Based on Law 4772/2021, the Hellenic State has officially informed Aegean Airlines (AEGEAN) of its intention to exercise the right to acquire 10,369,217 common shares of the company (corresponding to more than 10% of the share capital). The State’s initiative was based on Law 4772/2021 which was related to the State’s intervention in Aegean due to the effects of the coronavirus crisis.

This initiative will result in a significant benefit for the State due to the large rise in AEGEAN’s stock compared to 2021.

Already today, AEGEAN announced that it will in turn exercise (as also provided for in the 2021 agreement) the option to purchase these rights from the State at a price that is expected to be around 11.5 euros per share (to be determined by independent financial advisor and will be equal to the weighted average market price of the previous 60 days).

In order to understand the benefit of the State, it is worth noting that the price of the Aegean share, when the relevant agreement was signed, was around 5.5 euros. Based on the individual provisions of the relevant law, the benefit for the State is expected to reach approximately 85 million euros.

Today’s development justifies the government’s choice to support the company, as so many other states did during the pandemic, effectively saving thousands of jobs, but also ensuring the company’s ability to continue to grow.