We wish to inform you that at the meeting held on November 16, 2009, the Board of Directors of Stario Portfolio Investments Public Company Ltd examined and approved the Interim Management Statement for the period from July 1, 2009 to November 16, 2009, which will be published pursuant to the Transparency Requirements Law 2007.
Stario Portfolio Investments Public Company Ltd would like to inform the investing public that at the meeting held on Monday, November 16, 2009, the Board of Directors approved the unaudited Interim Management Statement of the Company and its subsidiaries, pursuant to article 11 of the Transparency Requirements Law 2007.
Interim Management Statement
In order to fully inform the investing public, this statement must be read in connection with the annual consolidated financial statements for the year ended December 31, 2008 as well as the six-month results for the period ended June 30, 2009.
Following its release from the investment restrictions and the successful expansion of its activities in the sector of café-restaurants, the share is trading in the alternative market following the approval of the CSE Council on September 18, 2009.
Also, the acquisition of IL Sportivo by JGCPL and Cipriani Entertainment LTD (former Windom Trading) has been finalized with the allocation of shares to the former shareholders for the acquisition of 80% and 100% respectively with the listing of €18.4 million ordinary shares in the CSE and their trading on September 29, 2009.
During the period and specifically on July 10, 2009, an agreement was signed and adopted for the acquisition of 50.1% of C.D.A Greem Café Ltd, owner of Must Café in Engomi, by N.D.D. Special Publications. The agreement provides for the increased in the share capital of C.D.A Greem Café Ltd of €250,000 and the entire management of the cafe-restaurant by our Company. The goodwill that resulted from the acquisition stood at €59,837. This agreement is in line with the Company’s future targets since the main aim is to expand its activities in the sector via the opening of café-restaurants that will contribute to the increase in its revenues and the improvement of its profitability.
On October 20, 2009, the CSE approved the listing of €38.5 million Rights of Stario with their trading ending on November 17, 2009. As a result, the period of rights exercise will commence on November 25, 2009 and will expire on December 1, 2009.
With the exercise of all rights, a significant sum will go to the Company, which will enable it to enforce its strategic plan for further development in the sector of leisure and café-restaurants. Based on this policy, the Company will soon be able to expand to the sector of leisure, investing in new restaurants and other leisure spaces. Specifically, the Company intends to open 8 new café-restaurants and leisure centres by the end of 2009. Those activities are expected to improve its results until the end of 2009, while the results will be improved significantly in 2010.
On August 27, 2009, Messrs. Polyvios Kolokos and Adonis Theocharides were appointed as independent, non-executive Board members. Also, on September 9, 2009, Mr. Nicos Neocleous was appointed as Compliance Officer.
There are no other facts or transactions affecting the Company’s condition during the period.
Stario Portfolio Investments Public Company Ltd would like to inform the investing public that at the meeting held on Monday, November 16, 2009, the Board of Directors approved the unaudited Interim Management Statement of the Company and its subsidiaries, pursuant to article 11 of the Transparency Requirements Law 2007.
Interim Management Statement
In order to fully inform the investing public, this statement must be read in connection with the annual consolidated financial statements for the year ended December 31, 2008 as well as the six-month results for the period ended June 30, 2009.
Following its release from the investment restrictions and the successful expansion of its activities in the sector of café-restaurants, the share is trading in the alternative market following the approval of the CSE Council on September 18, 2009.
Also, the acquisition of IL Sportivo by JGCPL and Cipriani Entertainment LTD (former Windom Trading) has been finalized with the allocation of shares to the former shareholders for the acquisition of 80% and 100% respectively with the listing of €18.4 million ordinary shares in the CSE and their trading on September 29, 2009.
During the period and specifically on July 10, 2009, an agreement was signed and adopted for the acquisition of 50.1% of C.D.A Greem Café Ltd, owner of Must Café in Engomi, by N.D.D. Special Publications. The agreement provides for the increased in the share capital of C.D.A Greem Café Ltd of €250,000 and the entire management of the cafe-restaurant by our Company. The goodwill that resulted from the acquisition stood at €59,837. This agreement is in line with the Company’s future targets since the main aim is to expand its activities in the sector via the opening of café-restaurants that will contribute to the increase in its revenues and the improvement of its profitability.
On October 20, 2009, the CSE approved the listing of €38.5 million Rights of Stario with their trading ending on November 17, 2009. As a result, the period of rights exercise will commence on November 25, 2009 and will expire on December 1, 2009.
With the exercise of all rights, a significant sum will go to the Company, which will enable it to enforce its strategic plan for further development in the sector of leisure and café-restaurants. Based on this policy, the Company will soon be able to expand to the sector of leisure, investing in new restaurants and other leisure spaces. Specifically, the Company intends to open 8 new café-restaurants and leisure centres by the end of 2009. Those activities are expected to improve its results until the end of 2009, while the results will be improved significantly in 2010.
On August 27, 2009, Messrs. Polyvios Kolokos and Adonis Theocharides were appointed as independent, non-executive Board members. Also, on September 9, 2009, Mr. Nicos Neocleous was appointed as Compliance Officer.
There are no other facts or transactions affecting the Company’s condition during the period.
Monday, 16 November, 2009 - 15:34