SCIENS INTERNATIONAL INVESTMENTS AND HOLDINGS SA
Announcement
SCIENS INTERNATIONAL INVESTMENTS AND HOLDINGS SOCIΕTΕ ANONYME
Alteration of the use and of the time schedule for the period of capital distribution that derived from the increase of the share capital
It is notified by the Company "SCIENS INTERNATIONAL INVESTMENTS AND HOLDINGS SOCIΕTΕ ANONYME" (hereinafter the "Company"), that on 27.06.2008, the Ordinary General Meeting of the Shareholders, approved the alteration of the use and of the time schedule for the period of capital distribution that derived from the increase of the share capital of the Company which was resolved in the A' Repeat General Meeting of the Shareholders of the Company on 13.07.2007 and was completed on 10.12.2007 (the "Increase").
In particular, the Ordinary General Meeting of the Shareholders resolved that a part of the capital drawn by the Increase (i.e. the amount of Euro 6,926,891.22) after the deduction of the respective issue costs, will be used for the cover of financial expenses of the 1st quarter of the Company and for the cover of financial expenses and repayment of the short-term loan granted to the subsidiary under the name Sciens International Structured Finance Holdings Ltd. It is noted that the above amount includes the amount of Euro 5,000,000 which was resolved by the Extraordinary General Meeting held on 05.02.2008 to be used for the cover of the Company's operational needs.
In addition, the period of capital distribution that derived from the Increase shall lapse at the end of the year 2008, and therefore the realization of the investments of the capital drawn by the Increase shall be concluded at the end of the year 2008. The General Meeting approved the form of the table of capital distribution, which will have as follows:
Period of Capital Distribution Percentage of Capital distribution
4th quarter 2007 32%
A' half of 2008 57%
B' half of 2008 11%
In relation to the content of the Prospectus of the Increase for the distribution of euro 37 million for the participation of the Company to "the increase of the share capital of the 100% owned subsidiary under the name Sciens International Holdings 2 Ltd., so as to mainly finance the repayment of a its -term loan that amounts to euro 35 million, as well as the relevant expenses and interest which are estimated to amount to approximately euro 1.5 million, while the remaining amount of approximately euro 0.5 million shall be disposed for future investments of Sciens International Holdings 2 Ltd", the General Meeting approved, given that the amount of the above expenses and interest after the repayment of the short-term loan of euro 35 million, finally amounted to euro 1.1 million, the distribution of the remaining amount of ?0.9 million together with other amounts, to investing capital of Sciens Special Situation Master Fund (former Sciens Structured Debt Holdings III).
It is noted that from the discovery and the evaluation of a particular investment until its realization, more time that the initially expected in the time schedule could be necessary and reasons may exist and/or situations may occur beyond the control of the Company, which may lead to the alteration of the above time schedule.
As far as this resolution for the alteration of the use and the time schedule for the period of capital distribution that derived by the Increase, the Company shall make a separate announcement.
Alteration of the use and of the time schedule for the period of capital distribution that derived from the increase of the share capital
It is notified by the Company "SCIENS INTERNATIONAL INVESTMENTS AND HOLDINGS SOCIΕTΕ ANONYME" (hereinafter the "Company"), that on 27.06.2008, the Ordinary General Meeting of the Shareholders, approved the alteration of the use and of the time schedule for the period of capital distribution that derived from the increase of the share capital of the Company which was resolved in the A' Repeat General Meeting of the Shareholders of the Company on 13.07.2007 and was completed on 10.12.2007 (the "Increase").
In particular, the Ordinary General Meeting of the Shareholders resolved that a part of the capital drawn by the Increase (i.e. the amount of Euro 6,926,891.22) after the deduction of the respective issue costs, will be used for the cover of financial expenses of the 1st quarter of the Company and for the cover of financial expenses and repayment of the short-term loan granted to the subsidiary under the name Sciens International Structured Finance Holdings Ltd. It is noted that the above amount includes the amount of Euro 5,000,000 which was resolved by the Extraordinary General Meeting held on 05.02.2008 to be used for the cover of the Company's operational needs.
In addition, the period of capital distribution that derived from the Increase shall lapse at the end of the year 2008, and therefore the realization of the investments of the capital drawn by the Increase shall be concluded at the end of the year 2008. The General Meeting approved the form of the table of capital distribution, which will have as follows:
Period of Capital Distribution Percentage of Capital distribution
4th quarter 2007 32%
A' half of 2008 57%
B' half of 2008 11%
In relation to the content of the Prospectus of the Increase for the distribution of euro 37 million for the participation of the Company to "the increase of the share capital of the 100% owned subsidiary under the name Sciens International Holdings 2 Ltd., so as to mainly finance the repayment of a its -term loan that amounts to euro 35 million, as well as the relevant expenses and interest which are estimated to amount to approximately euro 1.5 million, while the remaining amount of approximately euro 0.5 million shall be disposed for future investments of Sciens International Holdings 2 Ltd", the General Meeting approved, given that the amount of the above expenses and interest after the repayment of the short-term loan of euro 35 million, finally amounted to euro 1.1 million, the distribution of the remaining amount of ?0.9 million together with other amounts, to investing capital of Sciens Special Situation Master Fund (former Sciens Structured Debt Holdings III).
It is noted that from the discovery and the evaluation of a particular investment until its realization, more time that the initially expected in the time schedule could be necessary and reasons may exist and/or situations may occur beyond the control of the Company, which may lead to the alteration of the above time schedule.
As far as this resolution for the alteration of the use and the time schedule for the period of capital distribution that derived by the Increase, the Company shall make a separate announcement.