The settlement for the merger of Attica Financial institution and Pankritia Financial institution was formalized early Thursday afternoon.
The fundamental phrases of the Shareholders’ Settlement, as disclosed in are the next:
1. The Shareholders will present Attica Financial institution with a written dedication letter protecting the capital wants of the credit score establishment that can come up after the Merger, together with the wants that can come up as a result of inclusion within the “Hercules III” Program.
2. The Shareholders’ Funding within the credit score establishment that can consequence from the Merger and topic to its completion, quantities to €675.10 million, of which a most of €475.10 million shall be paid in money by HFSF and a most of €200 million shall be paid in money by Thrivest.
3. The Funding shall be made by a share capital improve within the new credit score establishment with a proper of choice in favor of outdated shareholders. As well as, warrants shall be issued in favor of the shareholders who will take part within the improve of the share capital. The whole quantity sought to be raised from the issuance of recent shares and warrants will quantity to as much as €735 million.
4. After the completion of the above actions (improve of share capital and issuance of warrants, collectively “Capital Enhancement”), the HFSF is anticipated to carry a participation share within the new credit score establishment of at the very least 35% and Thrivest is anticipated to carry a share that can differ between 50% plus one share and 58.5%. Thrivest’s shareholding might improve if it chooses at its discretion to speculate an quantity higher than €200 million.
5. Till the completion of the Merger and the Capital Enhance, the composition of the Financial institution’s Board of Administrators is not going to change, by way of the full variety of Board members. and the variety of members that every occasion is entitled to nominate or nominate for election.
6. The Shareholders dedicated to train the voting rights they maintain in every credit score establishment in favor of the implementation of the Merger and the Capital Enhance.
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