Notice pursuant to Article 4.1.4.4 of the Athens Exchange Rulebook
As part of the publication of FY 2014 financial statements and pursuant to Article 4.1.4.4 of ATHEX Rulebook, NIREUS SA notes the following:
The Board of Directors of Athens Exchange decided to transfer the shares of the Company to the Under Supervision Category as per the trading session of December the 19th 2014, since it was not feasible for the Company to complete a share capital increase through capitalization of bank debt till the end of 2014.
In 2014, the Company had submitted to the Creditor Banks a comprehensive bank debt restructuring plan that included a share capital increase and the adoption of new financial ratios that could be met under the current economic environment.
After many months of negotiations, on March the 24th 2015, the Company entered a Memorandum of Understanding with the Creditor Banks, the basic terms of which were announced on March the 26th 2015. The Company has already called for a General Meeting of the Shareholders to approve the agreement on 20.04.2015.
The agreement also includes the operational restructuring of the Group with the merger through absorption of its subsidiary Sea Farm Ionian. The aforementioned actions aim at providing stability to the Group and enhance its financial strength.