IRF Irf European Finance Investments Ltd

RNS Number:9262T
IRF European Fin Investments Ltd 
28 March 2007

IRF European Finance Investments Ltd

28 March 2007





                     IRF European Finance Investments Ltd.



                                   Announces



        Public Program for Early Exercise of Warrants for Common Shares



IRF European Finance Investments Ltd. (the "Company" or "IRF") announced today
that the Company is offering (the "Offer") the holders of all 43,452,006
outstanding, publicly traded warrants ("Warrants") the opportunity, for a
limited time, to receive Common Shares on the terms set out below.



The Company is modifying the terms of the Warrants to temporarily: (i) increase
the number of Common Shares to be received upon an exercise of a Warrant from 1
Common Share to 1.2 Common Shares on payment of $5.00 and (2) permit the
exercise of a Warrant such that the holder will receive 1 Common Share for every
8.75 Warrants exchanged.  Warrant holders may use one or both methods of
exercising Warrant for Common Shares.



The Offer will commence as of today and will continue for twenty business days,
expiring on Thursday, 26 April 2007 at 5:00 pm London time (subject to extension
at the Company's sole discretion).  Upon termination of the Offer, the Warrants
will be exercisable in accordance with the terms as existed prior to the
commencement of this Offer and the Warrants will expire not later than 14
November 2009.



"The purpose of the program is to simplify the Company's capital structure while
simultaneously raising additional capital to take advantage of strategic market
opportunities, otherwise outside of the Company's resources, and to repay debt
incurred in connection with certain purchases" said Angeliki Frangou, Chairman
of IRF. "This program is materially identical to the private program closed on
23 March 2007, which raised approximately $237.7 million of gross proceeds and
in which I participated personally to a significant extent.  We believe that we
have devised a program that is attractive to our Warrant holders and hope that
the program results in a substantial number of Warrants being exercised".



The terms and conditions of the Offer are set forth in the documentation
distributed today to holders of the Company's Warrants. One of the conditions to
closing will be that at least 50% of the 43,452,006 outstanding warrants are
exercised or exchanged pursuant to this Offer.



Any questions or requests for assistance or additional copies of the Offer
documentation or other information relating to this Offer should be directed to
Morrow & Co., Inc., the Company's Information Agent, which can be reached as
follows:



Email:    irfinfo@morrowco.com



London: 1 Queen Anne's Gate, London SW1H 9BT

+44 (207) 222-4645



US:       470 West Avenue, Stamford CT 06902

+1 (203) 658-9400



S. Goldman Advisors LLC, an entity affiliated with Sheldon Goldman, a director
of the Company', will act as dealer manager in the Offer and will receive a fee
of up to 5% of the gross proceeds raised or value of the shares issued on a
cashless exchange.  IRF's directors (excluding Mr. Goldman) having consulted
with IRF's Nominated Adviser, Collins Stewart, determined that these terms,
insofar as its shareholders are concerned, are fair and reasonable.



The foregoing reference to the Offer and any other related transactions shall
not constitute an offer to buy or exchange securities or constitute the
solicitation of an offer to sell or exchange any securities in IRF or any of its
subsidiaries.  Neither the Common Shares nor the Warrants referred to herein
have been or will be registered under the U.S. Securities Act of 1933, as
amended, and, subject to certain exemptions, neither may be offered or sold in
the United States.

About IRF

IRF was formed to invest in the financial services industry throughout Europe
with a primary focus on credit institutions and insurance companies in South
Eastern Europe.  IRF's current strategy is the acquisition of financial
institutions having valuations which do not reflect their potential and where
marketing and operational efficiencies are possible.  IRF owns a 20.16% interest
in Proton Bank S.A.("Proton") and a 5.36% interest in Marfin Popular Bank
("MPB").

Proton is a full service financial services institution, including retail and
investment banking as well the provision of specialized corporate advisory and
investment services.   Proton is listed on the Athens Shares Exchange under the
symbol 'PRO'. For more information about Proton, please see www.proton.gr. MPB
is full-services financial institution that was created through the recent
merger of Marfin Financial Group, Laiki Hellas and Egnatia Bank.  As a result,
MPB is a regional financial institution with 312 branches in 12 countries.  MPB
is listed on the Athens Shares Exchange under the symbol 'MARFB'. For more
information about MPB, please see www.laiki.com.








                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCBLGDXUSDGGRI

Irf European Finance Inv... (LSE:IRF)
Historical Stock Chart
From Jun 2024 to Jul 2024

Irf European Finance Inv... (LSE:IRF)
Historical Stock Chart
From Jul 2023 to Jul 2024