"CΗ. K. TEGOPOULOS EDITIONS S.A.", according to the unanimous decision of its Board of Directors during the meeting dated on 26/5/2008, announces the signature of the binding memorandum concerning the partial buy-out of classified ads segment, i.e. "Chrisi Efkairia" by the Investment Fund "South Eastern Europe Fund L.P." advised by GLOBAL FINANCE S.A.
For the realization of the agreement the parties agreed to split the segment from "CΗ. K. TEGOPOULOS EDITIONS S.A." main activities and transfer it to a 100% owned subsidiary, according to the clauses 1-5 of the Law 2166/1993. The Financial Statements of the split segment are scheduled to be formed on 30/6/2008.
Following the completion of the split and the transfer of the segment to the subsidiary, "CΗ. K. TEGOPOULOS EDITIONS S.A.", will sell 75% approx. (deviation +/- 5%, upon its full discretion) of it, to a company wholly owned, directly or indirectly by the Investment Fund. The total value of "Chrisi Efkairia" segment has been agreed to the amount of eighty five million Euros (85.000.000 euro).
The abovementioned agreement - subject to the relevant decisions of "CΗ. K. TEGOPOULOS EDITIONS S.A." General Assembly - is also subject to relevant due diligence, as well as, all administrative permissions and approvals required by Law.