Ermes decided to submit an application for its listing in the CSE, after the completion of the procedure for the Offer and Issue of Warrants to its shareholders.
According to an announcement released today, “as a result of the reorganization and separation of operations of Woolworth Group on December 31, 2003, CTC acquired the majority stake of Ermes and is bound to offer the opportunity to all shareholders of Woolworth – if they wish – to acquire those shares. CTC is bound to offer the shares of Ermes at their price of acquisition plus the interests and other expenses until the completion of the Offer. Based on the above, the price of Ermes share has been set at 24 cents”.
“This offer applies to the shareholders of Woolworth only and concerns 144,570,316 shares of Ermes, which will be allocated to the ratio of 3 shares of Ermes of nominal value 20 cents each for every 2 shares of Woolworth they hold. The payment will be carried out at the acceptance of the Offer”, the announcement added.
Ermes: Warrants and dividend
According to the same announcement, the Board of Directors decided to allocate to all shareholders of Ermes 1 bonus warrant for every 5 shares of Ermes held. “The exercise price for each warrant has been set at 40 cents each and their exercise date will be in April 2011”, the announcement noted. The Board of Directors also decided to examine at its next meeting the payment of a dividend of 8% on the nominal value of the share of 20 cents (1.6 cents per share), which amounts to £2.8 million. “The dividend will be paid to the shareholders registered in the Company’s Register after the completion of the procedure of the Offer of shares of Ermes by CTC to the shareholders of Woolworth”, the announcement said.
“The new shareholders that will acquire shares of Ermes will be entitled to the dividend and the warrants”, it added.
Ermes: CSE listing
“Ermes, which is not listed in the Cyprus Stock Exchange at the current stage, is actively involved in the sector of retail trade with the superstores Ermes and Debenhams, the Super Home Center D.I.Y, the chain stores Zako and the stores Next, Adams, Peacocks and Miss Sixty. Since December 20, 2004, it participates in the British Debenhams Retail PLC with a stake of 10% in its share capital. The total issued capital of Ermes stands at £35,000,000, composed of 175,000,000 shares of nominal value 20 cents each. The other shareholders of Ermes are CTC and Woolworth”.
“The Board of Directors of Ermes decided to submit an application for the listing of all shares and warrants of the Company in the CSE”, the announcement outlined.
“Further details on the above issues (dates, acceptance of offer, record dates for the issue of warrants and dividend) will be announced following the approval of the Prospectus of the Public Offer of CTC in May by the Securities and Exchange Commission”, it concluded.
According to an announcement released today, “as a result of the reorganization and separation of operations of Woolworth Group on December 31, 2003, CTC acquired the majority stake of Ermes and is bound to offer the opportunity to all shareholders of Woolworth – if they wish – to acquire those shares. CTC is bound to offer the shares of Ermes at their price of acquisition plus the interests and other expenses until the completion of the Offer. Based on the above, the price of Ermes share has been set at 24 cents”.
“This offer applies to the shareholders of Woolworth only and concerns 144,570,316 shares of Ermes, which will be allocated to the ratio of 3 shares of Ermes of nominal value 20 cents each for every 2 shares of Woolworth they hold. The payment will be carried out at the acceptance of the Offer”, the announcement added.
Ermes: Warrants and dividend
According to the same announcement, the Board of Directors decided to allocate to all shareholders of Ermes 1 bonus warrant for every 5 shares of Ermes held. “The exercise price for each warrant has been set at 40 cents each and their exercise date will be in April 2011”, the announcement noted. The Board of Directors also decided to examine at its next meeting the payment of a dividend of 8% on the nominal value of the share of 20 cents (1.6 cents per share), which amounts to £2.8 million. “The dividend will be paid to the shareholders registered in the Company’s Register after the completion of the procedure of the Offer of shares of Ermes by CTC to the shareholders of Woolworth”, the announcement said.
“The new shareholders that will acquire shares of Ermes will be entitled to the dividend and the warrants”, it added.
Ermes: CSE listing
“Ermes, which is not listed in the Cyprus Stock Exchange at the current stage, is actively involved in the sector of retail trade with the superstores Ermes and Debenhams, the Super Home Center D.I.Y, the chain stores Zako and the stores Next, Adams, Peacocks and Miss Sixty. Since December 20, 2004, it participates in the British Debenhams Retail PLC with a stake of 10% in its share capital. The total issued capital of Ermes stands at £35,000,000, composed of 175,000,000 shares of nominal value 20 cents each. The other shareholders of Ermes are CTC and Woolworth”.
“The Board of Directors of Ermes decided to submit an application for the listing of all shares and warrants of the Company in the CSE”, the announcement outlined.
“Further details on the above issues (dates, acceptance of offer, record dates for the issue of warrants and dividend) will be announced following the approval of the Prospectus of the Public Offer of CTC in May by the Securities and Exchange Commission”, it concluded.
3287.99
1275.09
