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Disposal
25/7/2007 07:00
IRF European Fin Investments Ltd
25 July 2007
IRF European Finance Investments Ltd
25 July 2007
IRF European Finance Investments Ltd. ('IRF' or the 'Company')
IRF sells approximately 1.675 million shares in Marfin Popular Bank
IRF confirms that it has sold approximately 1.675 million shares held by IRF in
Marfin Popular Bank ('MPB') in the open market for approximately €16.31 million
net of all commissions. Earlier this year, IRF acquired approximately 41.4
million shares in MPB through a series of transactions for a total cash
consideration of approximately €330.1 million. The average cost per MPB share
acquired by IRF was €7.97 and the recent sale realised an average net sale price
of €9.74 per MPB share.
The aggregate realised gain for IRF on this investment, being approximately
€2.96 million, represents a return of 22.2%.
As a result of this disposition, IRF holds approximately 36.2 million shares of
MPB.
About IRF
IRF was formed to invest in the financial services industry throughout Europe
with a primary focus on credit institutions and insurance companies in South
Eastern Europe. IRF's current strategy is the acquisition of financial
institutions having valuations which do not reflect their potential and where
marketing and operational efficiencies are possible. IRF owns a 20.56% interest
in Proton Bank S.A. ('Proton') and a 4.55% interest in Marfin Popular Bank.
Proton is a full service financial services institution, including retail and
investment banking as well the provision of specialized corporate advisory and
investment services. Proton is listed on the Athens Shares Exchange under the
symbol 'PRO'. For more information about Proton, please see www.proton.gr.
MPB is full-services financial institution that was created through the recent
merger of Marfin Financial Group, Laiki Hellas and Egnatia Bank. As a result,
MPB is a regional financial institution with 312 branches in 12 countries. MPB
is listed on the Athens Shares Exchange under the symbol 'MARFB'. For more
information about MPB, please see www.laiki.com.
Enquiries of the Company may be made to the Company's Nominated Adviser, Numis
Securities Limited, attn: Jagjit Mundi (+44 20 7260 1284) or Nick Westlake (+44
20 7260 1345).
This information is provided by RNS
The company news service from the London Stock Exchange
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