It is not just about the cash out

We see that the investments of Thrivest and Winex are now moving below the statutory minority threshold of 33%... in both Credia Bank and Aktor.

Until now, Thrivest, owned by shipowners Bakos and Kaimenakis (holding 40% each, totaling 80%) and Alexandros Exarchou (holding 20%), has made two moves to reduce its strategic stake in Credia Bank.

The relations among the three are now tight; there is mutual understanding, trust, and a strategic plan... that goes beyond conventional tactics.

Initially, they held 56% of Credia Bank, then allocated shares, and following the capital increase, their holding stood at 40.7%. With the new share placement of 333.3 million shares, the stake of Thrivest is reduced to 24%, falling below the Greek State's share of 29.3% held via the Hellenic Corporation of Assets and Participations (HCAP). Thus, we now have two equivalent shareholders, though the investors of Thrivest have recouped 440 million euros in cash.

Undoubtedly, when an investor sells shares, they receive cash—a cash out—and in the case of the 16.7% stake in Credia Bank, or 333.3 million shares sold by Thrivest at a placement price of 0.90 euros, they raised 300 million euros.

However, it is not just about the cash. There was another critical reason...

In the past, a Canadian fund that had invested in Credia Bank exited. There was a pressing need for a new, healthy free float and for strong new investors to position themselves. With the placement of these 333 million shares, or 16.7% of Credia Bank, this goal was achieved.

Is there another reason?

Now, the State with 29.3% and Thrivest with 24% are both satisfied.

The core shareholders secured cash, which is essential for other corporate moves. Bakos, Kaimenakis, and Exarchou hold 24% of Credia Bank, while Winex (owned by Bakos and Kaimenakis) holds 39.17% of Aktor. The latter is heading toward a 650 million euro capital increase, where the main shareholders will waive their rights to allow major US funds to enter.

As a result, Winex's stake will drop to approximately 30%. We observe that the investments of Thrivest and Winex are now moving below the statutory blocking minority of 33% in both Credia Bank and Aktor. It is worth noting that Aktor's stock is trading at 13.22 euros with a total market capitalization of 2.7 billion euros, while Credia Bank's market value stands at 1.95 billion euros.

Footnote

There is a plan in place... but that will be revealed another time.

It is not just about the cash out - Why did Bakos, Kaimenakis, and Exarchou sell? - Thrivest and the State at 29.3% each in Credia Bank