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Results of Warrant Offer
27/4/2007 08:46
IRF European Fin Investments Ltd
27 April 2007
IRF European Finance Investments Ltd
27 April 2007
IRF European Finance Investments Ltd.
Announces
Successful Conclusion of its Warrant Offer
IRF European Finance Investments Ltd. ('IRF' or the 'Company') is pleased to
announce that its offer ('Offer') for the early exercise of the Company's
warrants ('Warrants') closed successfully upon its expiration on 26 April 2007
at 5:00 p.m., London time.
The preliminary results of the Offer are that --28,188,810 Warrants (64.9% of
the Warrants outstanding) were exercised, of which 12,759,340 Warrants were
exercised by payment of the $5.00 exercise price and 15,429,470 Warrants were
exercised by exchange of Warrants.
As a result of these exercises:
$63,796,700 of gross cash proceeds will be raised; and
17,074,576 new shares of common shares ('Common Shares') will be issued.
Following the issuance of the Common Shares relating to the Warrant exercise,
IRF expects to have in issue and outstanding:
131,070,073 shares of Common Shares; and
15,263,196 Warrants.
Application will be made in due course for the new Common Shares to be admitted
to trading on AIM.
The remaining Warrants will expire in accordance with their terms on the earlier
of redemption or 14 November 2009.
Angeliki Frangou, IRF's Chairman stated 'I am pleased with the investor response
to both the private and public warrant program. As the net result, we have
raised significant additional capital and removed an impediment to IRF's further
development. Today, outstanding warrants represent approximately 11.6% of IRF's
common shares, as opposed to approximately 161.2% of IRF's common shares before
both warrant programs commenced.'
Questions regarding the completed offer may be directed to Morrow & Co., Inc.,
the Company's Information Agent, which can be reached as follows:
Email: irfinfo@morrowco.com
London: 1 Queen Anne's Gate, London SW1H 9BT
+44 (207) 222-4645
US: 470 West Avenue, Stamford CT 06902
+1 (203) 658-9400
This news release is merely a notification of the results of the offer and is
neither an offer to sell nor a solicitation of an offer to buy any securities.
The offer was made only pursuant to an offer letter dated 28 April 2007 and
related materials.
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 20.16% interest
in Proton Bank S.A.('Proton') and a 5.36% interest in Marfin Popular Bank
('MPB').
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,
Collins Stewart Europe Limited, attn: Seema Paterson (+44 207 523 8321).
This information is provided by RNS
The company news service from the London Stock Exchange
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