Pursuant to Law 3340/2005 and decisions 3/347/2005 and 5/204/2000 of the Board of Directors of the Hellenic Capital Markets Commission, as in force, the Company announces, further to its announcement of 11.05.2009 and 13.05.2009, that it has signed an agreement with "ANEK LINES S.A." regarding the sale of the Company's total participation in Hellenic Seaways (representing 33.35% of Hellenic Seaways' share capital) in consideration of the amount of 125,000,000 Euros.
The agreement is subject to the condition of its prior approval by the Hellenic Competition Commission and, as far as the Company is concerned, its prior approval by the bondholders pursuant to the Bond Loan issued by the Company on 11.12.2007 with a nominal amount of euro 375,000,000. Following reception of the required approvals, the agreement provides that a proportion of the above price equal to approximately 40% will be paid until the end of the current year. The remaining consideration will be interest bearing and will be paid in installments by the end of the 4th quarter of year 2012, when the agreement will be completed.
At the same time, the parties have agreed special terms and obligations which were deemed necessary for securing the value of the investment of the Company, until full payment of the above mentioned consideration.