The postponed Extraordinary General Meeting of the shareholders of the company “Greek Progress Fund S.A.” that resumed today (11.01.2005), rejected with a majority of 64.84%, the request of Laxey Partners Ltd for the change of the Board of Directors of the Greek Progress Fund.
The postponed Extraordinary General Meeting of the shareholders of the company “Greek Progress Fund S.A.” that resumed today (11.01.2005), rejected with a majority of 64.84%, the request of Laxey Partners Ltd for the change of the Board of Directors of the Greek Progress Fund.
Shareholders, representing 73.27% of share capital, participated in the Meeting.
According to data from the Greek Institutional Investors Association, the Greek Progress Fund S.A. held, on 31.12.2004, the third position in terms of total value of net assets; it is noted that the discount of the share was 0.99% against 12.55% being the average discount for the sector. From the beginning of the year to 31.12.2004, the net asset value of the share (adjusted for dividends paid) increased by 19.77%. On the basis of this return the Greek Progress Fund ranks first among the twenty companies of the sector. During the same period the share price increased by 34.23%.
The management of the Company honoring the trust of its shareholders commits itself to continue its effort to achieve high returns ensuring at the same time, the effective operation of the Company within the regulatory framework, the Code of Conduct of Listed Companies and corporate governance best practises.