Hellenic Investors Association - 17th Press Release for the Share Stake Auction of FOLLI FOLLIE at ATTICA STORES

PRESS RELEASE

 

SHAREHOLDERS ACTIVISM RISES AGAIN IN GREECE - GREEK ENLISTED COMPANIES IN HELLENIC STOCK EXCHANGE ARE TAKING A LESSON FROM ABROAD OF THE TRUE ESSENSE OF RESPECT TO THE SHAREHOLDERS

On the 12th of December 2018, auction date of the “FOLLI FOLLIE share stake in ATTICA STORES” , we were amazed to witness the first ever signs of respect towards “small” shareholders expressed by a foreign company, namely Sports Direct International plc, a UK Stock Exchange enlisted Firm, with no ties to the Greek stock market whatsoever:

Sports Direct International, “UK’s No1 Sports Retailer”, a powerhouse of global dimensions, despite the fact that promptly submitted the required letter of guarantee of 12 million euros for their due participation to the auction, when realized that Hellenic Investors' Association (HEL.IN.AS) had lawfully submitted their Objection to Auction, decided to abstain until the 29/01/2019 adjudication of the case and court ruling.

Sports Direct International plc is a firm which prospers within a business environment were companies abide to the LAW and the Courts and pay respect to the Shareholders. An environment that SHAREHOLDERS are highly respected and regarded as the driving force essential to the existence of enlisted companies, PILLAR of the stock market institution and finally MILESTONE the FREE MARKET ECONOMY in it’s true essence!

On the contrary, it was sad (but not a surprise…) that domestic Greek banks, accustomed for years to ignore both courts and shareholders, proceeded to the expedited auction procedure, cynically indifferent to private shareholders and their asset protection rights.

We were adamant though that the Greek Banks became FF secured creditors during a “suspect period”, gaining seniority vis-a-vis all other bondholders and shareholders of FF who remain unsecured creditors without no collateral:

This period started immediately after the suspension of trade of the FF equities in the Stock Market by HCMC (Capital Markets Committee), a fact that could be interpreted as a preparatory stage for liquidation and their decision to enact such protection was taken on 04/06/2018, a date that will undoubtedly be challenged by investors for illegality and unfair prejudice (see extract from the auction report https://www.eauction.gr/Auction/Details/43700).

This date was a full month after QCM's revealing report on 03/05/2018 that highlighted the grim reality in FF fraudulent accounting. Until then, they were on the same footing of the rest of creditors; However, they had never expressed any doubt of the financial statements of Folli for decades, happily financing the (obviously) unknown to them “Merry go round practices”, which skyrocketed the revenues of FF and certainly enriched the credit balance sheet of FF to the banks, gallantry contributing tho their annual profits!

Notwithstanding the above, we would like to reiterate our express and unequivocal decision to demand full and unconditional compensation of FF shareholders and that this is only the beginning of our battle! All aggrieved investors should keep their spirit high and NOT be discouraged. Hellenic Investors' Association (HEL.IN.AS) will, in addition to criminal liability, seek redress procedures against all those involved in this scandal, whether they are the major shareholders of FF, its chartered auditors, or the underwriting banks for the bond issues, and so on, until full compensation is achieved.

A very vivid example of a similar process, stemming again from the same tough pro-capitalist Anglo-Saxon environment, is the recovery of more than 70% (so far) of the funds for the victims of the Madoff scandal Madoff Victims Near Full Recovery of Principal With Payout, who are already in a much better position than that of the Greek GGBs buyers who suffered the PSI or those who invested in the toxic bonds of the domestic Greek banks! Also emblematic was the case of Arthur Andersen, the top accounting firm, which was found guilty by the courts and paid several million dollars to investors. https://www.globalcustodian.com/arthur-andersen-pays-25-million-and-citigroup-75-million-to-settle-global-crossing-claims/

All interested to participate in our Class Action against FF & Others should contact directly at 210.3633104, or email at Αυτή η διεύθυνση ηλεκτρονικού ταχυδρομείου προστατεύεται από τους αυτοματισμούς αποστολέων ανεπιθύμητων μηνυμάτων. Χρειάζεται να ενεργοποιήσετε τη JavaScript για να μπορέσετε να τη δείτε. or Αυτή η διεύθυνση ηλεκτρονικού ταχυδρομείου προστατεύεται από τους αυτοματισμούς αποστολέων ανεπιθύμητων μηνυμάτων. Χρειάζεται να ενεργοποιήσετε τη JavaScript για να μπορέσετε να τη δείτε. with the indication "PARTICIPATION IN FOLLI VLASS ACTIONS" or to check their eligibility at http://helinas.gr/eligibility-check-folli-follie

Athens, 13 December 2018

www.helinas.gr