The Board of Directors of the company with the corporate name HALCOR S.A. METAL WORKS, trading as HALCOR S.A., announces that on 14.7.2006 4,015,248 new unregistered shares in HALCOR S.A. METAL WORKS will begin to be traded on the Athens Exchange. These new shares were issued as part of the share capital increase of HALCOR S.A. METAL WORKS due to merger by absorption with the company FITCO METAL PROCESSING INDUSTRY S.A. It is hereby confirmed that -on the basis of the approved share swap ratio- the new shares which resulted from the merger will be credited by the Central Securities Depository to shareholder accounts via the Dematerialised Securities System on 14.7.2006. From that same date (14.7.2006) the starting trading price for shares in the company on the Athens Exchange (ATHEX) will be determined in accordance with ATHEX Rules read in combination with Decision No. 35/24.11.2005 of the ATHEX Board, as in force. Note that swap ratio for shares in the merged companies is as follows:
I. Each shareholder in FITCO, the absorbed company (with the exception of the absorbing company) will swap 1 ordinary registered share carrying voting rights with an old nominal value of Euro 1.11 with 0.78084608539 new ordinary unregistered shares carrying voting rights in HALCOR, the absorbing company, with a new nominal value of Euro 0.38 each. That is to say that shareholders in FITCO, the absorbed company, will receive in total, when this number has been rounded-off, 4,015,248 ordinary unregistered shares in HALCOR, the absorbing company [(10,350,000 - 5,207,284) = 5,142,176 x 0.78084608539 = 4,015,248 shares].
II. Each existing shareholder in HALCOR, the absorbing company, holding ordinary unregistered shares carrying voting rights will swap 1 ordinary unregistered share carrying voting rights with an old nominal value of Euro 0.33 with 1 ordinary unregistered share carrying voting rights in HALCOR, the absorbing company, with a new nominal value of Euro 0.38 each. That is to say that shareholders in HALCOR, the absorbing company will receive a total of 96,981,079 shares [(96,981,079 x 1) = 96,981,079 shares].
Following this merger which was approved by Decision No. K2-9666/30.6.2006 of the Minister of Development, the share capital of HALCOR S.A. METAL WORKS will stand at Euro 38,378,604.26 divided into 100,996,327 unregistered shares with a nominal value of Euro 0.38 each. At its meeting on 7.7.2006 the Board of Directors of ATHEX approved listing of the 4,015,248 new unregistered shares with a nominal value of 0.38 which resulted from the merger by absorption for trading on ATHEX. The merger prospectus prepared and submitted to the Board of Directors of the Hellenic Capital Market Commission on 29.6.2006 has been available to investors since Friday, 30.6.2006 at the company's offices at the 57th Km of the Athens - Lamia National Road. A copy of the merger prospectus has also been posted to the ATHEX website (www.ase.gr) and the company's website (www.halcor.gr). Should shareholders require more information they can contact Mr. Elias Hahamis at the Company's Shareholder Relations Department during normal business hours on 22620-48111.