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CSE: Transfer of titles postponed

06/06/2013 15:43
The transfer of titles of certain CSE-listed companies to the Special Category Market, as announce yesterday, has been postponed due to reactions from the affected companies.

The CSE announces that further to the announcement of the Cyprus Stock Exchange dated June 5, 2013 in relation to the transfer of a number of issuers to the Special Category Market based on the annual financial statements of the listed issuers for 2012, the CSE Council decided that the decision will not be executed on June 7, 2013.

This decision was taken due to the representations/positions submitted to the CSE by the listed companies affected and which are evaluated by the CSE Council.

Chairman of the CSE Council, Giorgos Koufaris told StockWatch that the decision to suspend the transfer of these listed companies was the result of strong representations made to the authorities by the auditors.

This approach, he said, was examined by the CSE Council which found that further time should be given to the auditors to cite clarifications in the financial statements of the companies.

"There should be no signs of doubt and uncertainty about the future of companies, even if the market is in the midst of severe financial crisis. The investors and shareholders of companies should be fully aware of the future of the company they invest in, "he said.

Audit firms were given one week to take corrective reports on the financial statements, which will be evaluated to decide on the stay of the 13 companies in the categories they belong to or will be transferred to a special market.

The CSE announced yesterday that the transfer of a number of companies is due to the uncertainty that may reveal significant doubt as to the ability of companies / groups to continue as going concerns.

The CSE announced that Louis will be transferred to the Special Category Market from the main market while Laiki Capital from the parallel market to the special category market. Also, it announced the transfer from the Alternative Market to the Special Category Market of Primetel, Exelixis, Forest Industries, CPI Holdings, SFS, AL Prochoice, Philoktimatiki, Triaina, CCC Tourist Enterprises, CLR Investement Fund and Unigrowth.

The CSE announced the transfer of Liberty Life to the parallel market from the special category market.