The establishment of the new company by Motor Oil and Ellaktor is progressing

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The sudden passing of the 10-day deadline for the company’s shareholders to exercise the right to convene a General Assembly regarding the provision of a special license regarding the agreement with Ellactor in the RES sector, Motor Oil announced in a statement.

In particular, the listed company states that the ten-day deadline provided by article 100 par. 3 of Law 4548/2018, for the exercise by the Company’s shareholders of the right to convene a General Assembly regarding the provision of a special license in accordance with articles 99 to 101 of Law 4548/2018, in order for the affiliated and 100% subsidiary of the Company, a company with the name MOTOR OIL RENEWABLE ENERGY SOLE INDIVIDUAL S.A. (MORE):

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ah. jointly with ELLAKTOR S.A. in the formation of a new joint-stock company (hereinafter referred to as HOLDING COMPANY for brevity). ELLAKTOR will participate in a percentage of 25% in the HOLDING COMPANY through a contribution in kind of a percentage amounting to approximately 14% (which will be finalized upon completion of the transaction) of its participation in the company that will be established by the spin-off of a branch of ELLAKTOR and establishment of a new joint-stock company 100% subsidiary of ELLAKTOR (hereinafter referred to as RES COMPANY for brevity), while MORE will cover its participation in 75% of the equity. The exact amount of approximately three hundred and thirty million (330,000,000) euros will be finalized upon completion of the transaction.

Subsequently, the HOLDING COMPANY will receive a bank loan in the approximate amount of three hundred and fifty million (350,000,000) euros.

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BB. to consent and take all the necessary decisions and take all the necessary actions so that the HOLDING COMPANY buys shares of the RES COMPANY in full ownership and possession that represent a percentage equal to the percentage of ELLAKTOR’s remaining participation in the RES COMPANY against the price of the approach of six hundred and eighty million (680,000,000) euros. The exact amount of approximately six hundred and eighty million (680,000,000) euros will be finalized upon completion of the transaction.

approx. to consent and take all the necessary decisions and take all the necessary actions so that the HOLDING COMPANY merges with the RES COMPANY, through its absorption by the latter.

dd to draw up the Share Purchase Agreement with ELLAKTOR.

EU. to draw up the Shareholders’ Agreement with ELLAKTOR.

The granting of a special license by the Company’s Board of Directors to carry out the transaction is valid for six (6) months.

Motor Oil will inform the investing public about the progress of the transactions described above.

Source: Capital

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