Sarantopoulos Mills has formally notified the investment community that, during the Board of Directors meeting held on December 6, 2024, the following resolutions were adopted:
Pursuant to the provisions of Articles 99, 100, and 101 of Law 4548/2018, as amended, the Board of Directors has granted a special license allowing the Company to enter into a transaction with a related party, as defined in Article 99, paragraph 2(a) of Law 4548/2018.
Specifically, the Board authorized the execution of an agreement for the sale and transfer of a real estate asset owned by the Company to its affiliate, "POLITIA URBAN INVESTMENT MANAGEMENT SOCIETE ANONYME" (hereinafter "POLITIA REIT"), a company under the control of the Chairman and Chief Executive Officer of Sarantopoulos Roller Mills. The asset in question consists of a property located at 17 D. Moutsopoulou Street, Kaminia, Piraeus, along with adjacent parcels at 21 D. Moutsopoulou Street, 19 D. Moutsopoulou Street, and 53 Chrysostomou Smyrnis Street, all situated within the same cadastral block.
The total land area is 4,644 square meters, with a building area of 8,271 square meters. The agreed sale price for the property is €10,000,000, in accordance with the terms outlined in the offer dated November 15, 2024.
To facilitate the transaction, a notarial preliminary agreement will be executed by the end of the current year. This preliminary agreement will include customary terms typically found in real estate transactions to secure the rights of the parties involved, such as rights of first refusal, mortgage pre-notation, and other protective covenants. Additionally, the preliminary agreement will stipulate an advance payment of at least 50% of the total consideration.
The final notarial deed of sale will be executed upon resolution of any pending matters concerning urban planning, cadastral registration, electronic building identity, and any other relevant property-related issues. The final agreement will incorporate the usual contractual provisions and conditions common to similar real estate transactions.
The decision by the Board of Directors was made following a comprehensive evaluation report dated December 5, 2024, issued by the independent audit firm "Ef AUDIT Certified Auditors & Business Consultants S.A." (SOEL Registration No. 185 and ELTE Registration No. 56), which confirmed the fairness and reasonableness of the transaction. This report was reviewed and approved by the Board of Directors.
The approval of the agreement was granted in compliance with the applicable provisions of Articles 99 et seq. of Law 4548/2018, as amended, and the necessary publicity formalities as outlined in Article 101 of Law 4548/2018 have been duly adhered to.
