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AUDIO VISUAL ENTERPRISES S.A.
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Announcements
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February 1, 2006 In accordance with L.3371/2005 and the Regulation of the Athens Exchange (ATHEX) it is announced herewith that the Board of Directors of the company AudioVisual Enterprises S.A. with the distinctive title "AVE" and the Board of Directors of the company PROOPTIKI S.A., during their session on 30.01.2006, decided to initiate the procedures with a view to merge the two companies, by the absorption of PROOPTIKI S.A. from AudioVisual Enterprises S.A., pursuant to the provisions of Articles 69-77 of Codified Law 2190/1920 and Articles 1-5 of L.2166/1993. The reformation balance-sheet date is 31.01.2006. Also, the Board of Directors of the two aforesaid companies appointed the Chartered Auditing Firm "Grant Thornton" in order to check the Reformation Balance-Sheet of "PROOPTIKI S.A." and to draw up the relevant report on the book value of the assets. Furthermore, the Board of Directors of both companies appointed the Chartered Auditing Firm "Deloitte Hatzipavlou Sofianos & Kambanis S.A." in order to determine the shares' exchange ratio of the two companies as well as to draw up the relevant report required by the Law. The said merger is subject to the approval of the General Meetings of both companies and the competent authorities, while it is estimated that it will be completed within six months approximately.
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