According to ANEK's announcement "in relation to the 14/06/2023 proposal submitted by the companies SI JETS MARITIME COMPANY, KIARA MARITIME COMPANY and GOLDENSTEP SHIPPING LIMITED to the Lenders and Shareholders of the Company representing 57% of the share capital, on the subject the proposal for the acquisition of shares and loans of ANEK, Piraeus Bank, in its capacity as the representative of the Bond Lenders, sent the proposing companies the letter dated 26.06.2023, notified to the Competition Committee and the Administration of ANEK, in which it states verbatim the following : "Although the timing of your companies' proposal is strange, as the ongoing merger of ANEK with Attica Group is publicly known as early as September 2022, we have thoroughly studied the individual elements and terms of validity of your proposal for the acquisition of the loan and certain shares of the company ANEK, as well as the information you brought to our attention.
The examination of your proposal was made in the light of the applicable credit and transaction policies and procedures of each of the lenders - recipients of your proposal.
On this basis - and according to a relevant analysis of our consultant - it was judged that your submitted proposal is, in terms of recoverable value, subordinate to the ongoing agreement between Attica Group and ANEK and at the same time presents a significantly greater execution risk, so is not a viable alternative to the ANEK case. As an example, we refer to the uncertainty of the financing of the proposed price, as well as the condition of conducting due diligence, a process which has already been completed for the Attica Group proposal.
He further notes that the proposal does not take into account ANEK's significant cash needs towards third party creditors, nor does it include planning for the smooth transition and uninterrupted operation of the company due to the potential termination of the ANEK - Superfast joint venture (operational risk).
Therefore, your proposal does not meet the necessary criteria to constitute an acceptable credit and business risk and cannot be accepted."
