Ermes awaits CSE green light to list

Ermes Department Stores Public Limited, a subsidiary of Cyprus Trading Corporation Public Ltd issued a positive profit warning regarding its 2006 results and is now waiting for the green-light to list on the Cyprus Stock Exchange.

The Board of Directors ascertained that the results for 2006 are significantly improved compared to the corresponding results of 2005, and amount to net profits of CYP 5.2 mln or EUR 8.99 mln compared to CYP 2.5 mln a year ago in 2005.

The Board of Directors decided to examine the results at its next meeting in February 2007 and to determine the amount of dividend that will be paid to the shareholders.

CTC will consolidate Ermes’ results for only the last quarter of 2006, whilst for the first nine months of 2006 Ermes was treated as an associated company.

The procedure for the listing of Ermes Department Stores Public Ltd on the Cyprus Stock Exchange is at the stage of completion and it is expected that before the end of February 2007 the shares and the Warrants of the Company will be traded in the Main Market, the company said.

Ermes shareholders will get one Warrant for each 5 Ermes shares. The Warrant can be exercised in November 2011, at the exercise price of 40 cent per share. A dividend of 1,6 cents per share for the year 2005 has already been paid to Ermes shareholders, on November 2006.

In view of the company’s listing to the CSE, the Board of Directors decided to fully adopt the Corporate Governance Code, as provided for the Companies of Main Market. In this frame it has established committees, as provisioned by the Regulations.
At the same meeting the board of directors appointed as new board members, Messrs Demetris Demetriou and Marios Panayides.