MIG HOLDINGS S.A.
There is no controversy with the Greek state
MIG announces that, in accordance with all legal procedures, it has presented to the Board of Directors of OTE a request for the convocation of an extraordinary General Assembly of the Shareholders of the company with the following agenda:
1. Approval of the issuance of a long-term bond loan, its duration and other basic terms. In order to ensure the transparency of OTE's transactions for the benefit of OTE's shareholders, provision of information to the General Assembly regarding:
a) the reasonableness of the buy-out of the minority shareholding in COSMOTE and the expected benefits for OTE and
b) the short-term loan of euros 2.7 bn., with the provision of all related recommendations, the fees of the appointed advisors, the agreement with the lending banks and the minutes of the relevant meeting of the Board of Directors.
2. Approval for the sale of OTE's subsidiary INFOTE. In order to ensure the transparency of OTE's transactions for the benefit of OTE's shareholders, provision of information to the General Assembly regarding a) the rationale for the sale and the expected benefits for OTE b) the procedure followed and the terms of the agreement that was signed with the acquiring companies; and c) the relevant recommendations and fees of the appointed advisors.
3. Discussion and decisions regarding issues of transparency and corporate governance.
During the last few months, OTE's Management has been taking crucial decisions about the future of OTE, without consulting its shareholders. Our initiative to convene the General Assembly was taken when we were informed that even the buy-out of the minority shareholding of COSMOTE and the extremely sizeable short-term borrowing, according to Mr. Vourloumis' official statement, was decided without the previous approval of the Greek State.
In the forthcoming General Assembly, the shareholders of OTE, under the lead of the Greek State, should assume responsibility for the decision-making in relation to the critical issues included in the meeting agenda, in order to ensure that all shareholders take responsibility for the future of our company.
Based on our stated position that we do not question the sovereign right of the Greek State on OTE, our initiative will be limited, once we assess the data provided to us by the Management of OTE, to providing the shareholders with our views and information, and to exchanging opinions. Under no circumstances do we intend to challenge the final resolutions of the Greek State by exercising our voting power against the Greek State.
Finally, in today's Press we noted an attempt of 'anonymous representatives' of OTE to interpret our initiative as a 'war' between the Greek State and MIG. As a result, we would like to emphasize that:
a. Our relationship with the Greek State is excellent;
b. Our initiative to have the shareholders decide upon critical matters related to their company is perfectly reasonable and legitimate
c. The Chairman and Chief Executive Officer of OTE is ultimately accountable to the shareholders of the company he works for, rather than being their boss.
1. Approval of the issuance of a long-term bond loan, its duration and other basic terms. In order to ensure the transparency of OTE's transactions for the benefit of OTE's shareholders, provision of information to the General Assembly regarding:
a) the reasonableness of the buy-out of the minority shareholding in COSMOTE and the expected benefits for OTE and
b) the short-term loan of euros 2.7 bn., with the provision of all related recommendations, the fees of the appointed advisors, the agreement with the lending banks and the minutes of the relevant meeting of the Board of Directors.
2. Approval for the sale of OTE's subsidiary INFOTE. In order to ensure the transparency of OTE's transactions for the benefit of OTE's shareholders, provision of information to the General Assembly regarding a) the rationale for the sale and the expected benefits for OTE b) the procedure followed and the terms of the agreement that was signed with the acquiring companies; and c) the relevant recommendations and fees of the appointed advisors.
3. Discussion and decisions regarding issues of transparency and corporate governance.
During the last few months, OTE's Management has been taking crucial decisions about the future of OTE, without consulting its shareholders. Our initiative to convene the General Assembly was taken when we were informed that even the buy-out of the minority shareholding of COSMOTE and the extremely sizeable short-term borrowing, according to Mr. Vourloumis' official statement, was decided without the previous approval of the Greek State.
In the forthcoming General Assembly, the shareholders of OTE, under the lead of the Greek State, should assume responsibility for the decision-making in relation to the critical issues included in the meeting agenda, in order to ensure that all shareholders take responsibility for the future of our company.
Based on our stated position that we do not question the sovereign right of the Greek State on OTE, our initiative will be limited, once we assess the data provided to us by the Management of OTE, to providing the shareholders with our views and information, and to exchanging opinions. Under no circumstances do we intend to challenge the final resolutions of the Greek State by exercising our voting power against the Greek State.
Finally, in today's Press we noted an attempt of 'anonymous representatives' of OTE to interpret our initiative as a 'war' between the Greek State and MIG. As a result, we would like to emphasize that:
a. Our relationship with the Greek State is excellent;
b. Our initiative to have the shareholders decide upon critical matters related to their company is perfectly reasonable and legitimate
c. The Chairman and Chief Executive Officer of OTE is ultimately accountable to the shareholders of the company he works for, rather than being their boss.