Intralot - Fix or Foxy

All,

What does the promotion of a COO type of manager tell us about Kokkalis intentions? On the one hand Mr. Dimitriadis has consistency to his story and had previously been groomed to take over. Mr.s Dimitriadis seems highly qualified to run the daily operations of the business and potentially consolidate the same. Given the string of disasters that have befallen the company too frequently to be considered random single events and resulting in its smaller size, such a tightening of operations is fundamentally badly needed.

On the other, he does not strike us as an appointment to face bondholders and negotiate a restructuring / sale of business or otherwise bring about a larger transformation of the business.

So what does Kokkalis have in mind here? Is he weakening the business so as to tie a larger share of its value to himself? Does Mr. Dimitriadis’ focus on service delivery mean he will cut down the tech part of it? If so, could that result in any valuable spin-off? We are wondering now how quite well we are secured over IP etc.

Despite the obvious resemblance in name, we understand that Christos Dimitriadis is not part of the Kokkalis / Dimitriades clan.

Wolfgang