Sea Star becomes largest shareholder of ANEK

Sea Star Capital Plc (SEAS), the CSE listed company transforming itself from a betting company to a shipping group announced that on August 24, 2007 it proceeded with the acquisition of 19,967,663 shares of ANEK through the ASE at the price of EUR2.50 per share.

Following the new purchases, the total stake of Sea Star Capital in ANEK stands at 23,495,163 shares for a total deal value of EUR58 million and represents 14.93% of the capital of ANEK, making it its major shareholder.

Sea Star has announced an ambitious capital raising plan amounting to EUR 170 mln, of which EUR 100 mln is set to be covered by strategic investors from Greece including the Vardinoyiannis Group while the remaining EUR 70 mln will be raised through a rights issue from the other investors.

As previously announced, Yiannis Vardinoyiannis, a major shareholder in ANEK has agreed to subscribe the amount of EUR 60 mln to Sea Star’s capital increase. Greek press reports suggest that Sea Star will seek to raise its stake in ANEK to 25%. The same sources claim that the seller of the big block shares in ANEK was Amalia Vardinoyianni, who prior to the deal was reported to own 6.49% in ANEK.

A further 14.2% stake is owned by Intesea Sao Paolo belonging to Italian shipping magnate Emannuel Grimalnti.

ANEK reported net profit of EUR 21.5 mln in 2006 compared to EUR 10 mln in 2005.