The management of Ellaktor Group is launching a capital return of almost €300 million, a prospect that, according to market participants, will trigger developments in three main sectors of the domestic business/economy, as BnB Daily informs. 

In principle, an extraordinary general meeting is convened on 30 January to distribute €295.9 million (or €0.85/share), with payment to commence on 31 March. Given the listed company's shareholder composition, the approval is considered a lock, as Reggeborgh Invest BV controls 48.155% (rising to 51.142% after the call option is exercised), Motor Oil 26.882% and Atlas NV 9.798% of the share capital (a 15% plus stake is in the free float).

It should be noted that Atlas NV is controlled by AtlasInvest Holding B.V., with Martialis Quirinus van Poecke, a fellow countryman of Hendrikus (Henry) Holterman, who had assisted him in the attempt to take over the group from the Kallitsantsis brothers. 

According to the percentages, the 2 main shareholders have received €142.5 million and €79.5 million respectively. This is the second distribution (within 9 months) as under the previous one they have already "cashed in" €78.6m and €46.8m (July 2024), and the Reggeborgh side has put an additional €60.15m in the coffers from the sale of 38.8% of REDS to the listed company. This was preceded (March 2023) by the sale of Aktor Construction to Intrakat for €214 mn. Practically, within 4 years Reggeborgh has not only more than covered the cost of the investment/acquisition of the majority stake in the construction/energy group, but through financial/operational restructuring has built a... mountain of liquidity (with key assistance from CEO Efthymios Bouloutas).

At the same time, he has acquired a significant minority stake in Alpha Bank, building it gradually, as he has not hidden his intention to play a role in domestic banking as well. Cornerstone participated in Optima Bank's IPO on the Athens Stock Exchange (October 2023) with €21 million, and stand by for Alpha Bank. Through the family office, he had invested (since 2018) in the CEK Terna group, which in the end yielded around €200m.

Points of reference for the next day are the intention to keep Aktor Concessions in the group's portfolio - in principle until 2025 -, to proceed with Motor Oil's investment in Elector, to exploit investment projects in real estate (hoteling, marinas e.t.c) and to expand Reggeborgh Invest's stake in Alpha Bank's capital increase.

As regards Aktor Concessions, the two main shareholders (Reggeborgh-Motor Oil ) despite the loss of the new contract of Attiki Odos (already transferred to the GEK Terna group) maintain significant percentages in concessions (with 71, 67% in "Morea", 27.70% in "Rio-Antirrio Bridge", 22.22% in "Aegean Motorway" and 20.48% in "Olympia Odos"). Indeed, the decision to participate in the joint acquisition of the 17% stake held by Hochtief in "Olympia Odos" (increasing its stake to 20.48% from 17% previously) reinforces the assessment that Aktor Concessions will continue to be a cashcow source for the Ellaktor group.    

In the first instance, management aims to replenish the €120m EBITDA (on average) from Attiki Odos (it owned 65% of the operator). However, Aktor Concessions has been receiving revenues (10-month dividends in 2024) from Attiki Odos well into 2025, and additional funds will be generated by the liquidation of the company. It is estimated that, until 2026, around €250 million will flow into the treasury.

Talk of the town, however, is Reggeborgh's ardent goal to acquire the fit & proper of the ECB Supervisor in order to further strengthen its position in Alpha Bank's capital increase. Of the main minority shareholders, Reggeborgh with 9.4% (?) (Unicredit with 9.6%, John Paulson with 5% minus, foreign institutions e.g. Norges Bank, Lazard, Allianz and Greek managers), is on track to reach - in the first phase - 15% (at least) with a target of 20% of the m.k. With a valuation of €3.882 billion the bank, the (potential) equity enhancement funds are obvious, around €200 and €400 million respectively. Costs that only the 2 capital repayments (total €220m) cover in full (and half respectively).