The €473.3 million share capital increase with warrants issued by Attica, which was scheduled for the end of March and appears to be delayed until the end of April, has been delayed by at least one month.

A delay is considered inevitable in order to reach an agreement between existing Attica shareholders and potential new Thrivest shareholders on the details of AMC and the latter’s participation. However, according to competent sources, negotiations with Thrivest are being conducted “in a good atmosphere and with a willingness to find a solution”, an assessment formulated in an attempt to differentiate the situation in relation to the atmosphere that developed during the discussions. with Ellington.

The goal is to determine the structure of the AMK based on the existing agreement with HFSF, which has to pay 340 million euros, while the remaining 130 million euros are mainly liabilities of TMEDE (and secondarily e-EFKA, which has the 8.39%), which after the departure of Ellington controls 20.11% of the shares of Attica. The exercise involves finding the necessary funds from TMEDE, as it wants to keep a portion of its equity in the bank, even if it is below its current percentage. As “K” wrote, part of the discussions concerns a possible change in the structure of the AMK by limiting the preemptive rights of existing shareholders of Attica Bank.

According to sources close to the process, the necessary funds will still have to be raised, even if the deal with Thrivest is not completed by the scheduled date, which means that there is movement and discussions with other potential investors. The burden of finding capital falls primarily on TMEDE, as HFSF’s participation is taken for granted.

Thrivest’s involvement in Attica Bank includes an agreed plan to liquidate the EUR 2.6 billion in bad loans to merge the two banks, namely Attica and Pankritias, which is the proposed new shareholder’s medium-term goal. to have a healthy bank. The timing of the decision also matters, as an emergency liquidation could increase capital requirements and require another MCA for Attica, while Pankritia will also have to repay the large amount of bad loans it is saddled with.

Announcement

Yesterday, Attica announced the approval from A.A. put into circulation 9,971,190 new ordinary registered voting shares of the bank, instead of the existing 1,495,678,391 ordinary registered shares, formed as a result of the merger and reduction of the total number of shares of the bank (reverse split), with a parallel reduction in the nominal value from 10.50 euros to 0 .05 euros per share and with a corresponding decrease in the authorized capital in the amount of 104.2 million euros, in order to form a special reserve. As the bank announced, on the last trading day, 1,495,678,391 AA shares are set on March 7, and from the next day, March 8, trading in shares is temporarily suspended. The beneficiaries of the new shares are persons registered in the records of the Securities Clearing House as owners of the shares on March 9 (date of registration) and the start of trading of 9,971,190 new ordinary shares with voting rights on AA with a new par value of EUR 0.05 per share, 13 Martha.