Today, Monday, 24th of November 2014, the Extraordinary General Shareholders Meeting of ETEM LIGHT METALS COMPANY S.A. took place at the "PRESIDENT" hotel, during which, the shareholders discussed and approved all the topics of the General Meeting agenda. More specifically, the approved topics were the Draft Merger Agreement through absorption of the company "ETEM S.A, LIGHT METALS COMPANY SOCIETE ANONYME" by the company "ELVAL HELLENIC ALUMINIUM INDUSTRY S.A.", dated on 1/10/2014, the Explanatory Report of the Board of Directors on the Draft Merger Agreement as above and the Report of Board of Directors, according to the Article 4.1.4.1.3 of the Athens Exchange Regulation, the Report of the Audit Firm "ABACUS AUDITORS S.A." according to the Article 71 of C.L. 2190/1920, in order to ascertain the book value of the companies to be merged, the reports of the audit firms "RSM Greece S.A." and "Deloitte Business Solutions Hadzipavlou Sofianos & Kambanis S.A." for the estimation of the value of the companies to be merged, according to the article 4.1.4.1.3 of the Athens Exchange Regulation and the merger of the companies as above, were approved. According to the Draft Merger, ETEM shareholders shall exchange six ETEM shares for one, new ELVAL share, while ELVAL shareholders shall maintain the same number of shares they hold. Based on this exchange ratio, 1,461,447 new shares shall be issued.

Furthermore, the authorization of Mr. Emmanouil Kartsomichelakis, executive Director of the Company, to sign any document relating to the merger, was approved, as well as the Board of Directors, for the settling, at its own discretion, of any non-integer rights, which might arise, during the exchange of shares, as described above, according to the legislation in force.
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