Additional Listing (5148Y)
December 23 2010 - 5:22AM
UK Regulatory
TIDMIRF
RNS Number : 5148Y
IRF European Fin Investments Ltd
23 December 2010
ANNOUNCEMENT
IRF European Finance Investments Ltd
('IRF' or the 'Company')
Announces its
Agreement to Issue
New Shares in the Company
23 December 2010
IRF today announces that it has agreed to issue 12,483,239
common shares (the "IRF Shares") in exchange for 12,233,420
outstanding shares in Marfin Investment Group ("MIG"), a company
listed on the Athens Stock Exchange. Application has been made for
the newly issued IRF Shares to be admitted to trading on the
Specialist Fund Market of the London Stock Exchange.
The MIG shares being transferred to the Company have been valued
based on the closing price of such shares on the Athens Stock
Exchange as of 20 December 2010. The deemed issue price of the IRF
Shares is US$0.95 per share, representing a discount of
approximately 9.5% to IRF's current bid price.
The IRF directors believe that the proposed transaction will be
beneficial for the Company due to IRF being able to increase its
investment in MIG, a key investment for IRF, at a cost
significantly below MIG's announced NAV as well as increasing
equity on IRF's balance sheet.
The IRF Shares are expected to be admitted to trading at 0800
hours on 29 December 2010 subject to the application hearing to be
held on 24 December 2010. Pursuant to the issue of new IRF Shares,
Amadeus Maritime S.A., an entity controlled by Ms Angeliki Frangou,
IRF's chairman, will receive 4,659,730 IRF Shares in exchange for
the transfer of 4,566,477 MIG shares.
Once issued, the IRF Shares will rank pari passu with the
existing common shares of the Company.
Immediately following the issue, IRF's issued share capital will
comprise 137,315,633 shares of US$0.0015 par value each classified
as common shares.
IRF currently holds approximately 12% of the issued shares in
MIG. Following completion of this transaction, IRF will own
approximately 13.6% of the issued shares in MIG.
For further information:
IRF European Finance Investments Ltd
Angeliki Frangou, Chairperson Tel: +30 210 428 0560
Sheldon 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. On 19 January 2009 IRF commenced trading on the
SFM (Specialist Fund Market), 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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