The Extraordinary General Meeting of ADMIE Holdings has just given the green light to the company’s share capital increase, with a quorum of 66.24%, officially paving the way for the opening of the book of offers next Tuesday, June 16.
At the same time, it was decided to waive the preemptive rights of existing shareholders so that the company can more easily attract new investors, such as large foreign infrastructure and hedge funds, which are said to be showing particular interest and possess the necessary capital and expertise.
The model is the same as that of PPC’s rights offering in the sense that the existence of preemptive rights discourages strong investment interest from parties that do not have similar rights. In the case of existing shareholders, however, there will be a priority allocation so that they retain at least the same percentage of ownership after the rights offering.
Given that the book-building process will close on June 18, the settlement and the entire process will be completed by June 23, as CEO Yannis Karabelas stated today during the listed company’s General Meeting.
Currently, the Greek government holds 51% of the Administrator’s shares, through DES ADMIE (25.5%) and ADMIE Holdings (26.1%). This means that the State will contribute a total of 530 million euros, which has been secured through the recent amendment by the Ministry of Environment and Energy, according to which the Recovery Fund will contribute approximately 370 million, with the remainder covered by the DES ADMIE fund, which has approximately €147 million available.
Of the remaining €470 million up to €1 billion, €240 million will be paid by the Chinese (24%) and €250 million by the market, for which it is estimated there will be ample oversubscription.
On the procedural side, ADMIE Holdings will issue 250 million new common registered shares, with a par value of 1 euro. These will be offered through a combined offering, i.e., via an international book-building process (private placement) and a Public Offering in Greece, to retail investors and qualified investors. The Greek and international books will open simultaneously.
The offering price will be the same for all investors participating in the combined offering and cannot be lower than the par value of €2.12 per share.
When asked where the offering price might settle, given that the rights issue will be conducted at a small discount to the current value, market sources suggest a range of €3.80–€3.90. Today, the stock is trading at €4.22.
The stakes are not only about the success of the rights offering, but primarily about the day after and the launch of the Operator’s investment plan, highlighted by major island interconnections, as well as the one with Italy.
The total funds of €1 billion will finance ADMIE’s investment plan for the 2026–2029 period, totaling €6 billion. The recent announcement designating Fulgor and Prysmian as preferred investors for the construction of 150 kV high-voltage cables and high-voltage alternating current (HVAC) for the interconnections in the Dodecanese and the North Aegean islands, also signals preparations for the post-capital increase phase.