Several months delay in takeover agreement ANEC from Attica Groupwhich may worsen the position of the company, may be caused by the inclusion in its authorized capital of the share of the family of Marios Iliopoulos Marfin Investment Group (MIG).

The Iliopoulos side, which operates in coastal shipping (Seajets) mainly seasonally and by speedboats, is Attica Group’s main competitor in the Cyclades. He sees Attica’s merger with ANEK as a threat and, according to some information in the shipping market, wants to be involved in the deal, either by taking over the lines or ships, or by finally taking over ANEK himself.

With 5.48% of MIG’s total voting shares in free float (through Ratio Holding LTD, interests of Despina Marios Iliopoulos), the same sources say he will try (cooperating with other minority shareholders who do not want MIG to give away Attica) torpedo at the forthcoming extraordinary general meeting approval of the agreement preceding the takeover of ANEC by Attica. In other words, based on this agreement, MIG transfers all of its shares in the shipping company Attica (79.38%) STRIX Holdings LP against all of its loans held in the STRIX portfolio.

The Iliopoulou family controls 5.48% of all MIG voting rights.

This share-for-debt swap could pay off MIG’s €443.8 million debt, whose only asset would be Robne Kuce Beograd (RKB), one of the largest property management companies in Serbia. For its part, STRIX Holdings LP, which is a 100% subsidiary of Piraeus Bank (to which the bank transferred most of its non-banking assets in its portfolio, and recently the MIG bond issue), becomes a shareholder with a percentage of more than 90% in Attica Holdings . And this is because she already had in her portfolio about 12% of the shipping company, which Piraeus had already transferred to her (she owned it in the context of the previous agreement to acquire Hellenic Seaways from Attica). It is noted that the management of the STRIX Holdings LP portfolio was transferred to a structure in which it and Blantyre Capital participate. Thus, Marfin Investment Group, which is under the direct control of Piraeus, will be able to turn the page and increase the value of the real estate company in Serbia in the interests of its shareholders, including Piraeus Bank.

After that, the takeover of the Anonymous Shipping Company of Crete should be completed, the shareholders of which (including Piraeus Bank), as provided for by the relevant agreement, will receive about 10% of the new Attica. The merger is subject to approval by the Competition Commission, which must also give the green light to the acquisition of Marfin’s Attica shares from STRIX. This process will begin after the ratification of the agreement on the exchange of bonds for shares by the general meeting of MIG, scheduled for the day after tomorrow, on Monday.

At this point, the intervention of the side of Iliopoulos takes place. It is considered certain that the general meeting will be adjourned until at least February 13 due to the lack of a quorum, and even longer if he demands, to which he is entitled. According to sources familiar with the demographics of MIG shareholders, shareholders with voting rights of up to 20-25% could gather on the side of Iliopoulos. Opposite them will be Piraeus Bank, which controls 32%, and like-minded shareholders, with whom it reaches 40%-45%. Thus, while this struggle between MIG’s shareholders develops, ANEK will need to provide liquidity to cover wage and fuel costs until at least June, when the main summer season begins and its cash flows improve.