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K. Hadjiisavvas resigned from BoD

2014-12-23

Alkis H. Hadjikyriacos (Frou-Frou Biscuits) Public Ltd announces the resignation of Mr. Kyriacos Hadjisavvas from the Board of Directors with effect from 31/12/2014 due to retirement

Frou-Frou: Agreement of subsidiary Handy Snacks with Thamira Food Manufacturers for acquisition of activities, properties and brands & trademarks of representations

2014-12-29

Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd announces that today, 29/12/2014 the subsidiary Handy Snacks Ltd reached agreements with Thamira Food Manufacturers Ltd for the acquisition of the activities, properties, brands & trademarks of Bakandys products and Bio Greenlife organic food as well as other related food import representations of the Company. Thamira Food Manufacturers Ltd is active since 1983 with the production of branded bakery and confectionery, as well as the import and trading of biscuits, organic food and other similar food type. The acquisition is expected to affect positively the turnover and the profitability of Frou-Frou, however, the prevailing uncertainty of the Cyprus economy does not allow a safe forecast of the sales and profitability at the current stage. This new sector of industrial and trading activity will be one more springboard for growth in sales and profitability of Frou Frou Group and will contribute to further strengthen the Group in the production and trading of famous and branded food of Cypriot origin. The agreement will be concluded on 30/1/2015. The acquisition will paid both in cash and the assumption of liabilities of Thamira Food Manufacturers Ltd and stands at €2.285 million. Further information and details will be given at a later announcement with the completion of the agreements. The acquisition will be financed by a new short-term loan (40%), as well as equity (60%) of Frou-Frou Group. In relation to the above acquisition, it is clarified that Handy Snacks Ltd and Thamira Food Manufacturers Ltd are independent entities, have no common members in their Boards of Directors and no Board member is affected by the transaction, which is at arm`s length. Between the main shareholders of Frou-Frou and Thamira Food Manufacturers Ltd there is quartile relative relationship. The turnover of Thamira Food Manufacturers Ltd rose in the past 12 months to €3,2 million. It is estimated that the acquisition price includes goodwill of around €1.2 million the exact amount of which will be confirmed by external auditors of the Company upon the completion, it will be announced to the Stock Exchange and will be presented in the financial statements Frou-Frou Group for the year 2015. The acquisition falls within the framework of the development strategy of Frou-Frou, which aims at adding to the productive Group activities recognized Cypriot brands of food, which stand out for their superior quality and preference by the Cypriots consumers