24/08/2009 12:49
Elma Holdings won the legal action against the major shareholders of SFS in relation to the breach of agreement during the period of the CSE bubble. According to an announcement released today, “the Nicosia District Court awarded the sum of €1,708,000 as damages for the breach of agreement on behalf of the major shareholders of SFS Group Public Company Ltd, Messrs. Christodoulos Ellinas, Filippos Larcos, Michalis Pitsillos and Neophytos Neophytou. The defendants undertook the transfer of SFS warrants in the name of Elma”.
“As soon as this sum is received, the Company’s cash flow will be improved significantly. To a smaller degree, the profits will increase since for one third of the sum there was a provision in the previous years”, it added.
The fine concerned the breach of agreement with regard to the acquisition of Kyknos Investments.
In his statements to StockWatch, SFS Chairman, Christodoulos Ellinas said that the case is handled by the Company’s legal advisors, who will lodge an appeal.
“As soon as this sum is received, the Company’s cash flow will be improved significantly. To a smaller degree, the profits will increase since for one third of the sum there was a provision in the previous years”, it added.
The fine concerned the breach of agreement with regard to the acquisition of Kyknos Investments.
In his statements to StockWatch, SFS Chairman, Christodoulos Ellinas said that the case is handled by the Company’s legal advisors, who will lodge an appeal.
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