6 Apr 2010 15:45
| Press Release | 6 April 2010 |
IRF European Finance Investments Ltd
("IRF" or the "Company")
Notice of Special General Meeting - Reduction of Share Premium
IRF European Finance Investments Ltd. announces that it will hold a special general meeting on 19 April 2010 at the offices of the Investment Bank of Greece S.A., Ground Floor - Auditorium, Kifissias Avenue 24-A, 151 25 Marousi, Greece at 5 p.m. Greek time (11 a.m. Bermuda time) to seek shareholder approval for reducing part of the Company's share premium.
The Company believes it is appropriate to make periodic distributions to its shareholders. Notwithstanding the Company having sufficient cash reserves to distribute funds to its shareholders, Bermuda law restricts the Company from currently declaring a dividend. Therefore, the Company's board of directors has determined that it would be in the best interests of its shareholders to propose a reduction of the Company's share premium account and to make a payment to its shareholders in connection therewith. The reduction of share premium is conditional upon shareholder approval and compliance with the Bermuda Companies Act.
It is proposed that IRF's share premium account be reduced from US$495,378,160.37 to US$457,928,442.17, enabling an amount of US$0.30 per common share to be paid to holders of the Company's common shares. Any reduction will take effect on 22 April 2010. Payment would be made to those shareholders on record on 6 April 2010, with payment expected on 6 May 2010.
Notice convening this special general meeting is being posted today to the Company's shareholders. Copies of the notice are available, free of charge, from the Company's registered office at Canon's Court, 22 Victoria Street, Hamilton, HM12, Bermuda until the conclusion of the special general meeting.
A copy of the notice can be found on our website(www.irf-finance.com).
Information:
For further information, please contact:
IRF European Finance Investments Ltd
Angeliki Frangou, Chairperson Tel: +30 210 428 0560
Sheldon M. Goldman, Deputy Chairman Tel: +1 212 404 5740
About IRF
IRF's principal investment strategy is to seek investment opportunities in global financial institutions, with a complementary focus on investments in distressed opportunities in other industries. The Company was initially listed on AIM until 19 January 2009 when it transferred to the SFM (Specialist Fund Market), both markets operated by the London Stock Exchange plc. The Company's registered office is at Canon's Court 22 Victoria Street, Hamilton HM12, Bermuda.
Forward-looking statements
All statements, other than statements of historical fact, included in this release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. IRF assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.