The voting results of the general meeting of shareholders of MIG on the approval of an agreement on the exchange of shares of the shipping company Attica Group against debt in the amount of $443 million with Strix Holdings have been announced. And that’s because MIG’s main shareholder, Piraeus Bank, which has submitted a public offer to acquire all of MIG’s shares, already owns 52.8193% of all its voting rights. However, an elevated position, corresponding to 10.69% of the voting rights, was also formed by Marios Iliopoulos, as well as other investors, with whom he said that he was working in coordination.

Thus, the Iliopoulos side opposing the agreement to swap Attica shares for MIG’s debts requested and received a legitimate delay until March 3, in order, it said, to study the answers given by MIG management to 17 questions it had on file.

The tougher ones in the market shrug off the Piraeus victory, but even otherwise, they add, the new general meeting could overturn any negative decision, since by then the bank’s stake will be credited with all voting rights and for 52.8%, which are all still in the process of transmission.

Meanwhile, the public offer filed last week by Piraeus Bank for MIG creates an obligation for it to submit a public offer for Attica Group itself, in accordance with the market’s regulatory framework. Currently, it is considered as a technical and procedural issue, but there is one more issue that needs to be resolved.

At the same time, the takeover of ANEK by the Attica group, in order to maintain the former, is being evaluated by the rapporteurs of the Competition Commission, who will decide in the next period whether the green light will be given immediately or further investigation will be carried out. necessary.

Under these circumstances, MIG’s share price has stabilized at slightly above the public offering price and currently has a market value of $156.8 million. At the same time, Attica Group shares are still trading near their highest levels in recent years, valuing the shipping company’s market value at almost half a billion euros, which means that, together with its borrowings, the company’s value (enterprise value) is now at the level of one billion , without even absorbing ANEK and its fleet.