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CLR EGM to consider expansion of activities

CLR Financial Services Ltd. announced that it will be holding an EGM at the Hilton Hotel in Nicosia on the 8 March 2002 at 12.30 p.m., for discussions towards approval of the following resolutions:

Special Resolution 1

That the Investment Policy, as outlined in the prospectus of the company, Part ZI, change, due to recent developments in the economic field and for the board to be authorised to implement a new investment policy according to the following main parameters:

1. The establishment of the company in the Cyprus market by the enhancement of its services, development of manpower and by the continuing modernization of its technology, as well as expansion in the following sectors:

(a) Participation of the group in the mutual funds sector.
(b) Strengthening of its International Investments Department in view of the gradual lifting of restrictions on foreign exchange.
(c) The design, development and promotion to the Cyprus market of new financial products.
(d) Activity of the group in the Turnaround sector.
(e) Long-term strategic participations in private and public companies in Cyprus.
(f) Activities of the group in any other sector relevant to its main activities and which is considered by the board as complimentary to its activities or necessary under current market conditions.

2. Expansion of activities of the Group abroad as follows:

(a) By the creation of a base in Greece for provision of investment banking services and venture capital fund management.
(b) By utilization of its strategic cooperation established through the acquisition of the Tufton Oceanic Ltd. group for consulting on matters of shipping and oil.
(c) By efforts towards creation of a base in the United Kingdom for the offering of fund management services and other services relevant to activities of the Group.
(d) Consideration of the possibility of strategic partnerships for provision of services to the Balkan countries and other emerging markets.

3. Preparation in view of new legislation concerning EPEY so that the structure as well as the organisation and methods used by the Group will be fully in line with requirements of the new legislation.

4. Strengthening of the cash flow of the company.

Further to allow the board the discretionary ability to change any of the above parameters if conditions so demand, in the best interests of the company.

Special Resolution 2

To alter the Share Option Scheme as approved during the EGM of the 5 June 2000 and detailed in the prospectus of the company, to include participation by Investment Advisors of the company and of the CLR Financial Services Ltd. group, who are not employed by the company or the group, but are associates, and to this end to make the necessary amendments to the title and text of the Plan.
Thursday, 14 February, 2002 - 10:19