Annual Report of the BoD

Annual Report 2012

The General Assembly with its decision of 08.06.12 approved the option by the Company to purchase, ordinary and preferred, own shares, pursuant to the provisions of article 16 par.1 of Codified Law 2190/1920. More specifically, the Company was empowered to directly or indirectly acquire own shares, within a period of twenty four months, as provided by the law, i.e. until 08.06.2014 and up to one tenth of its paid up share capital, including the own shares that the Company has already acquired and maintains, at a maximum price of €40 per share and at a minimum price equal to the nominal value of the share, i.e. €4 per share. Subsequently, with its decision of the same day (08.06.12), the Board of Directors of the Company voted to implement the aforementioned decision of the General Assembly provided that said purchases will be deemed as beneficiary compared to other available investments and that the Company’s capital reserves will allow so. 

Throughout the course of 2012 however no acquisitions or disposals of the Company’s own shares took place. 

The total number of own shares that the Company held as at 31.12.2012 was 3,117,616 (31.12.2011: 3.117.616), of which 3,111,697 are common shares and 5,919 are preference shares without voting rights, representing 3.68% of the Company’s paid up Share Capital.