SOURCE: M.J. Maillis

M.J. Maillis

January 11, 2011 18:18 ET

Capital Increase -- Amendment of the Statutes and New Board of Directors of M.J. Maillis S.A.

ATHENS, GREECE--(Marketwire - January 11, 2011) - M.J. Maillis S.A. (ATHEX: MAIK) announces that during the 2nd Adjourned Extraordinary General Shareholders Meeting held on January 10, 2011, the following issues of the agenda were discussed and approved unanimously or by majority of the assisting shareholders:

-Decrease of the Share Capital by an amount of EUR 33.661.303,16 in order to form a special reserve; said decrease will take place by decreasing the nominal value of each share from EUR 0,76 to EUR 0,30. 

-Increase of the Share Capital by EUR 74,9 million by issuing 249.748.542 new registered shares of the listed mother company, through capitalisation of outstanding debt and revocation of the pre-emption rights of the existing shareholders.

-Bond loan of EUR 50 million, convertible to new shares after five years from the date of issue, with capitalised interest (PIK) for the restructuring of the remaining debt. Said bond loan is supplementary to the syndicated bond loan of EUR 116,97 million to be issued. Both loans will contribute to the refinancing of the current debt of MAILLIS Group.

It is noted that a syndicated bond loan of EUR 16 million has been approved during the Extraordinary General Shareholders meeting of December 17, 2010 to support the immediate cash flow of MAILLIS GROUP.

-Modification of article 4 of the Statutes of the Company in order to supplement the objectives of the company emphasising in "technology."  

-Modification of articles 9 & 10 of the Statutes of the Company in respect of the Board of Directors consisting of a majority of Independent Non-Executive members and the possibility to participate to a Board of Directors meeting by teleconference.

-Election of a new board of Directors constituted of the following nine members:

1. Michail Maillis, holds the office of Non -Executive Chairman
2. John Kourouglos, Vice President and CEO
3. Dr Ioannis Lentzos, Executive Member
4. Lito Ioannidou, Independent -Non Executive member
5. Michail Kokkinos, Independent -Non Executive member
6. Stilianos Stavridis Independent -Non Executive member
7. Menelaos Tassopoulos Independent -Non Executive member
8. Petros Tzannetakis Independent -Non Executive member
9. Theoharis Philippopoulos Independent -Non Executive member

Among the major responsibilities of the new Board of Directors is to appoint new Management team, namely, the Chief Executive Officer (CEO), as well as the Chief Financial Officer (CFO), as per the agreement with the Group's creditors requires.

Today, through the completion of the Group's General Assembly, a three-year period comes to an end, in which the Group dealt with the fiercest International Financial Crisis which affected the Group, in the same degree as its competitors and similar sectors. Despite of this, the Group has managed the financial crisis with its own means and liquidity and managed to overcome and further develop its activities. The latest actually confirms the Group's strong basis, the supremacy of its technology and products, as well as the strong relations with its distinguished clients. Through its persistence, the Group gained the trust and the real support of its creditors, who acknowledge both the efforts and the results that have been finally achieved.

The Group having already reduced its operational costs by approximately euro 20 million through its Restructuring and having ensured significant liquidity by the Agreement with its Creditors, it is expected to gradually achieve its profitability.

The sufficiency in the row materials' supply will result in sales growth (especially due to the reduction of lead times) restoring the Group's operations back to normal with a positive contribution to its Turnover.

The new Board of Directors and the new Management will be responsible to implement the new Business Plan of the Group towards that direction.

About the M.J. Maillis Group

The M.J. Maillis Group is a leader in secondary packaging providing its clients globally with complete, high technology and cost effective packaging solutions (one-stop-shopping) that combine packaging equipment, packaging materials, service and support. The Group employs 1,540 people and maintains physical presence in 18 countries in Europe, North America and Asia, while its products are sold in more than 80 countries worldwide. The Group's customer base extends to the food and beverage, aluminium, steel, construction, timber and bailing industries and it is the exclusive or preferred global supplier to an increasing number of major industrial and consumer products multinationals such as US Steel, Nestle, Coca Cola, P&G, Henkel, Pepsi, Mars, Lafarge, Alcoa, ArcelorMittal, Corus, Walmart, etc. The shares of the M.J. Maillis Group are listed on the Athens Exchange under the ticker symbol "MAIK."

Contact Information

  • For more information please contact:

    Company Contact:
    Group's Investor Relations Department
    Tel. +302106285000

    Investor Relations Advisors

    Capital Link

    Eftychia Yiagou
    Tel. +30-210-6109-800

    Annie Evangeli
    Tel. +44-203-206-1320

    New York
    Matthew Abenante
    Tel. +1-212-661-7566