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Zenon Shareholders Approve On Telecoms Deal

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On Telecoms and Zenon have moved closer to the realisation of their merger plans after this was finally approved by Zenons shareholders yesterday.

The second repeat shareholders meeting of Zenon was held yesterday and reached the necessary quorum with participation exceeding 55%. Shareholders approved the items on the agenda, including a 125 million euro and a 15 million euro capital stock hike.

According to the plans, Zenon will sell its core activity of robotics and be used as an umbrella that will absorb On Telecoms activities through a capital stock hike. If the necessary procedures ae completed, On Telecoms will be listed on ASE.

On Telecoms shareholders will control roughly 80% of the new company and the rest will be controlled by Zenons shareholders. After the merger is complete, a new capital hike or shares sale could be realised so that the telecom operator can realise investment.


In the first half of 2008, On Telecoms turnover reached 19.30 million euro. In the fiscal year 5/5/2006 – 31/12/2007) turnover reached 10,06 million euro and losses amounted to 22 million euro. By the end of 2007, the companys obligations amounted to 59 million euro, 40 million of which are related to a bond loan granted by Proton Bank. Proton also holds a 7.98% stake in Zenon.

BDO auditors who assessed On Telecoms say in their report that the assessment of the company was subject to various restrictions for which the companys management is responsible, adding that BDO cannot guarantee the precision of the data, opinions, indications, information or data provided by third parties and used to draft the report. Taking the above into account, BDO does not guarantee the forecasts or the assumptions on which the report was based. BDO assessed On Telecoms based on its 2008-2013 business plan at 124.9 to 152.6 million euro and estimates that the this figure reflects the companys real value.



nikos.chrissikopoulos@capital.gr

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