ΑΓΡΟΤΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ Α.Ε.
Announcement of approval of the exercise of the squeeze-out right following completion of the voluntary tender offer made by AGRICULTURAL BANK OF GREECE to the shareholders of ATE INSURANCE S.A.
In accordance with article 2 paragraph 1 of the decision of the Board of Directors of the CMC with reference number 4/403/08-11-2006 (the "Decision 4/403"), Agricultural Bank of Greece S.A. (the "Offeror") announces the following:
1. Pursuant to its decision with reference number 21/556/8.7.2010, the Board of Directors of the CMC:
(a) approved the Offeror's request to exercise the squeeze-out right to acquire the remaining ordinary registered shares in "ATE Insurance S.A." (the "Company"), in accordance with article 27 of Law 3461/2006 and article 2 of the Decision 4/403 and
(b) set 30 July 2010 as the date on which trading of the shares of the Company will cease (suspended).
2. According to the Decision 4/403, the Offeror will pay in cash 1.53 Euro per purchased share of the Company (the "Squeeze-out Price"):
(a) to the "Hellenic Exchanges S.A., Holding, Clearing, Settlement and Registry" ("HELEX") in order for the latter to debit the operators' relevant cash settlement accounts, for those of the beneficiaries shareholders of the Company who have authorized their operators to collect the amount to which they are entitled, and
(b) to the Consignments and Loans Fund for those beneficiaries shareholders of the Company who have not so authorized their operators.
3. In addition, the Offeror will assume payment of the 0.08% clearing duties levied in favour of HELEX which would otherwise be payable by those shareholders of the Company whose shares are purchased by the Offeror, in accordance with the "Clearing and Settlement Regulation of Transactions in Transferable Securities in Book Entry Form", currently in force, and article 7 of the Codified Decision 153/18.12.2006, as in force, of the Board of Directors of HELEX and, therefore, the shareholders of the Company whose shares are purchased by the Offeror, will receive the full amount of the Squeeze-Out Price, after deduction of the relevant tax currently at a rate of 0.15%.
4. The payment of the Squeeze-Out Price will be made within three (3) business days after completion of the clearing of transactions which will take place on the last day οf trading of the shares of the Company.
1. Pursuant to its decision with reference number 21/556/8.7.2010, the Board of Directors of the CMC:
(a) approved the Offeror's request to exercise the squeeze-out right to acquire the remaining ordinary registered shares in "ATE Insurance S.A." (the "Company"), in accordance with article 27 of Law 3461/2006 and article 2 of the Decision 4/403 and
(b) set 30 July 2010 as the date on which trading of the shares of the Company will cease (suspended).
2. According to the Decision 4/403, the Offeror will pay in cash 1.53 Euro per purchased share of the Company (the "Squeeze-out Price"):
(a) to the "Hellenic Exchanges S.A., Holding, Clearing, Settlement and Registry" ("HELEX") in order for the latter to debit the operators' relevant cash settlement accounts, for those of the beneficiaries shareholders of the Company who have authorized their operators to collect the amount to which they are entitled, and
(b) to the Consignments and Loans Fund for those beneficiaries shareholders of the Company who have not so authorized their operators.
3. In addition, the Offeror will assume payment of the 0.08% clearing duties levied in favour of HELEX which would otherwise be payable by those shareholders of the Company whose shares are purchased by the Offeror, in accordance with the "Clearing and Settlement Regulation of Transactions in Transferable Securities in Book Entry Form", currently in force, and article 7 of the Codified Decision 153/18.12.2006, as in force, of the Board of Directors of HELEX and, therefore, the shareholders of the Company whose shares are purchased by the Offeror, will receive the full amount of the Squeeze-Out Price, after deduction of the relevant tax currently at a rate of 0.15%.
4. The payment of the Squeeze-Out Price will be made within three (3) business days after completion of the clearing of transactions which will take place on the last day οf trading of the shares of the Company.