Disposal

25 Jul 2007 07:00

IRF European Fin Investments Ltd25 July 2007 IRF European Finance Investments Ltd25 July 2007 IRF European Finance Investments Ltd. ('IRF' or the 'Company') IRF sells approximately 1.675 million shares in Marfin Popular Bank IRF confirms that it has sold approximately 1.675 million shares held by IRF inMarfin Popular Bank ('MPB') in the open market for approximately €16.31 millionnet of all commissions. Earlier this year, IRF acquired approximately 41.4million shares in MPB through a series of transactions for a total cashconsideration of approximately €330.1 million. The average cost per MPB shareacquired by IRF was €7.97 and the recent sale realised an average net sale priceof €9.74 per MPB share. The aggregate realised gain for IRF on this investment, being approximately€2.96 million, represents a return of 22.2%. As a result of this disposition, IRF holds approximately 36.2 million shares ofMPB. 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 20.56% interestin Proton Bank S.A. ('Proton') and a 4.55% interest in Marfin Popular Bank. Proton is a full service financial services institution, including retail andinvestment banking as well the provision of specialized corporate advisory andinvestment services. Proton is listed on the Athens Shares Exchange under thesymbol 'PRO'. For more information about Proton, please see www.proton.gr. 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 Shares Exchange under the symbol 'MARFB'. For moreinformation about MPB, please see www.laiki.com. Enquiries of the Company may be made to the Company's Nominated Adviser, NumisSecurities Limited, attn: Jagjit Mundi (+44 20 7260 1284) or Nick Westlake (+4420 7260 1345). This information is provided by RNS The company news service from the London Stock Exchange