Hellenic Bank improves bid terms for Athena

The Board of Directors of Hellenic Bank Public Company Ltd have decided to submit a revised and improved public offer document seeking the acquisition of up to 100% of Athena Cyprus Public Company Ltd
The consideration that will be offered is CYP0.361 or EUR0.620, which represents the net asset value of Athena as at March 31, 2006 and stood at CYP0.4075 (EUR0.7017), excluding the dividend of CYP0.0275 minus a discount of 5%.
Hellenic Bank already holds directly 30,274,137 shares of Athena, that is, 29.43%. It also holds 29,063 shares indirectly via its subsidiary Pancyprian Finance Public Company Ltd and 34,582 shares via its subsidiary Hellenic Bank (Investments) Ltd. In total, it holds 30,337,782 shares that represent 29.49% of the issued share capital of Athena.
In case that the Bank acquires more than 90% of the shares of Athena – except the shares that are already held by the Bank – and given that the number of shares the holders of which will have accepted the Public Offer corresponds to 75% of the total shares of Athena – except the shares held by the bank or its subsidiaries already – the Bank intends to examine the possibility of exercising the right provided by article 201(1) of the Companies’ Law Chapter 113 in order to acquire the remaining shares of Athena and to proceed to all necessary actions for the delisting of the titles of Athena from the CSE.
In case that the requirements above are not met, the Bank will accept all shares of Athena the holders of which will have accepted the Public Offer. In that case, the titles of Athena will be possibly delisted from the CSE, if the minimum rate of dispersion of 25% is not met and/or the Bank acquires a stake larger than 70% provided by the CSE Law for the Investment Companies Market.
The Bank has already secured the Central Bank permit for the acquisition of 100% of the share capital of Athena.