Alfa-Beta Vassilopoulos Sa
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ALFA-BETA VASSILOPOULOS S.A. INFORMATION MEMORANDUM On the Acquisition of 100.00% of the Company PLUS HELLAS E.P.E. & SIA E.E. (renamed “HOLDING AND FOOD TRADING COMPANY SINGLE PARTNER LIMITED LIABILITY COMPANY & CO LIMITED PARTNERSHIP”, pursuant to Law 3190/1955) in accordance with article 287 of the Athens Stock Exchange Regulation Athens, July 2008 1 CONTENTS 1. General _______________________________________________________________________ 4 1.1 The Purpose of Drafting this Information Memorandum _________________________ 4 1.2 Persons Responsible for Drafting the Information Memorandum __________________ 4 1.3 Statutory Auditors _________________________________________________________ 4 2. Acquisition ____________________________________________________________________ 5 2.1 Description & Terms of the Acquisition ________________________________________ 5 2.2 Information on the criteria determining the price________________________________ 6 2.3 Method of Payment of the Price ______________________________________________ 7 2.4 Financing of the Acquisition _________________________________________________ 7 2.5 Reference to Matters of the Competition Commission ____________________________ 7 2.6 Effects on the Financial State of the Company __________________________________ 8 3. Pre-existing Ties between the Companies____________________________________________ 9 4. Information on the Purchasing Company ALFA-BETA VASSILOPOUOS S.A. ___________ 10 4.1 General Information_______________________________________________________ 10 4.1.1 Brief History__________________________________________________________ 11 4.2 Description of the Company’s Scope of Activities _______________________________ 12 4.2.1 Sales and Distribution Network ___________________________________________ 12 4.3 Shareholder Composition___________________________________________________ 14 4.4 Development of Share Capital _______________________________________________ 14 4.5 Members of Administration, Management or Supervisory Bodies _________________ 16 5. Information on the Acquired Company ____________________________________________ 17 5.1 General Information_______________________________________________________ 17 5.1.1 Objective_____________________________________________________________ 17 5.2 Brief History of the Acquired Company_______________________________________ 18 5.3 Scope of Activities _________________________________________________________ 18 5.4 Shareholder composition ___________________________________________________ 19 5.4.1 Development of Share Capital ____________________________________________ 19 5.4.2 Shareholder composition before the Acquisition ______________________________ 19 5.4.3 Shareholder composition after the Acquisition________________________________ 20 5.5 Board of Directors_________________________________________________________ 21 5.5.1 Administrators before the Acquisition ______________________________________ 21 5.5.2 Administrators after the Acquisition________________________________________ 21 2 5.6 Holdings of the BoD Members and Majority Shareholders in the Management or Capital of other Companies______________________________________________________________ 21 5.7 Historical Financial Data of the Acquired Company for the Fiscal Years 2006-2008 __ 22 5.7.1 Turnover Evolution_____________________________________________________ 23 5.7.2 Assets’ structure and financial position _____________________________________ 27 6. Appendix_____________________________________________________________________ 31 3 General 1. General 1.1 The Purpose of Drafting this Information Memorandum This Information Memorandum is being issued for the purpose of providing comprehensive and accurate information to shareholders and investors, as well as to the Board of Directors of the Athens Stock Exchange regarding the agreement for the acquisition of the company known as HOLDING AND FOOD TRADING COMPANY SINGLE PARTNER LIMITED LIABILITY COMPANY & CO LIMITED PARTNERSHIP (former PLUS HELLAS E.P.E. & SIA E.E.) by the listed company “ALFA-BETA VASSILOPOULOS S.A.”. It is noted that the acquired company is active in the same sector as the purchasing company, namely the food retail sector. The drafting and distribution of this information memorandum took place in accordance with the provisions of article 287 of the ATHEX Regulation, as well as with decision no. 33/24.11.2005 of the ATHEX BoD. The information memorandum concerns the buyout for the acquisition of control of an unlisted company by a listed one, where the acquisition price exceeds 30% of the listed company’s shareholder’s equity (point (a) of the above decision of the ATHEX BoD). For further information, investors may visit the offices of ALFA-BETA VASSILOPOULOS S.A. during working hours at 81 Spaton Ave., Gerakas, Attica, tel.: +30 210-66.08.000 (Head: Ms. Maria Kuhkalani, tel.: +30 210- 66.08.102). 1.2 Persons Responsible for Drafting the Information Memorandum The person responsible for drafting the information memorandum and ensuring the accuracy of the data contained therein is Ms Maria Kuhkalani (Financial Director). The Board of Directors hereby declares that the content of this Information Memorandum has been brought to the attention of all of its members, and it certifies, together with the authors, that: a. All the information and facts contained therein are comprehensive and true. b. There is no information and no events have taken place, whose concealment or omission could render the entirety or part of the information and facts included in the Information Memorandum as misleading. Interested parties may obtain the Information Memorandum from the Company’s registered offices (81 Spaton Ave., Gerakas, Attica). 1.3 Statutory Auditors ALFA-BETA VASSILOPOULOS S.A. is audited by certified public accountants. The audit of both the individual and consolidated financial statements for the years ended 31/12/2005 and 31/12/2006 was conducted by the certified public accountant-auditor Nikolaos Sofianos (Deloitte), 250-254 Kifissias Ave., Halandri, Institute of Certified Public Accountants of Greece Reg. No. 12231. The audit of both the individual and consolidated corporate financial statements for the year ended 31/12/2007 was conducted by the certified public accountant-auditor Michalis Hadjipavlou (Deloitte), 250-254 Kifissias Ave., Halandri, Institute of Certified Public Accountants of Greece Reg. No. 12511. 4 Pre-existing Ties between the Companies 2. Acquisition 2.1 Description & Terms of the Acquisition The strategy of ALFA-BETA rests on the achievement of a constantly increasing Company value for the shareholders through quantitative and qualitative targets, such as its growth with the intention of achieving national coverage. In this framework, on 1 April 2008 ALFA-BETA VASSILOPOULOS S.A. signed an agreement for the acquisition of 100% of the share capital of the company PLUS HELLAS E.P.E. & SIA E.E. in exchange for the amount of 69.535 million euros that was paid in full and is subject to contractual adjustments. More specifically, 100% of the share capital was obtained through the direct acquisition of 99.9999% of the share capital of PLUS HELLAS E.P.E. & SIA E.E. in exchange for the amount of 69.515 million euros, and the remaining 0.0001% was obtained through the acquisition of 100% of the share capital of the company PLUS HELLAS E.P.E., a general partner of PLUS HELLAS E.P.E. & SIA E.E., in exchange for the amount of 20,000 euros, which was paid in full. The transfer of the shares was completed following the approval of the merger by the Competition Commission and the obtainment of the necessary licenses concerning the real estate in frontier regions. On the basis of the above, at its meeting held on 18.3.2008 the Board of Directors of ALFA-BETA VASSILOPOULOS S.A. decided on: The acquisition by the Company of nine hundred and eighty-four thousand, nine hundred and ninety-nine (984,999) equity shares with a nominal value of one hundred euros (€100.00), issued by PLUS HELLAS E.P.E. & SIA E.E., or a percentage of 99.9999% of its paid-up share capital, and the acquisition by the company of four hundred (400) equity shares of the company PLUS HELLAS E.P.E., each worth fifty euros (€50.00), or a percentage of 100% of its share capital; the latter holds an equity share of PLUS HELLAS E.P.E. & SIA E.E. worth 100 euros. The total price for the acquisition of 100% of the paid-up share capital of PLUS HELLAS E.P.E. & SIA E.E., namely 985,000 equity shares, amounts to €69,535,000.00 and corresponds to €70.59 per equity share. The agreement for the acquisition of 99.9999% of the shares of PLUS HELLAS E.P.E. & SIA E.E. was concluded on the basis of a private agreement for the transfer of equity shares, which was signed on 01.04.2008, at which time the amount was paid in full. The agreement for the acquisition of 100% of the shares of PLUS HELLAS E.P.E. was concluded on the basis of a notarial document for the transfer of equity shares, which was signed on 01.04.2008, at which time the amount was paid in full. Following the acquisition of the above two companies and by virtue of the provisions of Law 3195/55, the acquired companies were renamed HOLDING AND FOOD TRADING COMPANY SINGLE PARTNER LIMITED LIABILITY COMPANY and HOLDING AND FOOD TRADING COMPANY SINGLE PARTNER LIMITED LIABILITY COMPANY & CO LIMITED PARTNERSHIP respectively. 5 Pre-existing Ties between the Companies 2.2 Information on the criteria determining the price The amount for the acquisition of