Petsas to move to Alternative Market

At an Extraordinary General Meeting of Andreas Petsas and Sons Public Ltd held on December 1, 2006 at the Company’s office in Nicosia, the Chairman of the Board of Directors explained that the enforcement of the Corporate Governance Code with the additions/changes that have been included in the second issue of the code entails additional administrative cost with no benefit to shareholders and requested the approval of the following two special resolutions.
Special Resolution 1: That the Company does not adopt the changes/additions of the second issue of the Corporate Governance Code and that it ceases enforcing the code.
Special resolution 2: Due to the fact that the failure to adopt the second issue of the Corporate Governance entails the Company’s transfer from the Parallel to the Alternative Market, the Board of Directors is authorized to follow the necessary procedure for the transfer.
Both resolutions were approved unanimously by the shareholders.