He is moving at full speed towards the greatest possible control over his voting rights and share capital. MOMENT from Piraeus Bankwhich yesterday officially announced, on the one hand, that it now controls 41.4267% of the total shareholding of the listed company, and, on the other hand, the submission of a mandatory public offer to all holders of ordinary registered intangible voting shares at a price of 0.1668 euros per share.

This is a price four times the average market price of a share, weighted by trading volume for the six months preceding the date of the obligation to issue a public offer, i.e. 0.04577. It is equal to the price paid by him in the last act of acquiring shares in MIG before the obligation arises, which, being above average, is provided as a minimum price by the relevant legislation.

In doing so, it is clear that Piraeus can already predetermine the outcome of the extraordinary general meeting of MIG, the resumption of which is convened on Monday, February 13, by approving an agreement to exchange the Attica Group shares, which MIG holds in its portfolio against from its debts of 443 million, with Strix Holdings L.P.

A mandatory public offer was announced to all shareholders at a price of EUR 0.1668 per share.

This sister company of Piraeus, to which the bank transferred all its claims from MIG, proposed to the board of directors of the latter, which agreed, to exchange the debt for shares owned by MIG in Attica (79.38%). However, this requires the approval of the general meeting. Thus, Strix, to which the bank transferred most of its non-banking assets and MIG loans, will become a shareholder of more than 90% of Attica’s shares (it already has 12%).

Then, under another agreement, ANEK shareholders will receive approximately 10% of the shares of the new Attica, which, based on the share exchange relationship and the value of the fleet of the two companies, is valued at more than one billion. Finally, MIG, which will no longer have shares in the shipping company, will write off the $443 million debt and continue as an investment and holding company. Her portfolio already includes 28 malls and vacant lots in Serbia, which are valued at $200 million by American Appraisal.