News
Decisions of the Extraordinary General Meeting
20.12.2007
The Company hereby announces that at the Extraordinary General Meeting of Shareholders convened on 20th December 2007, two (2) shareholders were present representing 82.955% of the share capital and thus the quorum required by law and the articles of association for discussing the following items was achieved:
1. Approval of changes to the use of capital raised as per article 284, Athens Stock Exchange Regulation.
2. Various Announcements
The Extraordinary General Assembly, meeting in an 82.955% quorum with a 100% majority of shareholders present, decided on all matters on the agenda as follows:
Item 1: Approval of changes to the use of capital raised as per article 284, Athens Stock Exchange Regulation. In particular, the transfer of the appropriation of four hundred thousand euros (€400,000), initially foreseen to be appropriated during the 2nd quarter of year 2007, to year 2008, was approved. Initially, and according to its capital appropriation schedule, the Company intended to finance the publication of Fortune magazine in Turkey. However, the publication of the said magazine was initially financed by capital and reserves of the above magazine's publisher in Turkey. Therefore the Company decided to transfer the use of the above raised capital and appropriate the said amount for the development of new publications, either new special magazines or newspapers, in Greek, Turkey or Romania, within year 2008. In the above Balkan countries, the publication of new magazine or newspaper titles will be implemented through the establishment or acquisition of companies, or by participation in the share capital increase of an existing legal entity. Furthermore, changes to the appropriation of fifty thousand euros (€50,000) initially foreseen to be appropriated in the 2nd quarter of year 2007 and fifty thousand euros (€50,000) foreseen to be appropriated during the 1st quarter of year 2008, to investigate investment opportunities for further development of the existing events organization department, were approved. The Company decided to appropriate this capital, amounting to a total of one hundred thousand euros (€100,000) for the development of new magazine or newspaper publications in Greece and the Balkans.
The table of capital raised following the above change, is as follows:
| TABLE OF CAPITAL RAISED | |||
| Amounts in € | |||
| DESCRIPTION | 2007 | 2008 | Total |
| Current needs for floating capital and current liability coverage | 7,113,000.00 | 0.00 | 7,113,000.00 |
| Development of new magazine titles in Greece and the Balkans | 100,000.00 | 900,285.12 | 1,000,285.12 |
| Investments in the broader media sector (radio - television) | 5,661,500.00 | 0.00 | 5,661,500.00 |
| Investments in the broader entertainment sector | 0.00 | 0.00 | 0.00 |
| Total | 12,874,500.00 | 900,285.12 | 13,774,785.12 |
