Hellenic Bank public offer for Athena

The Board of Directors of Hellenic Bank Pcl decided to submit a public offer bid seeking 50% plus one share of Athena Cyprus Investments Pcl (ATH) in an all-cash bid.

The cash consideration will be based at a 10% discount to the Net Asset Value of Athena that will be declared on March 31, 2007 and excluding the dividend of 2.75 or EUR 0.0475 cent declared, which will be paid to shareholders irrespective of whether or not they accept the offer.

For example, based on the NAV of ATH as at end of 2006, which was announced on Feb 21, 2007 at CYP 0.57 or EUR 0.6814 per share, the public offer would be valued at EUR 0.57 (EUR 0.6814 – EUR 0.0475 x 90%).
Hellenic Bank has a direct holding of 30.274.137 shares of ATH representing 29.43% of the capital, Indirectly, it also holds 29.063 shares in the name of Pancyprian Finance and 34.582 shares through Hellenic Bank Investments for a total of 30.337.782 shares or 29.49% stake.

The public offer is subject to all regulatory approvals and was made in line with existing laws and regulations.