Christian Hadjiminas Raises €172.6 Million from Theon Share Sales in Just 84 Days

10:14 6/6/2025 - Πηγή: Dikaiologitika

The first sale took place on March 12, 2025, when Hadjiminas raised €56.6 million by selling 3.2 million shares of Theon at €17.70 each.

It is rare to witness a Greek entrepreneur generate €172.6 million from share sales in the span of just 84 days, but Christian Hadjiminas has done exactly that—twice—through placements in his company, Theon International Plc, which is listed on Euronext. His back-to-back transactions, both completed

in under three months, mark an extraordinary financial maneuver not often seen among Greek business figures.

The first sale took place on March 12, 2025, when Hadjiminas raised €56.6 million by selling 3.2 million shares of Theon at €17.70 each. This represented around 4.5% of the company’s share capital. On June 3, through his investment vehicle Venetus Limited, he returned to the market with a second placement—this time of approximately 3.73 million shares, or 5.3% of the company. The shares were sold at €31.10 apiece, slightly below market value with a 3.12% discount on the previous day’s closing price, bringing in an additional €116 million.

The timing of the second sale raised regulatory questions. After the March transaction, Hadjiminas’s two main holding companies, Venetus Limited and CHRE Investments Ltd, had agreed to a 90-day lock-up period prohibiting further sales. Since only 84 days had passed, a special waiver was required to proceed. This exemption was granted by UBS Europe SE and Berenberg, the joint global coordinators and bookrunners for both placements. Their approval was crucial in allowing the second transaction to go ahead.

With these placements completed, Venetus and CHRE now hold a combined 70% of Theon International’s share capital. Although some market watchers may wonder whether more sales are on the horizon, sources close to the company have made it clear that no additional placements are being considered at this time. The free float of the company will remain at 30%, and Venetus and CHRE have entered into a new 90-day lock-up agreement to reinforce that commitment.

The second offering also saw broader participation from financial institutions. Alongside UBS and Berenberg, WOOD & Company Financial Services acted as a joint bookrunner, while Marex SA and Greek brokerage firm Pantelakis Securities served as co-managers.

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