MIG: EGM approved capital increase €5 billion - Increase its participation in MPB
For the purpose of complete information of the investors, a Press Release of Marfin Investment Group Holdings S.A., dated 24/11/2008 follows.
MARFIN INVESTMENT GROUP
PRESS RELEASE
Extraordinary General Meeting of Shareholders approves €5 billion Share Capital Increase
Marfin Investment Group (“MIG” or the “Company”) announces that in today’s 2nd repeat Extraordinary General Meeting of Shareholders (“EGM”), the proposed share capital increase of €5 billion (the “Share Capital Increase”) was approved.
In light of the current turmoil in the financial markets, shareholders of the Company proposed and approved the Share Capital Increase take place along the following main parameters in order to reflect the prevailing extremely adverse capital market conditions:
• Minimum issue price of €5 per newly issued share, which will however be closely linked to, and reassessed in accordance with, the Company’s prevailing Net Asset Value at the time of the issue, with a clear intention to converge as close as possible towards the initially announced price of €6 per newly issued share.
• The final issue price will be determined by MIG’s Board of Directors (“BoD”), through among other factors, an extensive and structured international bookbuilding exercise.
• MIG’s Board of Directors (“BoD”) was granted the authority to complete the contemplated Share Capita Increase within the next 12 months, either in separate trances or in full, as the BoD deems appropriate at the time.
• Additionally, alternative structures to the issuance of common equity may be also contemplated.
Separately, MIG’s management notified its shareholders of its application today to the Central Bank of Cyprus, whereby it requests approval to potentially, subject to market conditions, increase its participation in Marfin Popular Bank Public Co Ltd (“MPB”) to between 10% and 30% (currently 9,7%). The application was submitted in order to grant MIG flexibility in carrying out its strategic plans in the banking space and has been long contemplated by the BoD.
Finally, during the EGM the management announced that the Company is currently examining a number of strategic alternatives, including, but not limited to, partial disinvestments and/or capital restructuring in certain of its participations in its portfolio investments. Such initiatives will be assessed under their own strategic merit and are expected to further enhance MIG’s very strong cash position and its ability to take advantage of a number of investment opportunities arising in the current market environment.
MARFIN INVESTMENT GROUP
PRESS RELEASE
Extraordinary General Meeting of Shareholders approves €5 billion Share Capital Increase
Marfin Investment Group (“MIG” or the “Company”) announces that in today’s 2nd repeat Extraordinary General Meeting of Shareholders (“EGM”), the proposed share capital increase of €5 billion (the “Share Capital Increase”) was approved.
In light of the current turmoil in the financial markets, shareholders of the Company proposed and approved the Share Capital Increase take place along the following main parameters in order to reflect the prevailing extremely adverse capital market conditions:
• Minimum issue price of €5 per newly issued share, which will however be closely linked to, and reassessed in accordance with, the Company’s prevailing Net Asset Value at the time of the issue, with a clear intention to converge as close as possible towards the initially announced price of €6 per newly issued share.
• The final issue price will be determined by MIG’s Board of Directors (“BoD”), through among other factors, an extensive and structured international bookbuilding exercise.
• MIG’s Board of Directors (“BoD”) was granted the authority to complete the contemplated Share Capita Increase within the next 12 months, either in separate trances or in full, as the BoD deems appropriate at the time.
• Additionally, alternative structures to the issuance of common equity may be also contemplated.
Separately, MIG’s management notified its shareholders of its application today to the Central Bank of Cyprus, whereby it requests approval to potentially, subject to market conditions, increase its participation in Marfin Popular Bank Public Co Ltd (“MPB”) to between 10% and 30% (currently 9,7%). The application was submitted in order to grant MIG flexibility in carrying out its strategic plans in the banking space and has been long contemplated by the BoD.
Finally, during the EGM the management announced that the Company is currently examining a number of strategic alternatives, including, but not limited to, partial disinvestments and/or capital restructuring in certain of its participations in its portfolio investments. Such initiatives will be assessed under their own strategic merit and are expected to further enhance MIG’s very strong cash position and its ability to take advantage of a number of investment opportunities arising in the current market environment.
