07/01/2010 15:03
The results of Advantage Capital Holdings (former Aspis Holdings) are expected to be significantly lower in 2009. According to an announcement released today, “the results for 2009 are expected to be negative mostly due to the Company’s investment activities. Also, there will be a special additional provision of €50,000,000 in relation to the Company’s investment in Commercial Value SA, as announced on 22/12/2009”.
In 2008, the Company enjoyed profits o9f €28.2 million. In the first nine months of 2009, it recorded losses of €26.8 million.
Also, the Board of Directors decided to hold an Extraordinary General Meeting on January 29 to decide the increase in its share and nominal capital.
With special resolution 1, the Board of Directors is authorized – no later than six months after this resolution – to proceed with the issue and allocation of up to 117,647,000 shares of nominal value €0.68 each at the price of €0.68 each cash, titles of listed securities and/or properties to investors who will express their interest in acquiring shares. The minimum number of shares that the Board of Directors is authorized to issue and allocate per investor is 1,000,000 shares against €680,000.
With special resolution 2, it is authorized that the Company’s nominal share capital, which amounts to €103,360,000.00 divided into 152,000,000 ordinary shares of nominal value €0.68 each be increased to €158,440,000 divided into 233,000,000 shares of nominal value €0.68 each
The same Extraordinary General Meeting will approve a resolution for the transfer of the Company’s titles from the Main Market to the Alternative Market and the Company will, therefore, cease to adopt the Corporate Governance Code.
In order to take this decision, the Board of Directors took into account: 1) the negative developments as described in the Company’s financial statements, 2) the cutback of the Company’s administrative staff, 3) the cost of enforcement of the CGC provisions by the Company and the subsidiaries, which either must adopt fully the Code from January 1, 2010 or the parent Company must control its adoption with central Nominations, Remuneration and Audit Committees, 4) the Company’s shares trade in the Main Market, where the enforcement of the CGC is obligatory, while this is not valid in the Alternative Market, where the adoption of the Code is voluntary.
Resignation of Board members
The Board of Directors announced that on December 31, 2009 it accepted the resignation of Mr. Paris Mavromatis from his position as Board member, which was handed in due to increased professional commitments.
The Board of Directors also accepted the resignation of Mr. Stephanos Avgouleas from his position as Board member, which was handed in due to increased professional commitments.
The Board of Directors will meet after the end of the EGM to discuss issues related to the reorganization of the Board of Directors in view of the possible changes during the EGM.
In 2008, the Company enjoyed profits o9f €28.2 million. In the first nine months of 2009, it recorded losses of €26.8 million.
Also, the Board of Directors decided to hold an Extraordinary General Meeting on January 29 to decide the increase in its share and nominal capital.
With special resolution 1, the Board of Directors is authorized – no later than six months after this resolution – to proceed with the issue and allocation of up to 117,647,000 shares of nominal value €0.68 each at the price of €0.68 each cash, titles of listed securities and/or properties to investors who will express their interest in acquiring shares. The minimum number of shares that the Board of Directors is authorized to issue and allocate per investor is 1,000,000 shares against €680,000.
With special resolution 2, it is authorized that the Company’s nominal share capital, which amounts to €103,360,000.00 divided into 152,000,000 ordinary shares of nominal value €0.68 each be increased to €158,440,000 divided into 233,000,000 shares of nominal value €0.68 each
The same Extraordinary General Meeting will approve a resolution for the transfer of the Company’s titles from the Main Market to the Alternative Market and the Company will, therefore, cease to adopt the Corporate Governance Code.
In order to take this decision, the Board of Directors took into account: 1) the negative developments as described in the Company’s financial statements, 2) the cutback of the Company’s administrative staff, 3) the cost of enforcement of the CGC provisions by the Company and the subsidiaries, which either must adopt fully the Code from January 1, 2010 or the parent Company must control its adoption with central Nominations, Remuneration and Audit Committees, 4) the Company’s shares trade in the Main Market, where the enforcement of the CGC is obligatory, while this is not valid in the Alternative Market, where the adoption of the Code is voluntary.
Resignation of Board members
The Board of Directors announced that on December 31, 2009 it accepted the resignation of Mr. Paris Mavromatis from his position as Board member, which was handed in due to increased professional commitments.
The Board of Directors also accepted the resignation of Mr. Stephanos Avgouleas from his position as Board member, which was handed in due to increased professional commitments.
The Board of Directors will meet after the end of the EGM to discuss issues related to the reorganization of the Board of Directors in view of the possible changes during the EGM.
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