ION: Extraordinary General Meeting and the percentages of Spyros Theodoropoulos

Two general shareholders meetings of ION SA Cocoa and Chocolate Industry and Trade Company have been scheduled for tomorrow, Thursday 30 June and the day after tomorrow, Friday 1 July.

The one and only issue that will concern the extraordinary general assembly is about “the approval and granting of a license for the sale of shares owned by the company to related parties – the provision of authorizations.”

Read also: Spyros Theodoropoulos: Breaking the bank – What the acquisition of ION brings

With Bespoke SGA Holdings belonging to interests of Spyros Theodoropoulos having already secured the approval of the Competition Commission (the independent authority approved the “acquisition of sole control” of both ION and its subsidiary “I. Kotsiopoulos Bros. Societe Anonyme Commercial SA”), the market is awaiting developments after the transfer of 45% of the shares of ION.

Read also: Hellenic Competition Commission approves ION chocolate manufacturer buyout

In particular, everyone is waiting to see if Bespoke will exercise the option to increase its stake. It is recalled that in the official announcement of the acquisition of 45% of the emblematic chocolate industry by Spyros Theodoropoulos, it was mentioned that the real estate businessman “in the future will be able to acquire their majority” (of ION shares).

Market information wants Kotsiopoulou’s side to have agreed to sell up to 75% of the company to Mr. Theodoropoulos, a fact that remains to be confirmed or disproved in the near future.

As for the regular General Assembly of the chocolate industry on Thursday, June 30, the usual items are also included on the agenda, such as the approval of financial statements, profit distribution, etc.

INTERION and cash payment to Bespoke

Meanwhile, much earlier than planned, part of the company’s share capital was paid by Bespoke shareholders.

Last Friday the shareholders paid on time an additional 70 million euros in cash to Spyros Theodoropoulos’ new holding company and the group of executives that support him, increasing the total share capital of the company to 105 million euros. The payment of 35 million euros is now pending in order for the total share capital to be completed, as provided in the articles of association, at 140 million euros.

It is recalled that the initial planning of the new company provided for the payment of 35 million euros and the partial payment of 105 million euros in four installments of 26.25 million euros (one each year until the end of 2026).

At the same time, on May 19, the company INTERION HELLAS SA was established with an initial share capital of 200 thousand euros, for the purpose of wholesale and retail trade in sugar. The newly established company transferred the headquarters from Chalandri to Metamorfosis in the previous days (23/6) and is legally represented by Manolis Skaramagkas.

The company is said to be affiliated with its ION subsidiary in Bulgaria INTERION A.D. which is located in the city of Kostinbrod and produces Nucrema products under the ION brand.