A €490 million share capital structure is under consideration. Attica Bank in terms of her participation prosperwhich conducts a comprehensive due diligence of the bank. The goal is to determine the stakes of existing shareholders based on a new agreement to be reached with potential new investors following the withdrawal of Ellington’s investment capital.

“takeoff”

Efforts to reach an agreement have been undermined by events surrounding Attica Bank shares, which have risen more than 300% in the past month, pushing the bank’s capitalization to 335 million euros. The launch of the share through a limited dispersion of the bank’s shares (below 2%) has raised concerns from potential new investors who indirectly but clearly raise the issue of manipulation of the bank’s shares and the need for intervention by supervisors to avoid speculative actions that will affect their participation in increase in the authorized capital of Attica Bank.

Although the IPO offering price is not linked to Attica Bank’s stock price (the offering price is set at EUR 13.50 with existing shareholders preempting 3.51 shares per new bank share), the rally driven by the shares complicates, according to the information, the prospects for the arrival of new investors in the future reassessment of the AMK structure.

Over the past month, the bank’s shares have risen by more than 300%.

On the part of the supervisory authorities, the Capital Market Commission is investigating the case, the results of which are not expected immediately, but according to sources in the stock market, the responsibility for suspending or not suspending the stock, which is strongly recommended by potential investors, burdens the management of the stock exchange. The suspension of trading in Attica Bank’s shares should have been preceded by a small amount of variance, especially when share gains create distortions in the true value of the bank, which is known to be undercapitalized, according to people with knowledge of the matter.

Attica Bank management, which announced A.A. states that “the bank has not received any information or updates on developments or developments other than those already announced”, and as regards the AMK, it refers to an addendum to the prospectus, which is noted to be submitted for approval in the Capital Market Commission in the coming days.

New plan

Based on yesterday’s announcement, the bank’s management has submitted to the Hellenic Chamber of Commerce an updated business plan for the next 3 years, in conjunction with a proposed strategy to reduce bad loans. The strategy provides for the gradual abandonment of the bank’s bonds issued under securitization, as well as the sale of the portfolio. The prospect of withdrawal from the bonds issued under the securitization concerns the senior securities of the Omega and Metexelixis portfolios totaling €1.3 billion and €670 million, respectively, which were securitized with investors Ellington and Pimco, respectively. However, the sale of the €320 million portfolio of Astir 1 is moving forward immediately, for which preliminary contacts with potential investors have been initiated and are expected to be completed by Easter. The revised business plan calls for a return to operating profitability at the end of 2024, the bank said.