VARVARESSOS S.A.
Annual General Shareholders' Meeting Decisions
The Annual Ordinary General Shareholders Meeting for the fiscal year 2010, held on Thursday 30.06.2011 at the headquarters of the company in Stenimachos Naoussa was attended by 3 Shareholders who represented 70.76% of the paid up share capital, ie 7,291,801 shares out of a total of 10,305,079 shares. The following decisions were taken:
1. Approval of the 2010 Annual Financial Statements of the Company according to IFRS for the fiscal year 1.1 - 31.12.2010 with 7.291.801 votes (100% of the representatives) as well as the relevant report of the Board of Directors and that of the Statutory Auditor. Due to losses the General Meeting decided the non-distribution of dividends for the year 2010.
2. Release of the members of the Board of Directors and of the Certified Auditors from any liability for the year 2010. The decision was voted with 7,291,801 votes (100% of the representatives).
3. Approval of remunerations, fees and expenses of the Board of Directors with 7,291,801 votes (100% of the representatives).
4. Mr Athanasios Diamandis (Auditors ID number: 13091) as ordinary Chartered Auditor and Mr. Stamatis Loukmakiozis (Auditors ID number: 16301) as extraordinary Chartered Auditor of the Audit Company "SOL Certified Auditors Accountants S.A." were unanimously elected as statutory and substitute Certified Public Accountant Auditors for 2011 with 7,291,801 votes (100% of the representatives) and certified as Auditors for the First Quarter 2011 Financial Statement.
5. Approval of remunerations and fees according to the articles 23a and 24 of the Law 2190/1920 with 7,291,801 votes (100% of the representatives).
6. Election with 7,291,801 votes (100% of the representatives) of a three-member Audit Committee composed of members of the Board of Directors Mr. Anastasios Valsamidis, Mrs. Ourania Panagiotalidi and Mr. Pantelis Palantzidis, based on the Article 37 of Law 3693/2008 and Law 3016/2002.
7. Announcemend that on 21/06/2011 based on Law 3299/2004 the Advisory Committee of the Ministry of Development approved the Restructuring Plan of the Company. Furthermore the agreement between the Company and "Ravasol" regarding the leasing of the roofs of the Company for the installation and operation of electricity generators and the agreement between the Company and "Systemateco" regarding the leasing of the Company plant for the installation and operation of electricity generation.
1. Approval of the 2010 Annual Financial Statements of the Company according to IFRS for the fiscal year 1.1 - 31.12.2010 with 7.291.801 votes (100% of the representatives) as well as the relevant report of the Board of Directors and that of the Statutory Auditor. Due to losses the General Meeting decided the non-distribution of dividends for the year 2010.
2. Release of the members of the Board of Directors and of the Certified Auditors from any liability for the year 2010. The decision was voted with 7,291,801 votes (100% of the representatives).
3. Approval of remunerations, fees and expenses of the Board of Directors with 7,291,801 votes (100% of the representatives).
4. Mr Athanasios Diamandis (Auditors ID number: 13091) as ordinary Chartered Auditor and Mr. Stamatis Loukmakiozis (Auditors ID number: 16301) as extraordinary Chartered Auditor of the Audit Company "SOL Certified Auditors Accountants S.A." were unanimously elected as statutory and substitute Certified Public Accountant Auditors for 2011 with 7,291,801 votes (100% of the representatives) and certified as Auditors for the First Quarter 2011 Financial Statement.
5. Approval of remunerations and fees according to the articles 23a and 24 of the Law 2190/1920 with 7,291,801 votes (100% of the representatives).
6. Election with 7,291,801 votes (100% of the representatives) of a three-member Audit Committee composed of members of the Board of Directors Mr. Anastasios Valsamidis, Mrs. Ourania Panagiotalidi and Mr. Pantelis Palantzidis, based on the Article 37 of Law 3693/2008 and Law 3016/2002.
7. Announcemend that on 21/06/2011 based on Law 3299/2004 the Advisory Committee of the Ministry of Development approved the Restructuring Plan of the Company. Furthermore the agreement between the Company and "Ravasol" regarding the leasing of the roofs of the Company for the installation and operation of electricity generators and the agreement between the Company and "Systemateco" regarding the leasing of the Company plant for the installation and operation of electricity generation.