MICHANIKI S.A. hereby announces, in accordance with article 278 of the Athens Stock Exchange Regulation, that during the special General Assembly of the Company's shareholders and holders of preferential shares, which was held on Wednesday 25 June 2008 at 15:00 hours at the Company's Headquarters in the Municipality of Amarousio in Attica (91 M. Alexandrou Street and 25th Martiou Street), 26 natural and legal persons attended and were represented at the meeting, representing 2,139,075 preferential shares out of a total of 25,968,987 preferential shares, i.e. 8.24%; consequently, the quorum required for discussing the issues on the agenda and making decisions was not reached; the agenda was as follows:
Issue 1: Increasing the Company's share capital by euro 5,574,390.78 in total by capitalizing the following reserve funds: a) In accordance with the provisions of Law 2065/1992, the difference resulting from the revaluation of property of the reserve fund 'Differences from revaluating other assets', which is included in the 'Profit or Loss Brought Forward' account of the published financial positions based on the IAS amount of euro 5,312,878.76; b) the taxed reserve fund 'Taxed Funds' (article 7, Law 2579/1998) amounting to euro 205,022.92, and c) part of the taxed reserve fund 'Reserves from own share dividends of the 2006 accounting period' amounting to euro 56,489.10 by increasing the nominal value of shares, registered and preferential, from euro 1.48 to euro 1.54 without changing the number (quantity) of shares. Amending article 5 and article 27 of the Charter as regards share capital in order to accommodate the increase mentioned above.
Issue 2: Vesting the Board of Directors with a five-year authority to: a) increase the Company's share capital in accordance with article 13 §1b of Codified Law 2190/1920, as currently in effect, and b) to decide whether to issue debenture loans with convertible debentures in accordance with article 3a §1b of Codified Law 2190/1920, as currently in effect.
The foregoing issues shall be discussed and decided upon at the First Repeating General Assembly of shareholders and holders of preferential shares, which - according to a decision reached by the Board of Directors on 29 May 2008 and the invitation that has already been published - shall take place on Wednesday 9 July 2008, at 15.00 hours, at the Company's Headquarters in the Municipality of Amarousio in Attica (91 M. Alexandrou Street and 25th Martiou Street, ground floor, Assembly Hall) without sending any other invitation.