Agreement for the Granting of a New VLTs License for OPAP and Extension of the Duration fo the existing Concession Agreement
The Board of Directors of OPAP S.A. during the meetingof 29 September 2011, have accepted the Hellenic Republic’s proposal regarding the granting ofa license for the operation of 35,000 VLTs, for a total consideration of €560 million.
Furthermore, the Chairman and Chief Executive Officerof OPAP S.A. Mr. Yannis Spanoudakis and the Chief Executive Officer of theHellenic Republic Asset Development Fund Mr. Costas Mitropoulos, will initialthe addendum which extends the duration of the existing Concession Agreementfor 10 years, i.e. from the year 2020 to the year 2030, for a totalconsideration of €375 million and 5% on gross gaming revenue during the extension.
Both transactions are subject to the approval of theGeneral Assembly of OPAP S.A. The extension of the duration of the existing ConcessionAgreement is subject to the approval of the Board of Directors of the HellenicRepublic Asset Development Fund, as well as of the Court of Auditors. From thetotal consideration, an amount of €849 million shall be paid upon obtaining theapprovals.
OPAP S.A.’s announcementto the Athens Stock Exchange contains more information about the transactions.