Psomiades resigns from Aspis Holdings and Aspis Liberty Cyprus

Aspis Holdings Public Co. (ASP) and Aspis Liberty Life Insurance Public Company (LIB) announced that Pavlos Psomiades has resigned from his position as Chairman of the Board. Vasilis Adamopoulos also resigned from his Board position in both companies while Alexandros Antzoulides handed in his resignation from LIB.
The Board of Directors of Aspis Liberty will meet on Friday, September 25, 2009 to examine its restructuring and the change of the Company’s name.
The resignations follow the clampdown in Greece whereby the operating licences of
Aspis Pronoia AEGA and Aspis Pronoia AEAZ as well as other Group insurance companies were revoked by the Greek authorities.
The Board of Directors of Aspis Holdings would like to inform the investing public that although the aforementioned companies hold 19.4% of the Company’s share capital, its operation has not been affected in any way.
In addition, the Board of Directors clarifies that the Company has the economic robustness to support its subsidiaries if this is deemed necessary, as it did in the past with the full coverage of the share capital increase of Commercial Value SA with the sum of EUR93.0 mln.
The Board of Directors of Aspis Holdings will meet on October 5, 2009 to examine its restructuring, the change of name and other strategic issues concerning the new course that the Company will follow.
The Board of Directors believes that the Company is in the position to adopt a new 3-year strategic plan that will enable it to take advantage of the opportunities offered in the market for its own strengthening.