CTC: AGM decisions – Dividend of 3.5 cents – EGM approved name change and buyback
12/6/2007 10:09
The Annual General Meeting of Cyprus Trading Corporation Public Ltd took place on Monday, June 11, 2007 at the International Conference Centre in Nicosia.
APPOINTMENT OF BOARD MEMBERS
The AGM reelected Marios Loucaides, Demetris Ioannou, Stelios Mandidis, Marios Panayides, Costas Severis and Demetrakis Chacholiades as Board members.
DIVIDEND OF 7%
The AGM approved the payment of a dividend of 7% on the nominal value of the share, that is, 3.5 cents per share that corresponds to €0.06. The cum-dividend date will be on June 29, 2007, while the ex-dividend date will be on July 2, 2007. The dividend will be paid on July 16, 2007.
PROGRESS AND PROSPECTS
In his speech, Executive Chairman, Nicos K. Shacolas said that the turnover of the Group for the first five months of 2007 stood at £53,558,000 (€92,818,000) compared to £46,612,000 (€80,781,000) in the corresponding period of 2006, recording an increase of £6,946,000 (€12,038,000) or 4.19%. The turnover for 2007 does not include the turnover of Ermes for a better comparison of the results.
The turnover of CTC, including the turnover of the subsidiary Ermes for the first five months of 2007, stood at £89,842,000 (€155,700,000).
Mr. Shacolas added that “all indications so far have made us optimistic and we expect that profitability will reach £10 million, which is the Company’s target according to the Budget 2007”.
EXTRAORDINARY GENERAL MEETING
Change of name
The EGM that was held prior to the AGM decided that the Company’s name change from Cyprus Trading Corporation Public Ltd to Cyprus Trading Corporation Plc.
Buyback
With a second resolution, the EGM authorized the Board of Directors to proceed to buyback of won shares for the next 12 months, pursuant to the provisions of the relevant legislation.
APPOINTMENT OF BOARD MEMBERS
The AGM reelected Marios Loucaides, Demetris Ioannou, Stelios Mandidis, Marios Panayides, Costas Severis and Demetrakis Chacholiades as Board members.
DIVIDEND OF 7%
The AGM approved the payment of a dividend of 7% on the nominal value of the share, that is, 3.5 cents per share that corresponds to €0.06. The cum-dividend date will be on June 29, 2007, while the ex-dividend date will be on July 2, 2007. The dividend will be paid on July 16, 2007.
PROGRESS AND PROSPECTS
In his speech, Executive Chairman, Nicos K. Shacolas said that the turnover of the Group for the first five months of 2007 stood at £53,558,000 (€92,818,000) compared to £46,612,000 (€80,781,000) in the corresponding period of 2006, recording an increase of £6,946,000 (€12,038,000) or 4.19%. The turnover for 2007 does not include the turnover of Ermes for a better comparison of the results.
The turnover of CTC, including the turnover of the subsidiary Ermes for the first five months of 2007, stood at £89,842,000 (€155,700,000).
Mr. Shacolas added that “all indications so far have made us optimistic and we expect that profitability will reach £10 million, which is the Company’s target according to the Budget 2007”.
EXTRAORDINARY GENERAL MEETING
Change of name
The EGM that was held prior to the AGM decided that the Company’s name change from Cyprus Trading Corporation Public Ltd to Cyprus Trading Corporation Plc.
Buyback
With a second resolution, the EGM authorized the Board of Directors to proceed to buyback of won shares for the next 12 months, pursuant to the provisions of the relevant legislation.
