6 May 2008 08:18
IRF European Fin Investments Ltd06 May 2008 IRF European Finance Investments Ltd 6 May 2008 IRF European Finance Investments Ltd. ('IRF' or the 'Company') IRF increases its stake in Marfin Investment Group ("MIG") IRF is pleased to announce that it has acquired a further 21,437,943 ordinaryshares in MIG, an investment holding company listed on the Athens StockExchange, for approximately EUR 121.4 million in cash. The consideration wasfunded entirely from the Company's existing cash resources. The average purchaseprice per share was approximately EUR 5.66, representing a discount ofapproximately 3.45% to the EUR 5.86 closing price on 5 May 2008. Including thisacquisition, IRF now holds 30,104,233 ordinary shares in MIG which representapproximately 3.63% of the issued share capital of MIG. These investments are in line with the Company's investment strategy as approvedby shareholders at the Company's recent AGM on 31 March 2008. The Companybelieves that such investments should enable the Company to build value for itsshareholders. MIG invests in private equity, privatisations and infrastructure projects andprincipally operates in Greece, Cyprus and South East Europe. It has a marketcapitalisation of approximately EUR 4.86 billion; in the financial year ended 31December 2007, MIG had assets of EUR 6.87 billion and made a post tax profit ofEUR 330.4 million. For further information: IRF European Finance Investments LtdAngeliki Frangou, Chairperson Tel: +30 (0) 210 428 0560 Numis Securities LimitedJagjit Mundi Tel: +44 20 7260 1000Nick Westlake About IRF IRF was formed to invest in the financial services industry throughout Europe.IRF's current strategy is to seek investment opportunities in the financialsector in Europe with a primary focus in South East Europe financialinstitutions, investment funds and insurance companies. These investmentopportunities may include control or non-control positions in both public andprivate entities. IRF already owns a 20.6% interest in Proton Bank S.A. ('Proton'). Proton is afull service financial services institution, including retail and investmentbanking as well the provision of specialized corporate advisory and investmentservices. Proton is listed on the Athens Shares Exchange under the symbol'PRO'. For more information about Proton, please see www.proton.gr. This information is provided by RNS The company news service from the London Stock Exchange