European Credit: Request for squeeze-out from Allianz

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Allianz has submitted a request to the Capital Market Commission in order to exercise the right to buy the remaining 2.81% of the share capital of “European Credit”, since it already controls, after its optional public offer, 97.19% of its share capital .

More specifically:

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1. According to articles 27 and 16 of Law 3461/2006, as applicable (the “Law”), the joint-stock company with the name “EUROPEAKI PISTI GENERAL INSURANCE COMPANY” (the “Company”), following information received from the company under the name “ALLIANZ SE” (the “Proposer”), announces to the investing public that on 08.08.2022 the Proposer submitted a request for approval to the Capital Market Commission (the “FROM.”) for the exercise of the right to redeem the common registered, intangible, voting shares of the Company, with a nominal value of 0.63 euros each, in accordance with the provisions of article 27 of the Law, as applicable (the “Right of Redemption”).

2. In particular, as stated in the Offeror’s request, after the completion of the transfer of the offered shares in the context of the optional public offer submitted by the Offeror (the “Public Offer”) and following the acquisitions made by the Proponent through the Athens Stock Exchange (the “H.A.”) and over-the-counter, in accordance with the statements of balances of the Proposer’s and the Coordinated Persons’ accounts received by the “Hellenic Central Depository of Securities” (EL.K.A.T.) dated 08.05.2022[1]the Proposer and the Persons acting in coordination with the Proposer pursuant to article 2(e) of the Law (the “Coordinated Faces”) hold a total of 25,793,685 shares which correspond to approximately 97.19% of the total paid-up share capital and voting rights of the Company.

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3. Following the above, the Proposer with his request to the E.K. requests the approval of the exercise of the right to redeem the remaining shares of the Company which he and the Coordinated Persons do not own, i.e. a total of 746,222 shares representing approximately 2.81% of the total paid-up share capital and voting rights of the Company, offering a price equal to with the Offered Price of the Public Offer, i.e. 7.80 euros per share. It is pointed out that, in accordance with the Public Offer, the prescribed transaction tax (0.20% on the value of the transfer) will be deducted from the amount to be paid, while the Proposer will bear the burden of the rights in favor of EL.K.A .T. borne by the sellers/owners of the Shares to be redeemed, in accordance with the Appendix of Decision 18 “Charges Price List” (meeting 311/22.02.2021) of the Board of Directors of EL.K.A.T., as amended and in force.

4. The Offeror’s intention to exercise the Redemption Right is included in Section 2.16 of the Public Offer Information Bulletin, which was approved on 1the July 2022 by the Board of Directors of E.K.

5. The exercise of the redemption right will be carried out in accordance with the procedure provided for in articles 27 and 27a of the Law and no. 1/644/22.04.2013 decision of the Board of Directors of E.K.


[1] Transactions that have been cleared up to 05.08.2022 are recorded.

Source: Capital

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