On Jan. 13th 2007, a preliminary agreement was signed between the majority shareholders of the listed company KEGO S.A, Mr. Apostolos Kefalas, Mr. Rodolfos Gogorossis and Mr. Christos Gogorossis one the one side, and NIREUS AQUACULTURE S.A. and Mr. Aristides Belles on the other side, for the sale of their shares which represent 51%, of the share capital of KEGO S.A., to NIREUS AQUACULTURE S.A. by 20%, Mr. Aristides Belles or a company of his interests by 20%, and NORTH ASSET MANAGEMENT L.L.P. by 11%.
The completion and implementation of this agreement is subject to its approval by the Competition Commission, to which the obligated bodies are to submit the anticipated notification within the foreseen time- limit.
The buyers have reserved the right to undertake economic and legal due diligence on KEGO S.A. The purchasing price agreed is two (2) euros for each share, and resulted following estimations on the economic sizes of KEGO S.A. and relevant negotiations between the contracting parties.
Following the completion of the transaction, the buyers are to proceed to an obligatory public offer for the total of the shares of KEGO S.A.
This acquisition is expected to contribute towards the increase of the productive capacity of fish-feed of the NIREUS Group and further growth and utilization of its research program for the curtailment of the production cycle and therefore, to the reduction of the production cost of its final products.