IRF European Fin Investments Ltd Ownership in Marfin Investment Group Holdings S.A. (7736C)
21 Janeiro 2015 - 11:07AM
UK Regulatory
TIDMIRF
RNS Number : 7736C
IRF European Fin Investments Ltd
21 January 2015
IRF European Finance Investments Ltd
January 21, 2015
Ownership in Marfin Investment Group Holdings S.A.
IRF European Finance Investments Ltd ("IRF" or the "Company")
announces that Piraeus Bank has unilaterally taken possession of
100.4 million shares in Marfin Investment Group Holdings S.A.
("MIG") owned by IRF and pledged as collateral pursuant to a pledge
agreement entered into by IRF as security for its loan facility. As
a result, IRF's share ownership in MIG has decreased from 14.72% to
4.01%.
Following the general collapse of business activity in Greece in
2012, IRF has constructively engaged in reforming its business and
engaged in good faith negotiation with Piraeus Bank to restructure
its loan facility.
In December 2013, IRF understood that Piraeus Bank was agreeable
to restructuring the loan, in a manner compatible with the existing
business realities, IRF made the required payments to Piraeus Bank
and from that time forward, IRF and Piraeus Bank held a series of
meetings and conversations ending in October 2014 with the
acceptance by IRF of Piraeus Bank preliminary terms on the
structure of the revised loan pending customary approvals and
documentation.
The recent actions by Piraeus Bank were unilateral and without
notice. At the time of the unilateral acquisition, the MIG shares
were trading at around EUR0.18 per share which is at the lowest
level those shares have ever traded. This is believed to reflect
the current political environment in Greece rather than the
performance of the underlying business. In fact, In November 2014,
in connection with announcing its third quarter results, MIG
announced an NAV of EUR1.13 per share. These actions by Piraeus
Bank are therefore in breach of the existing contracts.
IRF will use its resources to protect its shareholders against
all direct, collateral, consequential and other damages that may be
incurred. IRF announces that it has reserved all rights relating to
the unilateral acquisition of shares in MIG by Piraeus Bank,
including without limitation, its rights to assert civil and other
claims.
Enquiries
Panagiotis Throuvalas, Chief Executive Offiver. Tel: +30 (0)210
428 0564
This information is provided by RNS
The company news service from the London Stock Exchange
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