1. On a meeting held on February 27, 2003, the CSE Council has decided the following:
a) Seminars on the Corporate Governance
The CSE Council has been informed with regard to the schedule of the seminars on the Corporate Governance for all listed companies. The seminars that fall within the framework of the CSE development program will take place within the next two weeks.
b) Cooperation with the Thessaloniki stock market centre
The Athens Stock Exchange has approved the proposal of the Thessaloniki stock market centre for a cooperation on a wide range of issues.
c) Meeting between the CSE and the representatives of the Central Depository of Athens and ASE.
The CSE Council has been informed with regard to the outcome of the visit of the CSE representatives to the Central Depository of Athens and the ASE. The meeting concerned the handling of technical and other issue of the Registries of listed companies in case of a dual listing.
d) Avacom Computer Services Ltd
The CSE Council has rejected the application of the listed company Avacom Computer Services Ltd for the issue and listing of 12,799,792 warrants 2002-2003 in the CSE due to the fact that there is a number of weaknesses and omissions in the Company’s Prospectus.
2. Imposition of fines
The CSE Council together with the SEC have decided to impose the following fines pursuant to Article 59(4) of the CSE Laws and Regulations.
a) On listed company D.H Cyprotels Ltd a fine of CYP 2000 for violating Regulation 81(1), Appendix F, Paragraphs 3(a), 3(b) and 16 of the CSE Laws and Regulations. Paragraphs 3(a) and (b) provide that the issuer is obliged to announce to the CSE every information that may help the beneficiaries and the investing public to asses the situation and evaluate the titles, in order to avert fluctuations of the prices of titles, which is not justified by the assets and liabilities, profits and the issuer’s prospects or the false impression with reference to the extent of investors’ interest or the investment activity relating to those titles and every new significant development in the field of its activities that it is not publicly known. Paragraph 16 provides that the issuer must immediately announce to the Stock Exchange every information with regard to the acquisition or liquidation of significant assets.
b) On listed company Golden Sun Leisure (CY) a fine of CYP 350 for violating Appendix F, Regulation 81(1), Paragraph (5) (1) of the CSE Laws and Regulations that provides that the issuer must announce to the Stock Exchange the information on time and act rapidly in the face of the procedure required for the notification of the information and the time required for this announcement. The time required varies, depending on the length of the text, its content and the way it is delivered to the Stock Exchange.
c) On listed company Cyprus Cement Company Ltd a fine of CYP 350 for violating Appendix F, Regulation 81(1), Paragraph 12(6) of the CSE Laws and Regulations that provides that the issuer is obliged to notify the Stock Exchange immediately, at least one hour prior to the CSE session about the decisions of its administrative bodies for amendment of the Memorandum and the Articles of Association or other document that governs the operation of the issuer.
d) On listed company Cyprus Popular Bank Ltd a fine of CYP 2000 for violating Appendix F, Regulation 81(1), Paragraph 12(3) of the CSE Laws and Regulations that provides that the issuer is obliged to notify the Stock Exchange immediately, at least one hour prior to the CSE session about the decisions with regard to debt securities for a new issue of debt securities and any guarantee or security in relation with these titles.
a) Seminars on the Corporate Governance
The CSE Council has been informed with regard to the schedule of the seminars on the Corporate Governance for all listed companies. The seminars that fall within the framework of the CSE development program will take place within the next two weeks.
b) Cooperation with the Thessaloniki stock market centre
The Athens Stock Exchange has approved the proposal of the Thessaloniki stock market centre for a cooperation on a wide range of issues.
c) Meeting between the CSE and the representatives of the Central Depository of Athens and ASE.
The CSE Council has been informed with regard to the outcome of the visit of the CSE representatives to the Central Depository of Athens and the ASE. The meeting concerned the handling of technical and other issue of the Registries of listed companies in case of a dual listing.
d) Avacom Computer Services Ltd
The CSE Council has rejected the application of the listed company Avacom Computer Services Ltd for the issue and listing of 12,799,792 warrants 2002-2003 in the CSE due to the fact that there is a number of weaknesses and omissions in the Company’s Prospectus.
2. Imposition of fines
The CSE Council together with the SEC have decided to impose the following fines pursuant to Article 59(4) of the CSE Laws and Regulations.
a) On listed company D.H Cyprotels Ltd a fine of CYP 2000 for violating Regulation 81(1), Appendix F, Paragraphs 3(a), 3(b) and 16 of the CSE Laws and Regulations. Paragraphs 3(a) and (b) provide that the issuer is obliged to announce to the CSE every information that may help the beneficiaries and the investing public to asses the situation and evaluate the titles, in order to avert fluctuations of the prices of titles, which is not justified by the assets and liabilities, profits and the issuer’s prospects or the false impression with reference to the extent of investors’ interest or the investment activity relating to those titles and every new significant development in the field of its activities that it is not publicly known. Paragraph 16 provides that the issuer must immediately announce to the Stock Exchange every information with regard to the acquisition or liquidation of significant assets.
b) On listed company Golden Sun Leisure (CY) a fine of CYP 350 for violating Appendix F, Regulation 81(1), Paragraph (5) (1) of the CSE Laws and Regulations that provides that the issuer must announce to the Stock Exchange the information on time and act rapidly in the face of the procedure required for the notification of the information and the time required for this announcement. The time required varies, depending on the length of the text, its content and the way it is delivered to the Stock Exchange.
c) On listed company Cyprus Cement Company Ltd a fine of CYP 350 for violating Appendix F, Regulation 81(1), Paragraph 12(6) of the CSE Laws and Regulations that provides that the issuer is obliged to notify the Stock Exchange immediately, at least one hour prior to the CSE session about the decisions of its administrative bodies for amendment of the Memorandum and the Articles of Association or other document that governs the operation of the issuer.
d) On listed company Cyprus Popular Bank Ltd a fine of CYP 2000 for violating Appendix F, Regulation 81(1), Paragraph 12(3) of the CSE Laws and Regulations that provides that the issuer is obliged to notify the Stock Exchange immediately, at least one hour prior to the CSE session about the decisions with regard to debt securities for a new issue of debt securities and any guarantee or security in relation with these titles.
Friday, 28 February, 2003 - 13:55