Further to our announcement with regard to the signing of the Investment Manager agreement with SLS and in accordance with the provisions of the SEC’s Circular E01/2003, we wish to announce the following:
- The Agreement was signed on December 6, 2002 and is affective until November 10, 2007. According to it, SLS is appointed as the new Investment Manager in charge of investing and re-investing the Company’s capitals under the supervision of the Board of Directors.
- The Company will pay the Investment Manager a fee of 0.80% per annum on the value of the Company’s capitals under management.
- The Company will pay the Investment Manager an incentive equal to 25% of
(a) The difference between the annual profits that correspond to the income shares and the profits attributable to the income shares if their income return was equal to double the dividend yield of the CSE.
(b) The difference between the net asset value of the capital cumulating shares and the net asset value of the capital cumulating shares that would correspond if the annual increase was equal to double the annual increase of the CSE general index.
(c) The difference between the total annual profits attributed to the international shares of the Company and the profit that would correspond if their total performance was equal to the total performance of the international stock markets.
The administration bodies of the Company are independent from the administration bodies of the Investment Manager, SLS, and do not serve or act as professional advisers of the Investment Manager. The independence of the Investment Manager if further ascertained by the existence of clear separations in the departments and operation of SLS, in accordance with the EPEY Law.
- The Agreement was signed on December 6, 2002 and is affective until November 10, 2007. According to it, SLS is appointed as the new Investment Manager in charge of investing and re-investing the Company’s capitals under the supervision of the Board of Directors.
- The Company will pay the Investment Manager a fee of 0.80% per annum on the value of the Company’s capitals under management.
- The Company will pay the Investment Manager an incentive equal to 25% of
(a) The difference between the annual profits that correspond to the income shares and the profits attributable to the income shares if their income return was equal to double the dividend yield of the CSE.
(b) The difference between the net asset value of the capital cumulating shares and the net asset value of the capital cumulating shares that would correspond if the annual increase was equal to double the annual increase of the CSE general index.
(c) The difference between the total annual profits attributed to the international shares of the Company and the profit that would correspond if their total performance was equal to the total performance of the international stock markets.
The administration bodies of the Company are independent from the administration bodies of the Investment Manager, SLS, and do not serve or act as professional advisers of the Investment Manager. The independence of the Investment Manager if further ascertained by the existence of clear separations in the departments and operation of SLS, in accordance with the EPEY Law.
Friday, 14 February, 2003 - 11:03