Panafon Hellenic Telecom Co S.A.
20 July 2001
ANNOUNCEMENT
20 July 2001
Panafon S.A (Panafon-Vodafone) and NextNet S.A (NextNet) announce that their
respective Board of Directors have today approved the merger contract as
proposed by both companies management teams, and will propose to the
Shareholders General Assembly of both companies as fair and logical the
exchange ratio of 1 NextNet share for 1.0697 Panafon shares.
The proposed share swap ratio is based on an independent valuation by the
international consulting firm KPMG. The merger is subject to approval from the
Shareholders General Assembly of both companies, as well as clearance from
regulatory authorities. The merger is expected to be completed within the next
six months.
The transformation date of the balance sheet has been set for 30 June 2001, as
stipulated by both companies Board of Directors resolutions dated 24 May 2001.
--Ends--
For Further Information Contact:
Dimitris Tsorbatzoglou Panafon Head of Investor Relations Tel: +301 6160019
[email protected], website www.panafon.gr/en/ir
Lulu Bridges or Stuart Carson,
Tavistock Communications, Tel: +(44) 20 7600 2288
Nicolas Bornozis ,
Capital Link, Tel: + (212) 661 7566
Notes to Editors:
1. Panafon - Vodafone shares are quoted on the Athens Stock Exchange and
its GDSs are quoted on the London Stock Exchange. The shares and GDS's began
trading on Monday 7 December 1998 in ASE and LSE respectively.
2. Panafon - Vodafone had 512,500,000 shares in issue (prior to
completion of the merger) and 534,126,396 (after the completion of the merger
with Panafon Emporiki and Unifon on May 11th 2001).
3. Panafon - Vodafone is a shareholder in:
Panafon Services 100.00 per cent
Panafon Multimedia 100.00 per cent
Next Net 20.10 per cent
Mobitel 25.01 per cent
Ideal Telecom 51.00 per cent
Panafon International Holdings 100.00 per cent
BE- Business Exchanges 30.00 per cent
Vodafone Bulgaria 20.00 per cent
I.N.A 10.555 per cent
CBS 24.00 per cent
E-Motion 100.00 per cent
ACOM 16.00 per cent
Tetoma Com 100.00 per cent
E-Unifon 50.00 per cent
E-Motion Albania 51.00 per cent
E-Motion Cyprus 100.00 per cent
E-Kinitron 2.00 per cent
4. Panafon - Vodafone was awarded a license to operate a GSM network in
Greece for a period of 20 years in August 1992. The network commenced
operations on 1 July 1993.
5. Panafon - Vodafone shareholding structure is as follows:
Vodafone Group Plc 52.8 per cent
France Telecom 11.0 per cent
Intracom S.A 8.7 per cent
Free float 27.5 per cent
Panafon - Vodafone listings:
Shares: Athens SE, Reuters PANr.AT. Bloomberg PANF GA. Nominal value GRD 100.
ISIN GRS 307 333 005. SEDOL 556 0349.
GDRs: LSE . Reuters PANq.L. Bloomberg PFH GR, PFHD LI. ISIN US 6981 132 060.
SEDOL 556 0361.
Rule 144A: Bloomberg Nasdaq 2250Q US. ISIN US 6981 131 070. SEDOL 230 2629
Indices: ASE General Index composite (ASE): 4.838%, ASE MAIN GENERAL (ASEAGD):
4.837%, ASE Telecom Index (ASEDTL): 24.156%, DJ EUROPE ST TEL (SXKP): 0.221%,
BE500 TELECOM SE (BETELES): 0.456%, DJ EUROPE STOXX (SXXP): 0.020%, DJ EUROPE
ST TEL (SXKE): 0.511%, FTSE/ASE 20 INDEX ( FTASE) : 3,77%, DJ EURO STOXX P
(SXXE) : 0.041%, BBG EUROPE TECHN (BETECH): 0.422%., MSCI 3,52%.