Demetra approves dividend, buyback and more diversification

Shareholders of Demetra Investment Pcl (DEM) attending the company’s 7th Annual General Meeting approved the payment of a EUR 0.03427dividend for 2006. The ex-dividend date is set on 25 June 2007. Based on the stock’s latest closing price the dividend yield stands at 3.7%.

The AGM also approved the election of DISY MP Lefteris Christoforou as the new Board member after Christos Rotsas resigned from his post. After the AGM, the new Board elected Stavros Evagorou as Chairman, Michalakis Serafides and Lefteris Christoforou as Vice Chairmen and members as Vangelis Georgiou, Kriton Georgiades, Fotis Demetriades and Dimos Dimou.

Following the AGM, the Extraordinary General Meeting approved the special resolution authorising the Board to proceed with a buyback of own shares pursuant to article 57A of the Company’s Law Chapter 113. The minimum and maximum acquisition price of shares will not exceed (5%) of the average market value of transactions carried out in the Cyprus Stock Exchange over the last five trading nsessions prior to the acquisition of the shares. The company can buy back the maximum number of shares allowed by the law within the period of twelve months from the approval of the current resolution. The shares can be acquired either by private agreement or by buying from the market and the duration that can hold the shares cannot exceed two years from the date of acquisition”.

Evagorou promised shareholders that the diversification plan into property and new investments will continue, which will also see a reduction in cash balances of the company.