The confrontation between its shareholders escalates Investment Group Marfin to control the majority of the general meeting, taking into account the vote on approval or disagreement of the shipping company share exchange agreement Attica Group which he owns (79.38%), against a debt of 443.8 million. Recently, interests associated with the shipowner Mario Iliopoulos (Seajets), Attica’s main competitor, acquired 5.48% of MIG’s total voting shares. Recall that Piraeus Bank controls 32%. Of course, bank sources note that in the event that the share and debt swap agreement is not implemented, which is considered optimal for all parties, Piraeus retains the ability to convert his claims from MIG into shares, which would practically cancel the equity stakes of existing shareholders.

At yesterday’s general meeting, the shipowner opposed two of the three issues – less than a debt-for-equity swap – issues. However, the required quorum has not been reached on the main issue, so the extraordinary general meeting will be repeated next Monday, February 13th.

In the meantime, Rolopack has also acquired a 5.028% stake in MIG’s equity. Stamos. According to market sources, Rolopack is unrelated to the Iliopoulos move, but it is clear that it is vying for a role in upcoming deals or “to lock in capital gains from the sale of its position.” It is emphasized that from mid-November, when MIG shares traded on the stock exchange at 3 cents per share, until yesterday (9.8 cents), they tripled their value.

Details about the prosecution of the Iliopoulos side could emerge today, when the shipowner is also reportedly planning to make public statements. In any case, however, it is taken for granted that he opposes the terms of Attica’s takeover of ANEC, although at present he acts mainly as an advocate for the rights of a minority of the MILs. It is recalled that the agreement, which must be ratified by the extraordinary general meeting, provides that MIG will assign all its shares to the shipping company Attica (79.38%) STRIX Holdings against all of its loans that are in STRIX. portfolio (443.8 million). This agreement precedes the takeover of ANEK by Attica. With the implementation of the share-for-debt swap, MIG’s debt of EUR 443.8 million could be cleared to zero. For its part, STRIX becomes a shareholder with a share of more than 90% in Attica.