The Annual Shareholders General Meeting of VARVARESSOS S.A. European Spinning Mills took place on 22.06.2006. The shareholders that attended the General Meeting represented the 70,76% of the share capital (possessed by 3 shareholders) and resolved as follows:
a. The annual financial statements for the year 2005 according to IFRS, the Management Report by the Board of Directors and the Report of the company s Chartered Auditor-Accountant were approved. Due to the loses the General Meeting resolved the non-distribution of dividend for the year 2005.
b. The consolidated annual financial statements for the year 2005, the Management Report by the Board of Directors and the Report of the company s Chartered Auditor-Accountant were approved.
c. The decision of the Board of Directors for the replacement of a resigned member of the Board of Directors was approved
d. The members of the Board of Directors and the Auditors of the company were released from any liability for their activity during the fiscal year 2005.
e. The remunerations of the members of the Board of Directors as well as fees and trove expenses were approved for the fiscal year 2005. The remuneration for the fiscal year 2006 was pre-approved.
f. The election of Mr. Dimitrios Koulinas as ordinary Chartered Auditor and Mr. Athanasios Diamantis as extraordinary Chartered Auditor of the accounting company S.O.L. A.E.
g. The amendment of articles 2, 10, 19 and 23 of the company s statutes. h. The election of members of the Board of Directors as following: Constantinos Varvaressos - executive member, Anastasia Varvaressou - executive member, Alexandros Kallis - executive member, Anastasios Valsamidis - non-executive member, Dimitrios Basiouris - non-executive member, Pantelis Palantsidis - independent, non-executive member, Eleutheria Lolou - independent, non-executive member.
i. The General Meeting gave permission to the member of the Board of Directors, Mrs Anastasia Varvaressou and the Administrator Manager Mr. Nikolaos Velis, to participate as members to the Board of Directors of the subsidiary company "THEBES COTTON GIN S.A.".
All the above mentioned resolutions were adopted unanimously.