It is proposed that the New Shares will be offered through a public offering in Greece (the “Public Offering”) and a private placement to institutional investors outside of Greece (the “International Offering”, and together with the Public Offering the "Combined Offering”).
It is proposed that the Share Capital Increase will be made on a non-preemptive basis yet it is proposed that a priority allocation mechanism for the allocation of New Shares to existing shareholders participating in the Combined Offering may apply.
It is proposed that the priority allocation in the Public Offering will be, at least, equal to such existing shareholders’ participation percentage in the share capital of the Company (based on the ATHEXCSD electronic records), as at a record date to be determined by PPC’s Board of Directors, so that such shareholders retain at least the same participation percentage in the share capital of the Company after the Share Capital Increase.
The Company may apply similar priority allocation to the New Shares to be allocated in the International Offering, taking into account, among other criteria, investors’ behavior, trading activity and commitment to the Company.
The Hellenic Corporation of Assets and Participations supports PPC
Following PPC’s announcement on 23.09.2021, the Hellenic Corporation of Assets and Participations (“HCAP”) and its subsidiary Hellenic Republic Asset Development Fund (“HRADF”) - as key shareholders of the Company with 34% and 17% stakes respectively - fully support the strategic plan and vision of the current management to further accelerate PPC’s ongoing transformation and pursue a growth capital increase.
Based on initial investor feedback (through a customary wallcrossing exercise and subject, in all cases, to all necessary board and shareholder approvals), the Company has received indications of substantial interest and support for the potential transaction. This follows the recent successful sustainability-linked international bond offering of the Company completed in July 2021 and the earlier international bond offering completed in March 2021.
Greece is making best in class progress in energy transition across Europe and PPC is optimally positioned to play a critical role in the country as well as in the broader region. The new PPC with focus on green energy, enhanced efficiency and strengthened balance sheet to further support Greece’s energy needs, benefit consumers, improve security of supply, and protect the environment.
The HCAP and its subsidiary HRADF have a statutory objective to protect the public interest and create long term value for the Hellenic Republic. As part of PPC’s announced capital increase, the HCAP and its subsidiary HRADF, in line with their statutory objectives, are considering, subject to market conditions and with the support of external consultants, to lower their participation to a combined blocking minority stake to achieve a larger, more active free float and enhanced private participation, which will enable long term value creation for the company, its shareholders and the society.
