Aegean announced that on November 3, 2023, the Hellenic Republic submitted an intention statement to exercise all the rights of acquisition of common shares (warrants) held by the company.

It is recalled that on December 23, 2020, the European Commission approved (C(2020) 9641) the provision of State Aid amounting to 120 million euros as compensation for part of the direct pandemic-related damages of 2020. Following this approval, Article 30 of Law 4772/2021 was voted, which provided for the payment of said aid-compensation with two additional conditions required by the Hellenic Republic:

A. The obligation of private shareholders to participate in a capital increase that will raise private capital of at least 60 million euros, and

B. The provision of a right to acquire shares to the Hellenic Republic at an exercise price equal to the price at which the shares are offered to private individuals in the aforementioned increase.

The increase in capital for private shareholders by €60 million took place on 14/06/2021 at a price of €3.20 per share, followed by the disbursement of the state aid of €120 million on 02/07/2021.

Consequently, the exercise price of the state's share acquisition rights was determined as per Article 30 of Law No. 4772/2021 and is equal to the share offering price in the aforementioned capital increase, i.e., €3.20 per share, with an exercise period from 2/7/2023 to 3/07/2026.

Each of the 10,369,217 certificates representing common share acquisition rights of the Company (the "Acquisition Rights") held by the Hellenic Republic grants the right to acquire one (1) new common share.

The Hellenic Republic declared its intention on 3/11/2023 to exercise all the rights arising from the entire Acquisition Rights. Upon completion of the exercise, the Hellenic Republic will acquire new shares equivalent to 10.3% (on a fully diluted basis) of the total shares of the Company, by paying €33.2 million, thereby diluting the percentages of private shareholders accordingly.

Eftychios Vasilakis proposes a buyout

In the context of the announcement dated 6/11/2023 by the Company, the Chairman of the Board of Directors, Mr. Eftychios Vasilakis, stated:

"As announced, we have received the letter of intent from the Hellenic Republic for the exercise of the warrants. We have repeatedly stated that AEGEAN has both the liquidity and the capital to acquire them. My proposal to the Board of Directors and to the General Meeting of Shareholders (which will make the final decisions) will be for the Company to proceed with the acquisition of the rights from the Hellenic Republic, paying the amount of 85.4 million euros.

This way, we close the last part of the particularly challenging cycle of the pandemic, from which, however, the Company emerges stronger with the contribution of its shareholders, its employees, and the passengers who choose us daily for 165 destinations, stronger in all its dimensions.

We thank the state for supporting us in this unprecedented situation and we continue with development and investments of even higher added value and contribution to the economy, capabilities, and infrastructure of the country."