Decisions of the EGM of March 14th, 2011
According to the provisions of section 4.1.3.3 of the Regulation of the Athens Exchange, MOTOR OIL (HELLAS) S.A. hereby announces that the Extraordinary General Meeting of March 14th, 2011 was held at its headquarters with shareholders being present representing a percentage of 64.53 % of the share capital of the Company.
The first matter of the agenda concerned the issuance of three (3) Bond Loans, according to article 6 of Law 3156/2003, for the amounts of up to 200,000,000 Euro, 50,000,000 Euro and 50,000,000 Euro respectively and was approved with a voting percentage of 99.944% of the number of shares represented in the Meeting. In addition, the Board of Directors of the Company was authorized to negotiate the specific terms with the banks / financial institutions and to attend to the procedural matters relating to the issuance of the loans.
The objective of the loans is the restructuring of the existing short term bank liabilities of the Company by turning part of them to long term.
The second matter of the agenda concerned the issuance of two (2) Bond Loans, according to article 6 of Law 3156/2003, for the amounts of up to USD 100,000,000 and Euro 50,000,000 and was approved with a voting percentage of 99.944% of the number of shares represented in the Meeting. The Board of Directors of the Company was authorized, as was the case in the approval of the first agenda matter, to negotiate the specific terms with the banks / financial institutions and to attend to the procedural matters relating to the issuance of the loans.
The objective of the loans is to secure additional funding to finance the Company’s permanent higher working capital requirements as a result of the increased production capacity of the Refinery following the addition of the new Crude Distillation Unit.
Furthermore, as provided for by article no. 15 of the Company Memorandum and Articles of Association, the Assembly was informed with regard to the changes in the composition of the Board of Directors concerning the appointments of Mr. Th. Voutsaras (in the place of Mrs M-E. Theodoroulakis) and of Mr. M-M. Stiakakis (in the place of Mrs. D. Manolis).
Lastly, pursuant to article no. 10 of the Law 3884/2010 the voting results for the two items on the daily agenda are presented hereunder:
Number of shares for which legitimate votes were submitted: 71,401,893
Percentage on Company share capital: 64.452%
Total number of legitimate votes: 71,401,893
Number of votes for: 71,361,893 – against: 0 – present: 40,000
Maroussi, March 14th, 2011
The Board of Directors