More specifically, on June 9, 2006 the adjourned Second Repeat Shareholders’ Extraordinary General Meeting of May 19th 2006 unanimously approved the issue of a convertible to common shares bond loan, according to the provisions of article 1 par. 2 and 3 of L. 3156/2003, up to the amount of 16,000,000.00 Euro with maximum 5 years duration, non listed and with renunciation of the right in favor of the old Shareholders.

The company's Board of Directors in its meeting on 2/2/2007 approved the issue of series A' of the Convertible Bond Loan amounting to Euro 10,002,000 based on the provisions of C.L. 2190/1920 and of Law 3156/2003 and its disposal to European Textiles Investments LTD, as already announced to the investment public.

The company's Board of Directors in its meeting on 2/23/2007 approved the issue of series B' of the Convertible Bond Loan amounting to Euro 4,002,000 based on the provisions of C.L. 2190/1920 and of Law 3156/2003 and its disposal to LAN-NET Communications S.A. It is noted that this amount concerns the conversion into Convertible Bond Loan of a payment of Euro 4,002,000 by LAN-NET COMMUNICATIONS S.A. against the share capital increase of the absorbed Fanco S.A., that has already been deposited since 2004.

Series B' of the above convertible bond loan is of five year duration, convertible into shares, bearer, non collateral with premature conversion right, of total nominal value (capital) Euro 4,002,000, comprised of 500 Bonds of nominal value Euro 8.004 each and issue of five titles of serial number to be originally disposed through private placement to the Bondholder, under the known terms and conditions. The conversion ratio is set to 26,680 common, nominal, with voting rights shares, of par value Euro 0.30 for each 1 bond, i.e. Euro 0.30 per share.