PREMIA REAL ESTATE INVESTMENT COMPANY SOCIETE ANOMYME
Resolutions of the Extraordinary General Meeting of Shareholders
PASAL Development SA announces that during the Extraordinary General Meeting of Shareholders of the company, assembled on 25.11.2009, having a quorum percentage of 70,22% of the total paid-up share capital, the following resolutions were adopted:
1) The General meeting unanimously approved the issue al of guarantee of the Company to the NATIONAL BANK OF GREECE SA, which will act as representative of individual bondholders (Law 3156/03) in favor of DORECO REAL ESTATE COMPANY S.A., a 100% subsidiary of PASAL SA, Issuer of a bond loan amounting to fifty-five million euro [euro 55.000.000] (art. 23a of Law 2190/20). The new bond loan of subsidiary DORECO will replace the current bond loan in the amount of 49.500.000 euro of the parent company PASAL and the short term loan amounted to 5.000.000 euro of DORECO.
2) The General meeting unanimously approved the mortgage pre-notation for the amount of fifty-five million euro [euro 55.000.000] in favor of NATIONAL BANK OF GREECE SA, which will act as representative of individual bondholders (Law. 3156/03), to guarantee the bond loan in the amount of fifty-five million euros, issued by DORECO REAL ESTATE COMPANY S.A. This pre-notation will replace the existing pre-notation, amounting 50.000.000 euro , of the parent company PASAL SA in favor of the NATIONAL BANK, which will be withdrawn.
3) The General meeting unanimously confirmed the election of a new Board of Directors consisting of seven members instead of six, for a 6-year tenure, composed of
1. Sotirios Theodoridis
2. Andreas Kapsalis
3. Konstantinos Markazos
4. Antonis Chatzikostas
5. Theodoros Apostolidis
6. Georgios Laskaris
7. Spyridon-Georgios Doukas
4) The amendment of article 2 of the Articles of Association on the Companys purpose was not discussed.
5) The shareholders were informed about the progress of the Athens Heart shopping center and its gradual, upward trend in the market. PASAL has taken over the management of the center. In addition, it examines the possibility of selling 50% of the shopping center. The shareholders were also informed about the development of the properties in Halkida, Alimos, Larissa, Votanikos and Oreokastro Thessalonikis.
1) The General meeting unanimously approved the issue al of guarantee of the Company to the NATIONAL BANK OF GREECE SA, which will act as representative of individual bondholders (Law 3156/03) in favor of DORECO REAL ESTATE COMPANY S.A., a 100% subsidiary of PASAL SA, Issuer of a bond loan amounting to fifty-five million euro [euro 55.000.000] (art. 23a of Law 2190/20). The new bond loan of subsidiary DORECO will replace the current bond loan in the amount of 49.500.000 euro of the parent company PASAL and the short term loan amounted to 5.000.000 euro of DORECO.
2) The General meeting unanimously approved the mortgage pre-notation for the amount of fifty-five million euro [euro 55.000.000] in favor of NATIONAL BANK OF GREECE SA, which will act as representative of individual bondholders (Law. 3156/03), to guarantee the bond loan in the amount of fifty-five million euros, issued by DORECO REAL ESTATE COMPANY S.A. This pre-notation will replace the existing pre-notation, amounting 50.000.000 euro , of the parent company PASAL SA in favor of the NATIONAL BANK, which will be withdrawn.
3) The General meeting unanimously confirmed the election of a new Board of Directors consisting of seven members instead of six, for a 6-year tenure, composed of
1. Sotirios Theodoridis
2. Andreas Kapsalis
3. Konstantinos Markazos
4. Antonis Chatzikostas
5. Theodoros Apostolidis
6. Georgios Laskaris
7. Spyridon-Georgios Doukas
4) The amendment of article 2 of the Articles of Association on the Companys purpose was not discussed.
5) The shareholders were informed about the progress of the Athens Heart shopping center and its gradual, upward trend in the market. PASAL has taken over the management of the center. In addition, it examines the possibility of selling 50% of the shopping center. The shareholders were also informed about the development of the properties in Halkida, Alimos, Larissa, Votanikos and Oreokastro Thessalonikis.