2008

 20/05/2008 - Annual Shareholders’ Meeting of Hellenic Industry of Plastics and Rubber, Aristovolos G. Petzetakis S.A. press release

During the Annual Shareholders’ Meeting of Hellenic Industry of Plastics and Rubber, Aristovolos G. Petzetakis S.A. (the Company), that took place today, 20.5.2008 at 9:00 a.m., at the Company’s offices in Peania of Attica, where shareholders representing 26.466% of the total Company’s shares and voting rights were present, the following were unanimously approved:

·        the 2007 Annual Financial Statements and Results of the Company and the Group, the 2007 Management Report of the Board of Directors regarding the Company and the Group, according to IFRS, and the 2007 Audit Report of the certified Auditor,

·        the discharge of the Members of the Board of Directors and the Auditor of any liability for the 2007 financial year,

·        the election for the audit of the 2008 Financial Statements and the Results of the Company and the Group of the auditors Messrs. D. Diamantaras & S. Kourtelas of the auditor’s company Moore Stephens S.A., and the fees of the said company,

·        the election of Mr. G. Katsaros as a new Member of the Company’s Board of Directors replacing the resigned Member Mr. Ev. Papazoglou since 27.3.2008,

·        the agreements with affiliated companies and Members of the Company’s Board of Directors and the assumption by the Company of obligations towards them, according to Article 23a of the codified law 2190/1920, within the framework of the € 121.91 mln debt refinancing and restructuring agreement between the Company, its subsidiaries, its principal shareholder and its bank creditors and foreign investors owning Company’s debt obligations, which was concluded on 22.2.2008,

·        all the paid fees and allowances provided to the Members of the Board of Directors for their services during the 2007 financial year, and the approval of their fees for the 2008 financial year and the 1st semester of the 2009 financial year,

·        the approval of the Members of the Board of Directors of the Company and its Directors, according to Article 23 of the codified law 2190/1920, to participate in Boards of Directors and in the management of Group companies with same or similar objects,

·        the amendment of Article 10 of the Company’s Articles of Association regarding the appointment of Members of the Company’s Board of Directors within the framework of the Convertible Bond Loans dated 28.1.2008, issued according to the decisions of the Shareholders’ Meeting dated 9.10.2007 and the Board of Directors dated 11.1.2008, whereas the amendment of Article 12 of the Company’s Articles of Association was decided not to be necessary for the moment.

Moreover, whilst the financial benefits of the € 121.91 mln debt refinancing and restructuring agreement (concluded on 22.2.2008) were not included in the 2007 Annual Financial Statements and Results of the Company and, thus, did not positively influence the financial results of this year, such benefits will be reflected in the following semi annual financial statements of the Company, and, hence, it was decided that there is no need to adopt other measures, according to Articles 47 & 48 of the codified law 2190/1920, as in force, in order to achieve an improvement of the Company’s total equity, which was negative on 31.12.2007 and is expected to become positive again following the full year impact of the debt refinancing and restructuring agreement.

It is noted that the Company did not pay dividends for the 2007 financial year due to losses incurred

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