Signing within a week of a Memorandum of Understanding (MOU) for Thrivest’s participation in Attica Bank its current shareholders seek bank and potential new investors, in order to define a roadmap for increasing share capital and the next steps leading to Merger of Attica and Pancreatia Bank.

The “road map” includes minefields that could lead to the disruption of the intended agreement, and, according to information, among them, incl. condition set prosperthat in case any of these steps is not implemented, he will receive the money he will invest back or the possible loss he may suffer thousand in the context of the agreement, the opportunity is increased, which is contrary to the law on participation in the capital of the bank, as an equal depositor.

According to K, the conditions that were set will be discussed today at the board of directors of the fund in order to continue negotiations and sign a memorandum of understanding. Thrivest’s participation roadmap is reported to include:

The set conditions will be discussed today by the board of directors of HFSF.

1. Thrivest’s participation in Attica Bank’s planned April capital increase. The authorized capital is 490 million euros, of which 473.3 million euros are for the issue of shares, and the rest – for the issue of warrants. In AMK Thrivest intends to invest about 60-65 million euros in order to acquire approximately 10% of the bank. Given that HFSF is fully exercising its rights by participating in the AMK with €329 million, the acquisition of the aforementioned Thrivest interest suggests that TMEDE and possibly e-EFKA, which currently control 20.11% and 8.40% respectively, will limit your rates. How much their percentage will be limited is not yet determined, this is a matter of private agreement with TMEDE, which will be reflected in the memorandum of understanding.

2. Issuance of orders. The prospect of issuing warrants was included in the agreement with Ellington and provided for their alienation to American investment capital in order to gain control of Attica Bank. That possibility is still open, but according to people closely following the process, it is not being put forward as a scenario in negotiations with Thrivest, which is seeking to acquire a 50.1% stake in Attica Bank in the next phase, i.e. in the context of a merger with Pancreatia. It should be noted that warrants, regardless of the number of shares they represent, can be distributed as a direct benefit and lead to the circulation of interest on the basis of which one participates in the AMC. Thus, although the value of the warrants scheduled to be issued is approximately EUR 17 million, i.e. a very small part of the AMC at 490 million euros, they can lead to a complete reversal of shareholders’ shares and the emergence of minority shareholders. as the majority shareholder. Although Thrivest prefers to acquire control of Attica Bank at a later stage, it is possible that the warrants to be issued under the AMC could be converted into shares and disposed of by Thrivest, even if this conversion does not result in the acquisition of a majority of the bank’s shares at this stage.

3. Merged with Pancrete Bank. The Thrivest party has made it clear that its participation in the AMC of Attica Bank only makes sense in the perspective of a merger between the two banks. The terms of the merger and the share swap ratio to be determined are critical issues as they depend on the acquisition of a majority stake in the only bank Thrivest is looking for. The merger will be based on due diligence that will need to be done to document the swap relationship for the merger of the two banks so that the depreciation of Attica Bank’s shareholder value does not result in a loss for HFSF. which is today the main blood donor of Attica, participating in two capital increases of more than 500 million euros.

4. New increase in authorized capital. This prospect, which has been dismissed as necessary by stakeholders, aims for a complete consolidation of a single bank, given that both Attica and Pankritia are saddled with large amounts of non-performing loans (about 65% of their portfolio). The time for the next AMK is scheduled for 2024, and the amount of funds depends on the losses that will arise from the sale of red loans. The goal is for the new bank to be completely reorganized and become the fifth pole in the banking system with assets that will reach 8 billion euros.