in view of the gradual lifting of exchange export restrictions.
c. The planning, development and promotion to the Cyprus market of new financial products.
d. Active participation of the Group in the company turnaround sector.
e. Strategic partnerships with a long-term view in public and private companies in Cyprus.
f. Active participation of the Group in other sectors relevant to its main activities and which the board considers as complimentary to its activities or necessary under the market conditions.
2. Expansion of the Group abroad as follows:
a. Creation of a base in Greece through banking investments services and venture capital management.
b. Full utilization of the strategic cooperation achieved by acquisition of the Tufton Oceanic Ltd. group in the shipping and oil consultancy sector.
c. Efforts for the creation of a base in the United Kingdom for fund management and other services relevant to activities of the Group.
d. Examination of the possibility of strategic cooperations for the provision of services to Balkan countries and other emerging markets.
e. Preparation in view of new legislation concerning EPEY so that the structure, organisation and methods of the Group will comply fully with requirements of the new legislation.
f. Enhancement of the working capital of the company.
In addition, authorization was given to the board to change, at its discretion, any of the above parameters if conditions so demand, in the best interests of the company.
Special Resolution 2
That the Share Option Scheme for staff and directors, as approved by the EGM of the 5 June 2000 and outlined in the prospectus of the company, part I, be amended to include participation by investment consultants of the company and companies of the CLR Financial Services Ltd. group, who are not employed by the company or companies of the group but cooperate with it/them and for this reason, to make all the necessary amendments in the title and text of the plan.
Special Resolution 1
That the investment policy, as outlined in the prospectus of the company, Part ZI (Aim of the issue and purpose of new funds) be amended due to recent developments in the economic field and the board was authorised to implement new investment policy, along the following main parameters.
1. Consolidation of the company in the Cyprus market by the enhancement of services offered, development of its manpower and continuing upgrade of its technology, as well as by the expansion into the following sectors:
a. Active participation of the Group in the mutual funds sector.
b. Enhancement of its International Investments Department in view of the gradual lifting of exchange export restrictions.
c. The planning, development and promotion to the Cyprus market of new financial products.
d. Active participation of the Group in the company turnaround sector.
e. Strategic partnerships with a long-term view in public and private companies in Cyprus.
f. Active participation of the Group in other sectors relevant to its main activities and which the board considers as complimentary to its activities or necessary under the market conditions.
2. Expansion of the Group abroad as follows:
a. Creation of a base in Greece through banking investments services and venture capital management.
b. Full utilization of the strategic cooperation achieved by acquisition of the Tufton Oceanic Ltd. group in the shipping and oil consultancy sector.
c. Efforts for the creation of a base in the United Kingdom for fund management and other services relevant to activities of the Group.
d. Examination of the possibility of strategic cooperations for the provision of services to Balkan countries and other emerging markets.
e. Preparation in view of new legislation concerning EPEY so that the structure, organisation and methods of the Group will comply fully with requirements of the new legislation.
f. Enhancement of the working capital of the company.
In addition, authorization was given to the board to change, at its discretion, any of the above parameters if conditions so demand, in the best interests of the company.
Special Resolution 2
That the Share Option Scheme for staff and directors, as approved by the EGM of the 5 June 2000 and outlined in the prospectus of the company, part I, be amended to include participation by investment consultants of the company and companies of the CLR Financial Services Ltd. group, who are not employed by the company or companies of the group but cooperate with it/them and for this reason, to make all the necessary amendments in the title and text of the plan.
Monday, 11 March, 2002 - 10:30