Deciding to eliminate the risks of disruption of their plans, on the one hand, to create a large shipping group, and on the other hand, to reorganize the MIG, Piraeus Bank continued to strengthen its position in MOMENT in such a percentage that it also constitutes a public offer to acquire the remaining shares.

Piraeus Bank strives, on the one hand, to grow Attica Group shipping company and at the same time saving her ANEC, companies in which it is represented primarily as a creditor and secondarily as a shareholder, and on the other hand, in the transformation of MIG into a purely investment holding company. To this end, all relevant processes have been agreed and launched, effectively forming a forward estimate of Attica Group at around one billion euros and at the same time zeroing out MIG loans in the amount of 443.8 million.

However, a few days before the convening of an extraordinary general meeting of MIG to ratify the relevant agreement, it emerged that the stake in its share capital in excess of 5% was created by interests related to Attica Group’s main competitor, Seajets of the Iliopoulos Group. At the same time, Rolopack, owned by Anastasios Stamos, which, as it turns out from the events, is not connected with the Iliopoulos side, also acquired a position above 5%. MIG’s prior share purchases to create the aforementioned equity positions resulted in its share price rising from 3 euro cents in mid-November to 12.8 cents per share at the close of the stock exchange yesterday Tuesday. This is a 426% increase over three months, most of which is in the last period.

The bank initiates MIG’s debt write-off and Attica’s merger with ANEC.

In any case, Piraeus owned 32% of MIG’s voting shares, and Iliopoulos’ actions gave the market the right to believe that he would try to sabotage a deal whereby MIG divested its shares of Piraeus subsidiary Strix Holdings LP. its obligations in the amount of 443.8 million. It is noted that Piraeus transferred his claims to Strix.

Piraeus, in order to neutralize the threat of voting against the share swap deal at the MIG general meeting, on Monday proceeded to acquire a majority stake in Rolopack, increasing its stake to 36.22%. A level that, according to the regulations, also obliges to submit a public offer to all shareholders of MIG to acquire all of their shares. The public offer has not yet been submitted, but it is widely believed that when it does, a price equivalent to the average price over the past six months will be offered.

The convening of said critical extraordinary general meeting for the future of MIG and Attica took place yesterday Monday. However, due to the lack of a quorum, it will be repeated next Monday, 13 February. However, at yesterday’s general assembly, the Iliopoulos side spoke on the proposed issues but voted against. However, based on the balances recorded by these votes, it is assumed that Piraeus and related shareholders control approximately 49% of the share capital, while the Iliopoulos side controls approximately 10%. Since an absolute quorum (100% of shareholders) is not expected at the next general meeting, it is assumed that Piraeus will be able to vote for the decisions he seeks. In addition, however, it has increased and will further increase after the completion of the public offering its position in the authorized capital of MIG, from which, according to its calculations, it will profit after the implementation of the business plan launched by the management of the registered company.