REG - Public Power Corp - Sale from PPC to the PHCADMIE of 25% share capital <Origin Href="QuoteRef">DEHr.AT</Origin>

Public Power SAAnnouncement

28/04/2017 07:00

RNS Number : 6216D
Public Power Corporation S.A.
27 April 2017
Announcement
Sale from PPC S.A. to the P.H.C. A.D.M.I.E. (IPTO) S.A. of IPTO's 25% share capital 
PPC S.A. informs that its Board of Directors approved on 27/4/2017 the Share Sale and Purchase Agreement between PPC S.A. and the Public Holding Company ADMIE (IPTO) Societe Anonyme (P.H.C. ADMIE (IPTO) S.A.) for the sale and transfer of shares issued by IPTO S.A., that correspond to 25% of its share capital, from PPC S.A. to P.H.C. ADMIE (I.P.T.O) S.A., based on the value of the shares that resulted from theValuation Report dated 21/4/2017, conducted by Deloitte Business Solutions S.A. with reference date the 31/12/2016 which amounts to  295.6 mil. an amount which will be paid to PPC with the completion of the transaction.he Valuation Report took into account, among others, the financial data of I.P.T.O. S.A. based on the published audited financial statements of the year ended on 31/12/2016, the special rights of the Shareholders of the Company pursuant to the Shareholders agreement in force, the articles of incorporation of the Company, the regulatory environment, as well as the investment value and the special characteristics of the specific transaction. The value of the shares which will be transferred is the result of the aforementioned Valuation Report, while the terms of payment to PPC S.A.of any excess amount in the context of the relative affirmation by Deloitte Business Solutions S.A. from the original valuation will be agreed upon at the transaction closing.The final decision for the sale of IPTO's 25% share capital will be made by PPC's Extraordinary Shareholders' Meeting that will convene on 23.5.2017.
Athens, April 27, 2017

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