Decisions of the GM – At the extraordinary General Meeting of Shareholders of Euroterra Bulgaria AD-Sofia, BSE code – TERRA, held on 12.12.2007, have been taken the following decisions:
– Approval of the Board of Directors’ justification report pursuant to art. 114a (1) of the POSA about the expedience and terms of a transaction under the following parameters:
Conclusion of a contract with Twin Group AD-Sofia for entitling Euroterra Bulgaria AD to the construction right on the following real estate: Regulated landed property ІV-994 in Sofia, Vitosha disctrict, Gardova Glava locality, quadrant 18 of the town planning, comprising and area of 1,950 sq. m. Twin Group AD shall entitle Euroterra Bulgaria AD to the construction right of residential buildings on the above mentioned regulated landed property, having a total unfolded built-up area of 2,535 sq. m. According to the contract, Twin Group AD shall own about 20% of the newly built buildings, and Euroterra Bulgaria AD will own the remaining 80% of the buildings. The fair value of the estate mentioned above is Euro 429,000 according to an expert appraisal by a licensed appraiser. The value of the construction per a square meter is calculated at bout Euro 650 according to the expert appraisal by the licensed appraiser.
– Authorisation of the Board of Directors to make the above deal within the terms of Art. 114 (1) of the POSA as described in the justification report
– Authorisation of the Board of Directors to take all necessary legal and factual actions for implementation of the GMS decision and to conclude the deal by deciding on all remaining terms and conditions of the contract within the main parameters of the GMS decision and conforming to the legal requirements