Further to our announcement of January 21st, 2008 Forthnet was informed by NOVATOR EQUITIES LTD ("NOVATOR"), CYCLADIC CATALYST MASTER FUND ("CYCLADIC") and the Foundation of Research and Technology Hellas ("FORTH") that they have entered into a share purchase agreement with Forgendo Limited ("FORGENDO") as purchaser and Emirates International Telecommunications LLC ("EIT") as guarantor of the purchaser's obligations for the sale of 8,158,912 shares with the respective number of voting rights in Forthnet, representing approximately 21.00% of its share capital for an aggregate consideration in cash of euros 93,827,488. The transactions have been agreed at a share price of euros 11.5 per share. More specifically, NOVATOR as shareholder of 3,934,068 shares or 10.12% of Forthnet share capital and CYCLADIC as shareholder of 2,224,844 shares or 5.73% of Forthnet share capital agreed to sell their entire shareholding in Forthnet, whereas FORTH as shareholder of 4,412,465 shares or 11.36% of Forthnet share capital agreed to sell 2,000,000 shares or 5.15% of Forthnet share capital. Completion of the transactions is subject to conditions including Greek regulatory approvals. After the completion of the transaction FORTH will remain a shareholder in Forthnet with 2,412,465 shares or 6.21% of Forthnet share capital. Credit Suisse acted as financial adviser to FORGENDO and EIT.
This announcement has been drafted and published in accordance with the Laws 3340/2005 (art.10) and 3556/2007 (art.3 par.1,(ist), (bb) and the resolution of the Hellenic Capital Market Commission under number 3/347/12.7.2005.