The two parties agreed on the sale and purchase of 2,702,703 own shares of MYTILINEOS, with a total value of 50,000,000 euros, at a price of 18.5 euros per share
The increase in the percentage held by Fairfax in the share capital of MYTILINEOS, the company announced today. Specifically, as announced, Fairfax has agreed to increase its position in MYTILINEOS by 50 million eurosas well as the possibility to invest an additional 50 million, “as a result of the strong performance and excellent growth prospects of MYTILINEOS”.
In particular, the two parties agreed on the sale and purchase of 2,702,703 own shares of MYTILINEOS, with a total value of 50,000,000 euros, at a price of 18.5 euros per share. As a result of this first phase of the deal, 2,702,703 shares will be transferred to Fairfax no later than January 9, 2023. Upon completion of this first leg of the transaction, Fairfax will become the second largest shareholder in MYTILINEOS, holding 6,688. 047 shares of MYTILINEOS, a percentage of 4.68% of the total shares of the Company.
Concurrent with the share transfer, the two parties also agreed to enter into an exchangeable note in the amount of EUR 50,000,000, whereby Fairfax will have a two-year right to acquire an additional 2,500,000 MYTILINEOS own shares at the price of Euro20 per share.
The Chairman and CEO of Fairfax, Prem Watsa, made the following statement: “We are excited about increasing Fairfax’s investment in MYTILINEOS. The Company has an excellent track-record and we look forward to working with Evangelos Mytilineos and his team for the further development of the Company on a long-term basis.”
For his part, the President and CEO of MYTILINEOS, Evangelos Mytileneosemphasized: “We welcome Fairfax as the 2nd largest shareholder in MYTILINEOS, which is a testament to the existing excellent relationship which has steadily developed since 2012 when Fairfax purchased the first shares in the Company. This move further strengthens this relationship, recognizing the strong performance of MYTILINEOS over the years. Firmly oriented towards the strategic goal of Sustainable Development, MYTILINEOS succeeds in creating value for all its shareholders. With Fairfax on our side, I am confident that we will reach new heights in the history of MYTILINEOS” .
RES-EMP
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