Marfin Popular: Press Release of Marfin Financial
11/1/2007 9:46
Marfin Popular Bank Public Co Ltd publishes the Press Release of its subsidiary, Marfin Financial Group, sent to the Athens Stock Exchange on January 10, 2007.
PRESS RELEASE OF MARFIN FINANCIAL GROUP
- Change of name to MIG (Marfin Investment Group)
- Share capital increase of €5 billion
Marfin Financial Group Holdings SA announces that at the meeting held on 10.1.2007, the Board of Directors decided to sell its stake in “Marfin Bank ATE” to the parent company “Marfin Popular Bank Public Co Ltd” against a sum which is expected to reach €600 million. The transfer will be carried out by late February, as soon as the Board of Directors of Marfin Popular Bank Public Co Ltd takes the relevant decision. The price will be agreed on the basis of an evaluation report, which will be prepared by an independent audit firm, appointed by both parties.
The Board of Directors decided to propose to the Annual General Meeting, which will take place at the same time as the approval of the annual financial statement, the following:
a) The change of the Company’s name to Marfin Investment Group (MIG) and the concentration of its activities in the acquisition of properties, buy-out and equity investments in Greece, Cyprus and the wider area of SE Europe.
b) The distribution of €850 in the form of dividend and return of the share capital to the shareholders.
c) The increase in the share capital by €5 billion in order to finance the new activities. The proposal of the Board of Directors for the detailed terms of the increase and the sale price of the new shares will be finalized after the approval of the annual financial statements by the Board of Directors. It is expected that the increase will be carried out with the abolition of rights of the major shareholder, while the shares that will correspond to the abolished rights will be distributed at the sole discretion of the Board of Directors with private placement to strategic and institutional investors from Greece and overseas.
Following the completion of the increase, Marfin Popular Bank Public Co Ltd will undertake the provision of investment banking services and consultant services to Marfin Investment Group against the sum of 1% per annum on the latter’s net worth.
PRESS RELEASE OF MARFIN FINANCIAL GROUP
- Change of name to MIG (Marfin Investment Group)
- Share capital increase of €5 billion
Marfin Financial Group Holdings SA announces that at the meeting held on 10.1.2007, the Board of Directors decided to sell its stake in “Marfin Bank ATE” to the parent company “Marfin Popular Bank Public Co Ltd” against a sum which is expected to reach €600 million. The transfer will be carried out by late February, as soon as the Board of Directors of Marfin Popular Bank Public Co Ltd takes the relevant decision. The price will be agreed on the basis of an evaluation report, which will be prepared by an independent audit firm, appointed by both parties.
The Board of Directors decided to propose to the Annual General Meeting, which will take place at the same time as the approval of the annual financial statement, the following:
a) The change of the Company’s name to Marfin Investment Group (MIG) and the concentration of its activities in the acquisition of properties, buy-out and equity investments in Greece, Cyprus and the wider area of SE Europe.
b) The distribution of €850 in the form of dividend and return of the share capital to the shareholders.
c) The increase in the share capital by €5 billion in order to finance the new activities. The proposal of the Board of Directors for the detailed terms of the increase and the sale price of the new shares will be finalized after the approval of the annual financial statements by the Board of Directors. It is expected that the increase will be carried out with the abolition of rights of the major shareholder, while the shares that will correspond to the abolished rights will be distributed at the sole discretion of the Board of Directors with private placement to strategic and institutional investors from Greece and overseas.
Following the completion of the increase, Marfin Popular Bank Public Co Ltd will undertake the provision of investment banking services and consultant services to Marfin Investment Group against the sum of 1% per annum on the latter’s net worth.
