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ARROW CLOSED END INVESTMENT FUND S.A.
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Announcement
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January 5, 2006 ARROW CLOSED-END FUND S.A. informs the investing public the following: The relevant ministerial decision, which approved the merger of the company ARROW CLOSED-END FUND S.A with the company PROTON INVESTMENT BANK S.A., by an absorption of ARROW CLOSED-END FUND S.A. as well as of the companies EYRODYNAMIKI CLOSED-END FUND S.A. and EXELIXI S.A. from PROTON INVESTMENT BANK S.A. was registered in the Official Register of Societes Anonymes on 30.12.2005. Also, on 30.12.2005 the company ARROW CLOSED-END FUND S.A. was erased from the Register of Societes Anonymes and as from 2.1.2006 its shares ceased trading on the Athens Exchange (ATHEX). Shareholders of ARROW CLOSED-END FUND registered at the close of the ATHEX's trading session on 30.12.2005 are entitled to receive the new shares of PROTON INVESTMENT BANK S.A. that will be issued as a result of the merger. According to the approved shares' exchange ratio, each shareholder of ARROW CLOSED-END FUND S.A. will exchange 1 common registered share held of a par value of EUR 2.23 for 0.562770937223874 new registered shares of PROTON INVESTMENT BANK S.A. of a par value of EUR 4.49. The new shares of PROTON INVESTMENT BANK S.A. that will be issued in favor of shareholders of ARROPW CLOSED-END FUND S.A. will be entitled to receive a dividend from the profits of the fiscal year that ended 31.12.2005. The dates as to the credit of the new shares to the beneficiaries accounts as well as their start date of trading will be announced by a relevant announcement in the Press.
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