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Hellenic’s shareholding structure gets new player

March 4, 2019 at 6:31am
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Investment fund 7Q Invest Ltd-Multi Opportunities seems determined to increase significantly its shareholding percentage at Hellenic Bank.

The fund has acquired most of the almost 50 million preference rights thatThird Point sold on Thursday, the last day of trading. And combined  with the 2.86% the fund previously controlled in Hellenic, it is estimated that its percentage will fluctuate slightly below 10% after the bank’s capital increase.

This development will make it one of Hellenic’s big shareholders.

The investment policy of the fund is set by 7Q Financial Services boutique investment company whose founder and Chief Investment Officer is Andreas Hatzikyrou.

The same fund also holds a strong position in Demetra Investments by controlling 5.6% of the company’s share capital by end of 2018. In addition, a few months back the fund bought a total of 13,071,136 Bank of Cyprus shares from Interfund Investments worth 2.1 million euros.

As a result, its participation has increased from 0.56% to 23.67%.

It should be noted that 7Q Invest Limited – under the umbrella of which Multi Opportunities operate – got licensed by the Cyprus Securities and Exchange Commission in January 2016.

Even though the objectives by Multi Opportunities do meet the criteria for the island’s citizenship by investment scheme, INSIDER has been informed that none of its members have taken advantage of it, so far.

March 7 exercising deadline

Meanwhile, the last day of trading of preference rights was last Thursday and the next decisive date now is March 7, the last day of exercising preference rights.

Every twenty-five (25) preference rights will be converted into eighteen (18) new ordinary shares, of nominal value € 0.50 with exercise price of € 0.70 per new ordinary share.

Having allocated its rights, the question now is whether Third Point will also sell its shares – to whom, when, and at what price. The company’s shareholding will be reduced to about 12%. It seems that Wargaming will exercise its rights and its share stake will amount to 20.6%.

Pimco will control 17.3% and the exact percentage of Demetra Investments is still unknown, depending on the rights that won’t be exercised as well. Something similar is also true for Emma Alpha.

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