For the purpose of informing and facilitating the investing public, Technical Olympic S.A. notifies information regarding the obligation and the disclosure procedure of significant participations, as per the provisions of L.3556/2007 (henceforth referred to as "the law"), the provisions of decision no. 1/434/3.7.2007 of the Hellenic Capital Market Commission (HCMC) BoD (henceforth referred to as "the decision") and the relevant specifications of the interpretation of circular note 33 of the HCMC (henceforth referred to as "the circular note").
PERSONS LIABLE FOR THE DISCLOSURE OF SIGNIFICANT PARTICIPATIONS OR VOTING RIGHTS
As per article 14 par. 2 of the law, it is an individual obligation:
(a) for every shareholder of the company, whose shares are listed in an organized exchange, which acquires or disposes shares incorporating voting rights, and as a result of the acquisition or the disposal or the exercise of these, the voting right he possesses reaches, exceeds or goes below the limit of 5%, 10%, 15%, 20%, 25%, 1/3, 50% and 2/3, or , as long as he possesses more than 10% of the voting rights, he shows a change equal to or higher than 3% of the total voting rights of the issuer, and
(b) for every person (shareholder or non) who has the right to acquire, dispose or exercise one's voting right of the same company and as a result of the acquisition or the disposal or the exercise of these, the voting rights he possesses reaches, exceeds or goes below the limit of 5%, 10%, 15%, 20%, 25%, 1/3, 50% and 2/3, or, as long as he possesses higher than 10% of the voting rights, he shows a change equal to or higher than 3% of the total voting rights of the issuer, should inform accordingly the issuer and the HCMC.
The Company, as per article 9 par. 5 of the law, for the calculation of the above limits, publicized the total number of voting rights and its share capital with its by prot. no. HERMES 35767/29.08.2007 announcement, which is posted on the company website (www.techol.gr).
More detailed information is mentioned in articles 9 up to 14 of the law, in chapter C under the title "OBLIGATIONS FOR CONSTANT INFORMING OF THE INVESTMENT LAW", and in the decision, which have been posted on the HCMC website (www.cmc.gov.gr).
It is pointed out that as of 30.06.2007 (date of law application), and a maximum of three (3) months from this date, that is until the 30.09.2007, the persons liable who posses significant participation of the voting rights, shareholders or not, are obliged to inform the issuer of the percentage they possess of the voting rights and of the share capital, as per articles 9 and 10 of the law, unless they have proceeded with the particular informing before this date as per the initially valid Presidential Decree (PD) 51/1992.
PROCEDURE AND SUBMISSION TIME OF THE NOTIFICATION - QUALIFIED AUTHORITIES
(1) The persons burdened with the obligation to inform as per articles 9 and 10 of the law, are obliged to proceed with the notification of significant, as per the above provisions, changes on their participation of the voting rights of the issuer simultaneously the issuer himself and the HCMC the soonest possible and, in any case, within three (3) trading days at the latest, the first of which is the day after the date by which the shareholder or the individual who acquired the voting rights:
(a) is informed of the acquisition or the disposal or the possibility to exercise voting rights, or
(b) considering the circumstances in each case, had to be informed of the acquisition or the disposal or the possibility to exercise his voting rights, irrespectively of the date by which the acquisition or the disposal or the ability to exercise one's rights is rendered possible, or
(c) is informed as regards a fact mentioned in par.3 of article 9 of the law.
In order to follow the trading days more conveniently, the HCMC publicizes on its website (www.cmc.gov.gr) the diaries of the trading days of the organized exchanges which are located or operate in Greece.
To the extent that the above information may be considered privileged, the persons liable are obliged to have the necessary diligence in the surveillance of the instructions they have given for the transactions and to take the necessary measures so as to be informed on time about the execution or not of these transactions and proceed with their notification.
(2) The Disclosure form contains the following information:
(a) the percentage of the voting rights owned as a result of the acquisition or the disposal,
(b) the chain of controlled companies through which, in essence, the voting rights are owned, should such case deem applicable,
(c) the date on which the percentage of the voting rights reached, exceeded or went below the limits specified in par. 1 and 4 of article 9 of the law, and
(d) the identity of the shareholder, even if he himself has no right of exercising the voting rights as specified in article 10 of the law, as well as that of the person who has the right to exercise the voting rights on behalf of the shareholder in concern.
(3) The simultaneous notification so much to the issuer as to the HCMC is realized via the submission to them of the relevant notification form, a sample of which has been posted on the HCMC website (www.cmc.gov.gr), both in Greek and in English. The sample is accompanied by an appendix which is filled up by the persons liable with their personal information and is submitted only to the HCMC. When filling up the form, it is advisable to mention, in addition to the already existing info, the paternal name of the person liable.
It is noted that the correct completion of the notification form is the liable persons' obligation, which is responsible for any mistakes or omissions.
It is further noted that the notification form should be submitted to the issuer and the HCMC legally undersigned. A notification form is considered legally undersigned when it is signed by the person liable himself or any other person legally authorized to do so. In the case when the person liable is a legal entity, the form is signed by his legal representative. In any case, along with the notification, all relevant legalizing documents are submitted to the issuer and the HCMC, which are valid henceforth until their withdrawal.
The legally signed notification form is submitted to:
(a) as far as the issuer is concerned, the company business headquarters, 20 Solomou Str., in Alimos with postal code of 174-56, attention to the Shareholders and Company Announcements Department, (tel ++ 30 210 99.77.000), on working days and hours, with the indication "notification of significant changes in voting rights as per L.3356/2007".
For the convenience of the shareholders, the submission can be done by fax to ++ 30 210 99.55.586, with a cover letter including the personal information of the sender, his/her signature, a contact number and the number of pages sent. The liable person should make sure of the successful dispatch of the documents and their delivery from the qualified department of Company Announcements.
(b) as far as the HCMC is concerned, the Central Protocol Office of the HCMC (1 Kolokotroni Str. and Stadiou Str., 105 62, Athens) and it should be addressed to the Directorate of Public Offerings and Supervision of Listed Companies of the HCMC, with the indication "notification of significant changes in voting rights as per L.3356/2007". The submission can also be realized via fax to ++ 30 210 33.77.243. In this case, the form should be accompanied by a cover letter including the personal information of the sender, his/her signature, a contact number and the number of pages sent. The person liable should make sure of the successful dispatch of the documents and their delivery from the qualified protocol service.
(c) In any case, the qualified authority for the auditing of the informing obligations is the HCMC.
PENALTIES
It is noted that, as per article 26 of the law, in case of violation of the law provisions and the decisions issued under this, the HCMC is liable to reprimand or impose a fine amounting up to 1,000,000 euros. In the same article of the law, the factors taken into consideration when calculating the fine should be mentioned.
For further information, the shareholders can contact the Shareholders and Company Announcements department of "Technical Olympic. S.A.", during workdays and hours, at ++ 30 210 99.77.000