Independent Valuer Tender, Greece - 25504888

Procurement Summary

Country : Greece

Summary : Independent Valuer

Deadline : 14 Aug 2018

Other Information

Notice Type : Tender

TOT Ref.No.: 25504888

Document Ref. No. :

Competition : ICB

Financier : Other Funding Agencies

Purchaser Ownership : -

Tender Value : Refer Document

Purchaser's Detail

Purchaser : HELLENIC REPUBLIC ASSET DEVELOPMENT FUND
1 Kolokotroni & Stadiou Str., 7th floor, Athens 10562 Attn: Mr. Yiannis Zapantis
Greece
Email :info@hraf.gr

Tender Details

Request for proposals are invited for Independent Valuer.

1. Introduction
Pursuant to:

i. the provisions of the single article of Law 3985/2011 “Medium Term Fiscal Strategy 2012- 2015” (Government Gazette ??/151/2011), which approved the Medium Term Fiscal Strategy 2012-2015 and the “Privatisation Programme 2011-2015” (Chapter ??, Part ?? “Privatisations”);

ii. the provisions of Law 3986/2011 on “Emergency Implementation Measures for the Medium Term Fiscal Strategy Framework 2012-2015” (Government Gazette ?-/151/2011), on the basis of which the Hellenic Republic Asset Development Fund SA (“HRADF” or “Fund”) was established with the sole object of developing assets of the Hellenic Republic, which are included in the Privatisation Programme;

iii. the provisions of Law 4046/2012 (Government Gazette ??/28/2012) “Approval of the Draft Agreements for Financial Assistance Facility between the EFSF, the Hellenic Republic and the Bank of Greece, of the Memorandum of Understanding between the Hellenic Republic, the European Commission and the Bank of Greece and other provisions for the reduction of the public debt and the salvage of the national economy” which updated the Privatisation Programme included in Annex IV;


iv. the provisions of paragraph 4.4 (Structural Policies for the enhancement of competitiveness and development - Privatisation) of Law 4336/2015 (Government Gazette ??/94/2015) “Ratification of the draft agreement for the Financial Support from the European Stability Mechanism and provisions for the implementation of the Financing Agreement”;

v. the provisions of Decision No. 206/25.04.2012 of the ICARP (Government Gazette 2322/B-/13.08.2013), according to which the Hellenic Republic (“HR”) transferred to HRADF



On 18 April 2018, HRADF published an Invitation for the submission of Expressions of Interest for the Transaction. On 18 July 2018, two interested parties prequalified to participate in the second phase of the tender process.

The second phase of the tender process, leading up to the submission of binding offers, commenced on the 19 July 2018. Goldman Sachs International and NBG Securities SA (together the “Financial Advisers”), and Bracewell (UK) LLP and KLC Law Firm (together the “Legal Advisers”) are acting as advisers to HRADF regarding this transaction.

2. Scope of work

According to Article 6 (2) of Law 3986/2011, as currently in force prior to the privatisation by HRADF of any asset, an independent valuation of such asset must be carried out. In this context, HRADF considers the appointment a leading investment bank and /or financial services firm (the “Independent Valuer”), to carry out an independent valuation study of HELPE.

The Independent Valuer is expected to submit, directly to HRADF, a report with its independent valuation of HELPE, including any potential update thereof as the Fund may request (altogether referred hereby as the “Valuation Report”). The Independent Valuer is required to provide all necessary analysis and substantiation of the Valuation Reports to HRADF-s Board of Directors and HRADF-s Council of Experts.

The Valuation Report and the supporting documentation including an executive summary should be prepared in English.

The Independent Valuer may be requested to liaise with HRADF-s Advisors in the context of implementing the task of the independent valuation of HELPE.

HRADF will make available to the Independent Valuer all material available to bidders in the Virtual Data Room of the Transaction.

3. Duration and Budget
Duration of the Engagement: The maximum duration of the engagement should be up to four
(4) weeks. If needed and according to HRADF-s regulation, an extension of the duration may
be necessary.
Maximum Budget: The maximum available budget for the assignment is one hundred and
ninety thousand euros (€ 190, 000.00) plus VAT. The available budget includes any and all
required expenses to complete the assignment.
4. Qualifications and Criteria
The Interested Parties should be able to demonstrate their standing and professional
experience in relation to the assignment. In particular, the Interested Parties should be able
to demonstrate:
4.1. Track Record & Experience: Proof of relevant experience in the delivery of valuation or similar
assignments in particular of companies operating in the energy sector and oil and gas in
particular. The Dossier should include obligatorily a catalogue of all the relevant projects in
which the interested party has participated in the last ten (10) years (DOSSIER ?-).
4.2. Project Team: Proposed team composition and its proposed structure, including the definition
of the engagement leader and of the senior members of the team. The Dossier should also
include the CVs and a list of any relevant project experience, of all the members of the
proposed project team during the past ten (10) years. The suggested senior members of the
project team may be replaced only with HRADF-s prior consent, which shall not be
unreasonably withheld (DOSSIER B-).
4.3. Methodological Approach: The Interested Parties should present their approach to the
assignment, critical issues and methodologies, including a timeline (DOSSIER C-).
4.4. Budget: The Dossier should include the proposed fees. The proposed fees should include any
and all required expenses to complete the assignment (DOSSIER D-).

Documents

 Tender Notice