06 Apr 2023
minutes read

Amendment of the terms agreed with REGGEBORGH INVEST B.V. in relation to the call option and the put option facility with subject ELLAKTOR S.A. shares

Following its previous announcement released on 6 May 2022, MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (The Company) hereby notifies the amendment of the terms of its agreement with REGGEBORGH INVEST B.V. which initially provided for the potential reduction of the Company’s stake in ELLAKTOR by 52,000,000 shares starting at the end of a two-year period at the cost that these shares were acquired (i.e. Euro 1.75 per share). The number of ELLAKTOR shares according to the amended terms as agreed between the Company and REGGEBORGH INVEST B.V. has now been reduced to 26,000,000.

Specifically, the Company has the right (the Put Option) to require REGGEBORGH INVEST B.V. to purchase the said 26,000,000 ELLAKTOR shares at the pre-agreed price of Euro 1.75 per share by notice in writing on any date falling within the period from May 6th, 2024 but before May 6th, 2025.

REGGEBORGH INVEST B.V. has the right (the Call Option) to require the Company to sell the said 26,000,000 ELLAKTOR shares at the pre-agreed price of Euro 1.75 per share by notice in writing on any date within the period until May 6th, 2025.

The current shareholding of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. in ELLAKTOR remains at 104,000,000 shares (i.e. 29.87% of the share capital) unaffected by the above amendment of agreement terms.

 

Marousi 6 April 2023

The Board of Directors