Forthnet informs the investors, that in the light of the recent announced change in it's shareholder structure which took place on Thursday 14 February 2008 the Members of the Board of Directors ("BoD") Constantine Gontikas, Dimitris Goulandris, Graham Bruce McInroy and Apostolos Traganitis resigned.
In substitution of the resigned Members of the BoD, in accordance with article 22 of the company's Articles of Associations and the article 18 par. 7 of the C.L. 2190/1920,as in force, elected as new provisional non executive Members of the BoD, Messrs. Deepak Srinivas Padmanabhan, Saviour Portelli, Michael Warrington and Majid Mohsin, for the remaining term of the resigned.
After the above election the Board of Directors was reincorporated as following:
1) John Averrof son of Michael, Chairman, Non Executive Member
2) Deepak Srinivas Padmanabhan, son of Velaiadam Srinivas Padmanabhan, Vice-President non Executive Member
3) Pantelis Tzortzakis son of Michael, Chief Executive Officer, Executive Member
4) Warrington Michael son of William, Non Executive Member
5) George Koutsoudakis son of Dimitrios, Independent, Non Executive Member
6) Majid Mohsin son of Khawaja Abdul Majid , Non Executive Member
7) Alkiviadis Pagiatakis son of Xaridimos, Non Executive Member
8) Saviour Portelli son of John, Non Executive Member
9) Iasonas Stratos son of Stamoulis, Independent Non Executive Member
The term of office of the Board of Directors expires on 16.3.2011 and may be extended until the Ordinary General Meeting, which will convene within the year after the expiry of the term of office.
Mr Ioannis Averoff Chairman of the BoD of Forthnet and Mr Pantelis Tzortzakis CEO of Forthnet said: "We welcome EIT and GO into Forthnet's share capital as our largest shareholders. We believe that EIT and GO's investment further enhances Forthnet's shareholder base and allows the undeterred execution of Forthnet's strategic plan".
Mr Deepak Padmanabhan, CEO of EIT and Deputy Chairman of Forthnet's BoD said: "EIT is executing on its plan of investing in the telecoms sector internationally, and will deliver superior returns by deploying an active management model, and through combining the capabilities of financial investors with the strategic thinking and sector expertise of a telecoms operator."
The above Forthnet's announcement is published according to the Regulation of ASE (art. 276 and 281), the Law 3556/2007 (art.3, par.1 (ist), (bb), και art. 21), the resolution 1/434/3.07.2007 of the HCMC, the Law 3340/2005 (art.10) and the resolution 3/347/12.07.2005 of the HCMC.