A share capital increase will be made by PAE Olympiacos next Monday (28/2) and will be high 10,000,000 euroswith this amount being fully covered by Vangelis Marinakis.
The financial report of PAE Olympiacos:
«REPORT OF THE BOARD OF DIRECTORS ON THE INCREASE OF THE SHARE CAPITAL OF PAE OLYMPIAKOS WITH PAYMENT OF CASH WITH THE REMOVAL OF THE RIGHT OF PREFACE
The Board of Directors proposes to the Ordinary General Meeting of the shareholders of the company that will meet on 28.02.2022, or on any other date after postponement / termination / cancellation, and in particular, on item 6 of the agenda “Increase of Share Capital by Cash Payment” – Amendment of Article 7 of the Company’s Articles of Association “and on topic 7” Abolition of the pre-emptive right of old shareholders in favor of the shareholder of the company “ABISSO HOLDINGS LTD” “, the following:
Taking into account a) the current economic conditions and especially the significant reduction of revenues due, mainly, to the non-participation of the team in the Champions League Groups and the restrictions on the attendance of fans in the matches, b) the uncertainty regarding the evolution of the revenues they create the prolonged conditions of the pandemic c) the existence of important and urgent financial obligations and needs, in the context of the licensing process of PAE. by UEFA, to which the company will be called to cope in the next period, d) the above reasons, the need for immediate cash support of the company, it is deemed expedient and necessary to increase the share capital of the company up to the amount of EUR 10,000 .000 by paying cash.
The Board of Directors, after taking into account the current financial conditions, proposes to the General Meeting that the shares be sold at a nominal value of EUR 0.33 each, in addition to it, in accordance with article 71 of Codified Law no. 2725/99, of 10% of the association OLYMPIAKOS SFP, ie in the total price of EUR 0.3666667 per share.
The Board of Directors proposes the increase of the share capital to be covered in a period of four (4) months, according to article 20 par.2 of L.4548 / 2018, as well as to give the possibility of partial coverage according to article 28 par.1 of Law 4548/2018. It is proposed to abolish the pre-emptive right of the old shareholders of the company in favor of the shareholder “ABISSO HOLDINGS LTD” owned by Mr. Evangelos Marinakis, because:
(a) Shareholders of the Company with a total stake of 17.24% in the share capital have expressed their intention not to participate in the share capital increase. Given that for the association OLYMPIAKOS SFP (shareholder with 10% of PAE OLYMPIAKOS) the regulations of article 71 of CC 2725/99 apply, 27.24% of the 30.43% of the share capital that does not belong to ABISSO HOLDINGS LTD, will not participate in the increase.
(b) The inflow of the required capital will be completed without time-consuming and costly procedures for the company. The shareholder “ABISSO HOLDINGS LTD” may cover the above increase.
(c) In this way the PAE will be strengthened with the direct inflow of capital and the achievement and guarantee of immediate liquidity, in order to successfully meet the
urgent financial needs and the maintenance of the financial strength and financial position of the company.
(d) Given the lack of revenue from non-participation in the UEFA Champions League and the significant reduction in other revenue for the reasons mentioned above, the benefit to the company and all its shareholders is mainly in the immediate coverage of urgent financial needs of the company, which will allow the maintenance of its financial strength and the maintenance of the corporate position that can not be achieved in any other way or at a later time, all of the above constitute a real benefit for all shareholders.
The Board of Directors proposes the distribution of the shares to be done by private placement with, where required, relevant decision / s, in the Cypriot company “ABISSO HOLDINGS LTD” owned by Mr. Evangelos Marinakis, in order to cover with its own funds the amount of the increase of the share capital, in order to achieve the above, the objectives of this increase.
Piraeus January 31, 2022, the Board of Directors.
THE INFORMATION FOR THE INVITATION OF THE ANNUAL REGULAR General Meeting MENTIONS:
PAE OLYMPIAKOS
No. GEMI 44327807000
INVITATION TO ANNUAL ORDINARY GENERAL MEETING
According to the Law and the Articles of Association of the company, and following the decision of the Board of Directors dated 31.01.2022, Messrs. Shareholders of the company in an Annual Ordinary General Meeting which will meet on February 28, 2022, Monday, at 17:00, in order to discuss and decide on the following items on the agenda:
1.- Submission and approval of the Annual Corporate and Consolidated Financial Statements of the corporate year 01.07.2020 – 30.06.2021 after the reports of the Board of Directors and the Auditors.
2.- Approval of the overall management that took place during the year 01.07.2020 – 30.06.2021 and release of the members of the Board of Directors and the auditors from any responsibility for the year 01.07.2020 – 30.06.2021.
3.- Election of an audit company for the year 01.07.2021 – 30.06.2022.
4.- Approval of paid fees of members of the Board of Directors during the year 01.07.2020 – 30.06.2021.
5.- Approval of remuneration of members of the Board of Directors for the current year 01.07.2021 – 30.06.2022 and until the next Ordinary General Meeting of the company.
6.- Increase of the Share Capital by cash payment, amendment of article 7 of the company’s articles of association.
7.- Abolition of the pre-emptive right of the old shareholders in favor of the shareholder of the company “ABISSO HOLDINGS LTD”.
8.- Various issues and announcements.
In case a quorum is not reached in accordance with the Law and the Articles of Association, Messrs. Shareholders are invited to a Repeat General Meeting, which will meet on March 8, 2022, Tuesday, at 18:00, to discuss and decide on the same items on the agenda without publishing a new invitation. Due to the extraordinary circumstances caused by the pandemic of the SARS-CoV-2 virus and the need to take measures to limit the spread of this virus, the Ordinary General Assembly (both initial and possible recurrence) will be held entirely electronically. inside without the physical presence of the shareholders.
The Shareholders who wish to attend the above convened Ordinary General Meeting on February 28, 2022 or to its Repeat Meeting on March 8, 2022, must deposit their share titles in the company Fund or in the Deposits and Loans Fund or in any Bank. in Greece and then submit to the company the relevant receipts and any documents of their representation or representation five (5) full days before the date set above for the meeting of the General Meeting, while stating to the company the e-mail address themselves or any of their representatives / representatives to whom the relevant link will be sent for their participation in the General Assembly “.
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