FOLLI - FOLLIE GROUP announces that pursuant to the resolutions of 30.08.2013, the Boards of Directors of the following subsidiaries of the Group decided to launch a merger process with "Attica Department Stores SA" (hereinafter "Attica" ) absorbing the companies "NORTHLANDMARK SA OPERATIONS OF DEPARTMENT STORES AND MALLS" (hereinafter "NORTHLANDMARK") and "NORTHERN GREECE SA OPERATIONS OF DEPARTMENT STORES AND MALLS" (hereinafter" NGD ").
The above intragroup merger will take place under the provisions of Articles 68 of Law 2190/1920 in conjunction with the provisions of articles 1-5 of Law 2166/1993, as applicable, with the consolidation of the Assets and Liabilities of the merging companies.
The Boards of Directors additionally decided to appoint an independent auditor from the merging companies, Mr. Panagiotis Vroustouris, member of the auditing firm ENEL - AUDITING SA for the valuation of the merging companies and the opinion on the reasonableness and fairness of the exchange ratio of shares, to be suggested at a future meetings of the Board of Directors of the merging companies.
During these meetings, it is decided to start the merging process with Balance Sheet date Transformation 31.08.2013 and appointed the Chartered Accountant Mr. George Varthalitis member of the audit company BAKER TILLY HELLAS AE, to determine the book value of the elements of Assets of the merging companies.
In any case all the above and the intended corporate transformation in general, are subject to approval from the General Meetings of the merging companies and the conditions of grant, during the required permits or approvals from the competent authorities.
The CEO of FOLLI FOLLIE GROUP, George Koutsolioutsos made the following statement: “These decisions will help to improve the effectiveness, economic exploitation of synergies and strengthen the Balance Sheet, providing a comparative advantage in the development of the Group”.