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Motor Oil (Hellas) Corinth Refineries SA

07/21/2020 | Press release | Distributed by Public on 07/21/2020 03:30

Update regarding the special permission of the Board of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. for transactions of its subsidiary company IREON INVESTMENTS LTD with related[...]

Following its previous announcement dated July 8th, 2020, MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (The Company) hereby informs the investment public that the 10day deadline for the submission of a request for a General Meeting to decide on the special permission allowing its subsidiary IREON INVESTMENTS LTD (the Seller) to proceed with the sale of the shares the latter holds in the companies OPTIMA ASSET MANAGEMENT A.E.D.A.K. and OPTIMA Factors S.A., lapsed on 20th of July 2020.

The said special permission is valid for six months and within this period IREON INVESTMENTS LTD can proceed with the sale of the percentage of its participation in OPTIMA ASSET MANAGEMENT A.E.D.A.K. (94.52%) and OPTIMA Factors S.A. (100%) for a total consideration of Euro 199,870.30 and Euro 6,307,000 respectively.

The Board of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. set the offered price at Euro 0.74 per share of OPTIMA ASSET MANAGEMENT A.E.D.A.K. and Euro 1.70 per share of OPTIMA Factors S.A., having taken into consideration the fairness opinion report on OPTIMA ASSET MANAGEMENT A.E.D.A.K. and OPTIMA Factors S.A. dated 19 June 2020 (available in Greek language on the Company website www.moh.gr at the particular option: Investor Relations/ Regulatory Announcements/ News) conducted by the audit firm Grant Thornton. The above-mentioned prices in Euro per share are considered in the Grant Thornton report as true and fair for the Company and its shareholders who are not related persons including the minority shareholders.

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. will inform the investment public regarding the progress of the above-mentioned transactions.

The present announcement is issued in accordance with paragraph 2 of the Article 101 of the Law 4548/2018.

Maroussi, 21 July 2020

The Board of Directors