Hellenic revised offer for Athena accepted

The CSE Council approved the Revised Public Offer made by Hellenic Bank (HB) to acquire up to 100% of the share capital of Athena Cyprus Pcl (ATH). The cash consideration price was set at EUR 0.62 per share, representing a 5% discount on ATH’s NAV as at 31 March 2007 (EUR 0.7017) and also excluding the dividend payment of EUR 0.0475 per share.

The acceptance period will commence on 23 May 2007 and will be completed

on 21 June 2007.

Hellenic Bank and SFS agreed that the latter will dispose its 21,465,911 shares (21%) held in ATH to HB at CYP 0.361 per share. The transaction will be completed by 31 May 2007.

HB already has a 30% participation in ATH’s share capital and given that the Public Offer will be successful, then HB will be able to treat ATH as a subsidiary company.