27th Jul 2007 16:23
IRF European Fin Investments Ltd27 July 2007 IRF European Finance Investments Ltd27 July 2007 IRF European Finance Investments Ltd. ('IRF' or the 'Company') IRF sells remaining stake in Marfin Popular Bank Total gain realized from investment of approximately $110.0 million IRF confirms that it has sold its entire remaining stake in Marfin Popular Bank('MPB') of approximately 36.2 million shares in the open market forapproximately €347.2 million, net of all commissions. Commencing January 29, 2007, IRF acquired, in a series of transactions,approximately 41.4 million shares in MPB for total cash consideration ofapproximately €330.1 million. The average cost per MPB share acquired by IRFwas €7.97. IRF's aggregate realised capital gain on the entire MPB investment, whenaggregated with the 5.2 million shares previously sold, is approximately €67.2million ($92.1 million, using an exchange rate of €1.37), representing a returnof 20.4%. IRF's aggregate realised gain, taking into account the dividend received fromMarfin, is approximately €80 million (approximately $110.0 million using anexchange rate of €1.37), representing a return of 24.2%. IRF first purchased shares in MPB on 29 January 2007. Given the substantialappreciation in value of the Company's interest in MPB over a short period, thedirectors of IRF determined it was in the best interest of the Company todispose of its entire investment of MPB at this time, rather than continue tohold this investment. 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'). 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. 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 ExchangeRelated Shares:
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