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Eurobank Ergasias SA Announces Share Capital Increase And Sale Of Rights To Fairfax Financial Holdings Ltd By Eurobank Properties Real Estate Investment Co

Friday, 18 Oct 2013 02:07am EDT 

Eurobank Ergasias SA (Eurobank) announced that Eurobank Properties will proceed with a share capital increase (the Rights Issue) to raise EUR 193,248,000 with pre-emption rights, through the issuance of 40,260,000 new common registered shares with voting rights, with a nominal value of EUR 2.13 each and issue price EUR 4.80 per share, in favor of Eurobank Properties’ existing shareholders (the Rights). Fairfax undertook to purchase Eurobank’s Rights at an aggregate cash consideration of EUR 20 million and to exercise the purchased Rights as well as its own Rights, thereby investing EUR 144 million in the Rights Issue. As a result of the Rights exercise, Fairfax will increase its participation in Eurobank Properties to 41% (from 19%), and Eurobank will hold 33.5% (assuming full take up of the Rights). The transaction has received all necessary regulatory approvals with the exception of the Rights issue which is subject to obtaining the Hellenic Capital Markets Commission and the Athens Exchange approvals. 

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15 Apr 2014