Relevant government sources said the “N” that and this “prerequisite” -which normally should have closed from July in accordance with what is mentioned in the revised memorandum, has already been discussed with institutions and the transfer of the shares to the HRADF is a matter of days. The same sources explained that regulation is needed to proceed with the transfer of the package and this is the reason for which was not included a provision in the law passed on Tuesday night.
Of the 6% that controls this moment the Greek State, the FUND will be transferred to the 5% with the aim to sell in the current main shareholder of the Agency for Telecommunications, the German Deutsche Telecom. From this transaction, the Greek State is expected to reap approximately 190-200 million. euro. 5% of the shares, corresponding to 24.5 million shares with a current price of the stock to be formed around 7,85 euros per share.
After the transfer, the Greek Government will be left with 1% of the shares in their possession (just 4.9 million shares with a market value of around 38-39 million. euro) and with 4% of the voting rights. That is, in the general meeting of shareholders, the Public will continue to have 5% of the voting rights but is in direct possession of the will has left only 1% of the shares.
“Owner” of 4% of the shares in the voting rights of which are assigned to the Greek State’s CAPACITY. For the shares held by the largest insurance fund in the country, already considered a lot of possibilities. Even be transferred the shares to the Greek State in order, from a to enhance the liquidity of the IKA and the Public to be found with full control of 5% of the shares of OTE, while maintaining the rights of veto under the shareholders ‘ agreement with Deutsche Telecom.
The shareholders ‘ agreement was signed in 2008 when the DT has gained control of OTE. Article 9 of the agreement provides that the Greek State will retain certain rights for as long as it keeps the participation of the above the critical threshold of 5%. Among these rights is the exercise of a veto in a case which sought the change of venue of the OTE, the possibility of intervention in matters of lending company, etc. Given that the State will continue to control the 5% of the voting rights, in theory, will not be subject of a dispute over the rights. Nevertheless, it has fallen on the table in the scenario to transfer the shares of the IKA in searches for sources of financing of current needs (p.in just the last week discussed the potential to leverage approximately 220 million. euro from account of Solidarity of Generations-ΑΚΑΓΕ in order to cover the current deficits.
Whether it will be ultimately a double transfer pack –from the Greek State to the HRADF and from there to Deutsche Telecom, and then by the IKA to the Greek State, is something that will be seen within the next period of time. This is important for the government is the direct transfer of the packet to the FUND in order to fulfill this prerequisite. It is not excluded, the transfer of 5% of Deutsche Telekom to be a revision of the shareholders ‘ agreement, something that is also set out in the revised text of the memorandum, which was approved by the Eurogroup last May.
Source
Come ανακαταταξεις in the shareholder register of the OTE – All scenarios
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