Avacom: Interim Management Statement
Pursuant to the provisions of Article 11 of the Transparency Requirements Law 2007, Avacom Public Company Ltd announces the main events that occurred from 1/7/2008 to date:
1. Avacom Public Company Ltd has reached a sale agreement of Ceilfloor Manufacturers Ltd to Tachidomi Ltd on the basis of the net book value as at 31/12/2008. The value has been agreed at €4,000,000 and will be readjusted based on the audited results as at 31/12/2008 as long as there are differences. The exchange will be paid cash. There is no differentiation in the financial results of the Group and no profit or loss has resulted.
2. Finalization of the agreement of the major shareholders with Capital One Investments Malta Ltd as announced on February 13 and 27, 2009 for the acquisition of a company of the major shareholders, which will control directly and indirectly 27.5% of the shares of Avacom Public Company Ltd. After the completion of the agreement, Capital One Investments Malta Ltd controls via Top Capital Holdings Ltd 27.34% of the issued share capital of Avacom Public Company Ltd.
3. On 26/2/2009, Mr. Demetris Demetriades was appointed as new Board member and on 29/4/2009 Mr. Michalis Iacovou withdrew from the Board of Directors.
1. Avacom Public Company Ltd has reached a sale agreement of Ceilfloor Manufacturers Ltd to Tachidomi Ltd on the basis of the net book value as at 31/12/2008. The value has been agreed at €4,000,000 and will be readjusted based on the audited results as at 31/12/2008 as long as there are differences. The exchange will be paid cash. There is no differentiation in the financial results of the Group and no profit or loss has resulted.
2. Finalization of the agreement of the major shareholders with Capital One Investments Malta Ltd as announced on February 13 and 27, 2009 for the acquisition of a company of the major shareholders, which will control directly and indirectly 27.5% of the shares of Avacom Public Company Ltd. After the completion of the agreement, Capital One Investments Malta Ltd controls via Top Capital Holdings Ltd 27.34% of the issued share capital of Avacom Public Company Ltd.
3. On 26/2/2009, Mr. Demetris Demetriades was appointed as new Board member and on 29/4/2009 Mr. Michalis Iacovou withdrew from the Board of Directors.
