Today reconvened JPK Shareholders Assembly Funds continues blockade

This attempt for capital increase will probably failed too, since, as it has been announced to “Vijesti”, the funds- owners of 25% shares will be absent from the Assembly and a required two-third majority needed for taking a decision will not exist.

Hellenic is the owner of 54% shares and it can not solely vote the capital increase.

The funds are blocking Hellenic’s capital increase since it would decrease their ownership percentage and because they are not sure that the money would be invested in “right things”. Hellenic accused the funds that by blocking the capital increase they make damage to the company and prevent the fulfillment of its investment plans.

After (given that) seven-million € Hellenic’s capital increase, Jugopetrol’s capital would rise to acc. 75 million € and the Hellenic’s ownership from current 54% to two-third.

As the current power- balance illustrates, the only way for Hellenic to make capital increase in JPK is to increase its ownership to two-third shares by buying the shares either from the funds or from the other shareholders. So far, HP has neither shown interest in buying the shares currently offered for 8, 6 € in the Stock Exchange Market nor from the Funds who would not sell them cheaper than 14, 6€ (share nominal value). The State’s shares Hellenic paid 23 € per share.

Following the SPA, the Greeks are obliged to make five capital increases in Jugopetrol Kotor amounting 35 million € in five years. So far, the attempts worth eight and 12 million € have failed whilst the third attempt will probably have the same outcome