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ANNOUNCEMENTS

Varvaressos: Annual General Meeting

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The Annual Ordinary General Meeting of Varvaressos S.A. European Spinning Mills took place on 30.06.2009 with the participation in person of 2 shareholders who represented a percentage of 64,13% of the Companys share capital that is 6.608.643 shares of total 10.305.079. The agenda and the decisions are as follows: 

1. Submission and approval of the annual financial statements of the year 2008, the Management Report by the Board of Directors and the Report of the companys Chartered Auditor-Accountant. 
They were approved with votes 6.608.643. Due to the losses the General Meeting resolved the non-distribution of dividend for the year 2008. 

2. Discharge of the members of the Board of Directors and the Chartered Auditors from all liabilities in respect of the year 2008.
It was approved with votes 6.608.643. 

3. Approval of the remunerations of the members of the Board of Directors as well as fees and trove expenses.
They were approved with votes 6.608.643. 

4. Election of Chartered Auditors, both ordinary and substitute, for the conduction of the companys audit during the current financial year 2009 and determination of their remuneration. 

The General Meeting elected with votes 6.608.643 Mr. Athanasios Diamantis as ordinary Chartered Auditor and Mr. Stamatis Loukmakiozis as extraordinary Chartered Auditor of the Audit Company "SOL A.E". 

5. Election of the Audit Committee members according to Article 37 of Law 3693/2008. 

The General Meeting elected with votes 6.608.643 Mrs Urania Panagiotalidi (independent, non-executive member) and Pantelis Palantsidis (independent, non-executive member) as Audit Committee members. 

6. Approval of contracts and remunerations in accordance with articles 23a and 24 of codified law 2190/1920.
They were approved with votes 6.608.643. 

The discussion and deliberation on items 7-9 on the Agenda was not possible due to lack of quorum that is required by the Law and the Companys Articles and will be deferred for 20 July, 2009, Monday, at 10:00 hours and at the same premises when the A Reiterative General Meeting is scheduled to take place, pursuant to the relevant Invitation of the Board of Directors dated 31 March 2009.
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