The Extraordinary General Meeting (EGM) of the Shareholders of EFG Eurobank Ergasias which was held today (11.09.2003), approved the merger of the Bank with company 'Investment Development Fund S.A.' by absorption of the latter by the former. The merger process will be completed upon approval of the draft merger agreement by the Extraordinary General Meeting of the Shareholders of 'Investment Development Fund' and the relevant registration of the decisions in the Registry of Companies Limited by Shares. The EGM of the Shareholders of ?Investment Development Fund? shall be held early next month, following its postponement today due to lack of quorum.
Moreover, the EGM of EFG Eurobank Ergasias decided the continuation of the share buy-back programme, in order to support the market share price. The Bank may acquire, within the next twelve months, own shares representing up to 10% of its total equity, including the number of own shares already held by the Bank at any given time. It is noted that, as part of the share buy-back programme and based on previous decisions, the Bank held 7,826,058 own shares as at 04.09.2003, acquired at an average cost of euro 13.68 per share and representing 2.49% of its total equity. This percentage is reduced to 1.82%, due to the cancellation of 2,088,749 own treasury shares, as part of the process of the merger by absorption of 'Investment Development Fund' by EFG Eurobank Ergasias, in order to avoid an increase in the Bank's total number of shares. The Bank will acquire own shares henceforth at a maximum price of euro 27.09 per share and a minimum price of euro 5.00 per share, as also provided for in previous decisions. Within the framework of the above-mentioned decision, the Bank announced its intention to acquire up to 5 million own shares in the period from September 23 until the end of the year. -