ANEK: Agreement with creditors and shareholders for its merger and absorption

ANEK: Agreement with creditors and shareholders for its merger and absorption

In agreement with its creditors and shareholders ANEK Attica Group proceeded, with the aim of the complete merger and absorption of the Cretan company by the Attica Group.

According to today’s announcement by the company “ATTICA SA HOLDINGS” an agreement was reached between the company and the largest creditor banks (“BANK OF PIRAEUS SA”, “ALPHA BANK SA”, “ASTIR NPL FINANCE 2020-1 DESIGNATED ACTIVITY COMPANY “, “CROSS OCEAN AGG COMPANY I”) and shareholders representing 57.70% of the total share capital (“PIRAEUS BANK SA”, “ALPHA BANK SA”, “ATTICA BANK”, “CROSS OCEAN AGG COMPANY I” and “VARMIN S.A.E.V.E.”) of “ANONIMI NAVITLIAKI ATEIRIAKI CRETEIS” (hereinafter “ANEK”).

The agreement aims to:

a) the merger with the absorption of ANEK by the Company in exchange of one (1) common or preferred share of ANEK for 0.1217 new common registered shares of ATTICA and

b) the payment of the amount of 80,000,000 euros for full and complete repayment of ANEK’s loan to the above creditors (unpaid capital amounting to 236,419,251.23 euros plus the total amount of unpaid interest up to the date of completion of the transaction) from the consolidated scheme which will arise on the date of completion of the merger.

The agreement was sent yesterday (20.9.2022) by the legal advisors to be signed by the representatives of the contracting parties.

The Boards of Directors of the companies will be convened in accordance with the law and their articles of association to decide on the initiation and individual parameters of the merger process.

The proposed exchange relationship will then be discussed in the Boards of Directors of the companies and will be confirmed by an independent expert’s report on the fairness and reasonableness. The merger will be submitted for approval by the general meetings of the shareholders of the two companies.

In addition to the approval of the competent bodies of the two companies, the transaction is subject to the usual conditions and exceptions (obtaining approval from the Competition Commission and any other required approval or license).

The Company estimates that the transaction will benefit the shareholders, employees and suppliers of the two companies and the Greek passenger shipping industry in general.


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