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 02/02/2004 -
AG
PETZETAKIS S.A. (AT HEX.PET) reports the successful competition of the restructuring
process and acquisition of the majority control in imperial Plastech INC.
AG PETZETAKIS
SA (ATHEX:PET) REPORTS THE
SUCCESSFUL COMPLETION OF THE RESTRUCTURING PROCESS AND
ACQUISITION OF MAJORITY CONTROL IN IMPERIAL PLASTECH INC. (TSX:IPQ)
In accordance with the article 4 of the HCMC decision 5/204/2000, A.G. Petzetakis
(AGP) announced today the acquisition of 51% of the outstanding common shares
of Imperial Plastech Inc (IPQ), a Canadian plastic pipe manufacturer and
listed on the Toronto Stock Exchange (TSX). Also Mr. George Petzetakis, the
controlling shareholder and the President of the Board of Directors and Managing
Director of AGP acquired an additional 37.95% of the outstanding common shares
of IPQ. The total consideration for the acquisition amounted to CN$ 2 million
and concludes the successful restructuring process and assumption of the
management control in IPQ pursuant to which AGP issued a public statement
on June 20 2003.
AGP acquired 51% of the issued and outstanding common shares of IPQ through
a rights issue process after having received approvals from the TSX and
the Courts of Toronto.
It must be noted that George Petzetakis Chairman of the AGP Board of Directors
and Managing Director of AGP and Pavlos Kanellopoulos Chief Financial Officer
of AGP have been appointed as members of the Board of Directors of IPQ.
The acquisition confirms
AGP Management’s commitment for geographic
expansion of the Group’s core activities, complementing its international
platform of operations in Europe, Africa and North America.
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