IRF.L Regulatory News (IRF)

27 Mar 2007 07:04

IRF European Fin Investments Ltd 27 March 2007 IRF European Finance Investments Ltd. ("IRF") IRF acquires a further 3.76% stake in Marfin Popular Bank ("MPB") IRF's interest in MPB is now approximately 5.36% IRF is pleased to announce that yesterday it acquired 29,020,191 treasury sharesfrom MPB, a commercial banking group listed on the Athens Exchange, forapproximately €226.35 million in cash. The purchase was concluded at €7.80 pershare, representing a discount of (i) 4.2% to the €8.14 closing price of 26March 2007 and (ii) 2.5% to the €8.00 closing price on 23 March 2007. In total,the shares purchased represent approximately a 3.76% interest in MPB. This acquisition was partially funded from the $237.7 million gross proceeds ofthe recent private warrant program. In addition, IRF has funded acquisitions ofMPB stock with an aggregate of €100 million from a credit facility arranged witha commercial bank. As a result of this acquisition, IRF now owns approximately 41.4 million sharesof MPB, representing an interest of approximately 5.36% of MPB's outstandingshares as of 31 December 2006. IRF's current intention is to hold the minoritystake for income generation and capital appreciation. MPB is the result of a merger between Marfin Financial Group, Egnatia and CyprusPopular Bank which occurred in the last quarter of 2006. Currently, MPB is asignificant bank in both Greece and Cyprus, with diversified banking interestsin the retail, commercial and investment banking sectors, and has a marketcapitalisation of approximately €6.28 billion. About IRF IRF was formed to invest in the financial services industry throughout Europewith a primary focus on credit institutions and insurance companies in SouthEastern Europe. IRF's current strategy is the acquisition of financialinstitutions having valuations which do not reflect their potential and wheremarketing and operational efficiencies are possible. IRF owns a 20.16% interestin Proton Bank S.A.. About Proton Bank Proton Bank is a full service financial services institution, including retailand investment banking as well the provision of specialised corporate advisoryand investment services. Proton Bank is listed on the Athens Stock Exchangeunder the symbol 'PRO'. For more information about Proton Bank, please seewww.proton.gr. About Marfin Popular Bank MPB is full-services financial institution that was created through the recentmerger of Marfin Financial Group, Laiki Hellas and Egnatia Bank. As a result,MPB is a regional financial institution with 312 branches in 12 countries. MPBis listed on the Athens Stock Exchange under the symbol 'MARFB'. For moreinformation about MPB, please see www.laiki.com. This information is provided by RNS The company news service from the London Stock Exchange