15/05/2015 10:12
The Extraordinary General Meeting of SFS Group will examine the possible dissolution of the company on June 18, 2015.
According to the announcement, at a meeting held yesterday the Board of Directors decided that an extraordinary general meeting of the shareholders of the Company shall be convened on June 18, 2015 to examine whether the company must be dissolved or any other measure to be taken as according to the final, audited financial statements of the Company for the financial year 2014, it emerged that the Company has lost over 50% of its subscribed share capital.
The Board of Directors has decided to propose to the extraordinary general meeting of the shareholders, the continuation of the business of the Company as is today towards the realization of its business objectives, without taking any other measures.
In adopting the above decision, the Board of Directors took into account that
although the financial statements of the Company show a loss over 50% of its subscribed share capital and the Total Equity attributable to Equity Holders of the Company is at €10.586.302 on 31 December 2014, losses were significantly reduced in 2014 as compared to 2013 (Losses 2014: €11,619,418. Losses 2013: €35,154,232). Further, the 2014 losses are principally due to impairment of fixed assets and interest payable, and to a very small extent to losses by operations.
It is noted that no qualification is included by the external auditors of the Company, KPMG Ltd, in the audited financial statements of the Company and SFS Group for 2014, as to the ability of the Company and/or the SFS Group to continue operating as a going concern, and the Management of the Group considers that it takes all necessary measures for the preservation of the viability of the Group and the expansion of its activities, in the present, particularly difficult, business and economic environment.
It is emphasized that any capital reduction of the share capital of the Company would offer no benefit to the shareholders of the Company, or to the Company itself.
According to the announcement, at a meeting held yesterday the Board of Directors decided that an extraordinary general meeting of the shareholders of the Company shall be convened on June 18, 2015 to examine whether the company must be dissolved or any other measure to be taken as according to the final, audited financial statements of the Company for the financial year 2014, it emerged that the Company has lost over 50% of its subscribed share capital.
The Board of Directors has decided to propose to the extraordinary general meeting of the shareholders, the continuation of the business of the Company as is today towards the realization of its business objectives, without taking any other measures.
In adopting the above decision, the Board of Directors took into account that
although the financial statements of the Company show a loss over 50% of its subscribed share capital and the Total Equity attributable to Equity Holders of the Company is at €10.586.302 on 31 December 2014, losses were significantly reduced in 2014 as compared to 2013 (Losses 2014: €11,619,418. Losses 2013: €35,154,232). Further, the 2014 losses are principally due to impairment of fixed assets and interest payable, and to a very small extent to losses by operations.
It is noted that no qualification is included by the external auditors of the Company, KPMG Ltd, in the audited financial statements of the Company and SFS Group for 2014, as to the ability of the Company and/or the SFS Group to continue operating as a going concern, and the Management of the Group considers that it takes all necessary measures for the preservation of the viability of the Group and the expansion of its activities, in the present, particularly difficult, business and economic environment.
It is emphasized that any capital reduction of the share capital of the Company would offer no benefit to the shareholders of the Company, or to the Company itself.
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