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 18/05/2010: Approval of the Interim Management Statement of SFS Group by the Board of Directors of SFS Group Public Company Limited and Decision on the issuance and allocation of share options to the Executive Directors, the staff and the associates of SFS Group [SFS]
Subjects: a) Approval of the Interim Management Statement of SFS Group by the Board of Directors of SFS Group Public Company Limited which is submitted during the first half of the financial year 2010
b) Decision on the issuance and allocation of share options to the Executive Directors, the staff and the associates of SFS Group
At a meeting held on Monday, 17 May, 2010, the Board of Directors of SFS Group Public Company Limited (the ‘Company’) examined and approved the Interim Management Statement of SFS Group (the ‘Group’), which is submitted during the first half of 2010, pursuant to the provisions of the Laws providing for Transparency Requirements of 2007 and 2009 (Securities Admitted to Trading on a Regulated Market). The approved Interim Management Statement is attached.
At the same meeting, the Board of Directors of the Company examined the possibility of issuing and allocating share options to the Group’s staff, associates and Executive Directors, pursuant to the Share Option Scheme, which was approved by the Extraordinary General Meeting of the shareholders of the Company on 12 April, 2007.
The Board of Directors decided the issue and allocation of 1,995,602 share options to the staff members and associates of SFS Group as well as to the Executive Directors of the Company, pursuant to the Share Option Scheme, which was approved by the Extraordinary General Meeting on 12 April, 2007.
A share option gives its holder the right to acquire a share of nominal value €1.00 at the price of €1.00 per share. The exercise price has been set at the nominal value of the share pursuant to the terms of the Scheme.
The first exercise date of the options is 31 May, 2011 and the option holders may exercise up to 1/3 of the Share Options that were granted to them. The second exercise date is 31 May, 2012, on which date 2/3 of the Share Options originally granted may be exercised, while the third and last date is March 31, 2013, on which date all Share Options that have not been exercised so far may be exercised.
The share options are not transferable and shall not be listed on the CSE. The shares that will result from the exercise of share options will rank pari passu with the existing shares of the Company, they will be transferable and will be available for trading following their listing on the CSE.
We submit the Interim Management Statement of SFS Group Public Company Limited (the ‘Group’) pursuant to the provisions of Section 11 of the Laws providing for Transparency Requirements of 2007 and 2009 (Securities Admitted to Trading on a Regulated Market).
UNAUDITED INTERIM MANAGEMENT STATEMENT
The Board of Directors of SFS Group Public Company Limited (the ‘Company’), presents the Interim Management Statement of the Group, which is published during the first half of 2010, and has not been audited by the external auditors of the Group.
Main activities
The Group’s main activities remain the same and include the provision of advisory and other financial services in Cyprus and abroad, purchase and/or sale of securities for own purposes as well as for third parties, investments in land and property development, strategic investments in associated companies, shipping activities, trading activities and other related services.
Material facts and transactions
There were no material transactions during the period in question. It is noted that, in March 2010, (effective date: 31 March, 2010), as previously announced, it took place the changing of market of the Company’s shares listed on the Cyprus Stock Exchange (the ‘CSE’) from the Main Market to the Alternative Market of the CSE. This changing of market had no effect on the Group’s financial position.
Results
The Group’s results for the first four months of the year present a decrease in sales and profitability (compared to the same period of last year). The principal factor in relation to the above is that the above period does not include the sales and results of IMCL Holdings Ltd Group of Companies which was sold on 31 December, 2009. It is also noted that the first months of each year are lower in profitability compared to the rest of the months of the year, due to seasonality which negatively affects several of the Group’s Companies.
It is noted that, there were no significant changes to the above information from late April 2010 to-date.
Financial Position
The Group’s financial position remains at the same levels as on 31 December, 2009.
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