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SFS-WKH: Chr. Ellinas comments on CSE 's Council decision

21/11/2002 15:14
“We will await for CSE Council’s decision and once this is announced, our Board of Directors will convene within 7 days to take the relevant decisions”, said the Sharelink Chairman Christodoulos Ellinas, commenting on the latest CSE Council decision with regard to White Knight Holdings Ltd listing in the CSE after its acquisition by Sharelink.

The Board member, Akis Kleanthous, however, told “SW” that the Council’s terms concerning the approval of Company’s Prospectus for the application to issue more shares, is completely “nonnegotiable”.

It is noted that in case SFS Board accepts Council’s terms, its application will be further handed to SEC, which has the right to make the proper amendments. Once SEC has proceeded to proper actions, the application will be re-examined by the CSE Council, which is to finalize its decision on the issue. Mr. Kleanthous noted that if SEC proceeds to amendments, then the application is to be rejected by the CSE Council.

Meanwhile it is highly likely that SEC will exercise all the power it has (and the Council has not), as “this case concerns a large acquisition (money wise) ”. It is worth mentioning that SEC has the power to verify and clarify the data – by obtaining Company’s documents – as well as to “break” the professional secret.