CONTENTS - Athens Stock Exchange

issue, distribution and listing of
EKAA. At public offer, the
Management Company acts as
underwriter, determines the offer price
of shares and has the responsibility of
conducting the prospectus. At least
25% of units must be distributed to at
least 2000 persons, excluding these
more than 2% of the EKAA’s units.
EKAA units may invest to securities
listed on the ATHEX, (except from
EKAA shares, EHAA securities and
ELPIS) up to 30% of their assets. Also,
they can invest to a securities’ market
properly operating, recognized and
open to the investment public.
They may invest to ELPIS, EHAA
units up to 1/5 of their assets following
permission of the CMC and up to 30%
of their assets in cash reserves, bank
deposits and derivative products
according to the Law 2533/1997.
3.1.4.3 EHAA shares
EHAA are portfolio management
companies investing mainly in
emerging markets. They should
employ capital of at least € 5.87 mil.
The provisions applying to the listing
of EHAA shares on EAGAK are the
same as those applying to the listing of
shares of portfolio management
Fact Book 2004
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companies on ATHEX. The provisions
applying to share listing on ATHEX,
apply also to EHAA shares.
The reserves of EHAA are invested in:
- Securities (except from EKAA
units, EHAA shares and ELPIS) up
to 30% of the own capital of
EHAA.
- Securities listed on the Main or
Parallel
exchange.
Market of a stock
- ELPIS
- Securities that have been issued or
are covered by the state that the
emerging market operates which is
included in the decision of the Ministry
of Economy.
- Securities up to 1/5 of the own
capital of EHAA following the
permission of the CMC.
- Cash reserves and bank deposits
up to 30% of the own capital of
EHAA. This provision is valid after six
(6) months since the establishment of
the company.
- Current and fixed assets that serve
the operating needs of the company up
to 1/10 of its own capital.
- Derivatives on condition that these
investments are realized on grounds of
hedging not for speculation.
3.1.5 Listing of Foreign Securities
(Secondary Listing)