Motor Oil (Hellas) Corinth Refineries SA

11/17/2020 | Press release | Distributed by Public on 11/17/2020 06:10

Special permission of the Board of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. to its subsidiary IREON INVESTMENTS LTD to proceed with transactions with related parties pursuant[...]

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (The Company) hereby announces that its Board of Directors in its meeting dated 4 November 2020 decided to grant a special permission allowing its subsidiary IREON INVESTMENTS LTD (the Seller) to proceed with a sale of 263,369 of OPTIMA BANK S.A. shares at a price of Euro 18.35 per share. The said 263,369 shares correspond to 7% of the share capital of OPTIMA BANK S.A. and the buyers will be related to MOTOR OIL (HELLAS) S.A. CORINTH REFINERIES S.A. parties, as these parties are defined in the articles 99 until 101 of the Law 4548/2018.

The sale of the above shares is effected in the context of the further divestment of the MOTOR OIL HELLAS S.A. Group from OPTIMA BANK S.A.

The Board of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. with its decision dated 4 November 2020, having taken into consideration the fairness opinion report on OPTIMA BANK S.A. dated 30 October 2020 conducted by the audit firm Grant Thornton, set the offered price at Euro 18.35 for each OPTIMA BANK S.A. share. The price of Euro 18.35 per share is termed in the Grant Thornton report as a true and fair price for the Company and its shareholders who are not related persons including the minority shareholders since this price falls within the price range of comparable values mentioned in the report (available in Greek language on the Company website at the particular option News / 2020).

According to the Law 4548/2018 the special permission granted by the Board of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. for the completion of the transactions is valid for six (6) months.

This announcement is issued in accordance with the paragraph 3 of the Article 100 of the Law 4548/2018.

Maroussi, 17 November 2020

The Board of Directors