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FRH: No fees to BoD and spin off

14/06/2010 10:08
More and more companies decide to reduce the fees of their Board members lately. The Annual General Meeting of Hadjiioannou Farm decided on Friday not to pay remuneration to its Directors for 2009.

This decision follows similar decisions of Chris Ioannou and Philoktimatiki. Unlike those two companies, FRH was profitable in 2009.

The AGM of FRH approved the financial statements for 2009 and re-elected Charalambos Hadjisolomis (Chairman), Andreas Sialos and Renos Hadjiioannou as Board members.

According to the announcement, “The Extraordinary General Meeting held after the AGM approved unanimously the resolutions for the secession of the subsidiary FRH Food Ltd and the issue of convertible bonds of €2.2 million to professional investors and persons who will invest at least €50,000 each”.

“Following their disposal, the Company will submit an application for their listing in the CSE. The Board of Directors in cooperation with the Company’s Directors will adopt the decisions the soonest possible”, it concluded.

In 2009, FRH enjoyed profits of €1.1 million against losses of €1.8 million in 2008.