One day after the parliamentary elections, LTV and Multichoice will appear before the Competition Protection Committee separately to express their views on the Public Offer. On Tuesday they will appear together. “The CPC will decide whether the agreement is restrictive or not. The Committee will also examine whether the existing agreement between LTV and MCC is in accordance with the law”, Lumiere Chairman, Akis Avraamides told StockWatch on Thursday.

Mr. Avraamides appeared optimistic but expressed his confidence that the shareholders must accept the public offer within a short period of time since the date of acceptance expires on May 29. “As you may see, they don’t have much time to accept the offer. Unfortunately, CPC was too busy to examine the issue earlier. Perhaps the state should reconsider the staffing of the Committee”, he emphasized.

The shareholders are exposed

Invited to comment on how would affect LTV if the PO was unsuccessful, Mr. Avraamides said that this would burden investors. “In that case, 13,000 shareholders will be exposed. I hope that CPC will not create problems”, he said.

“The issue will be clarified when the Committee will decide whether the submission of the PO for the acquisition of the majority stake of MCC is in accordance with the law”, Mr. Avraamides concluded.

Public Offer

It is reminded that the shareholders who will accept the Public Offer will receive either:

1) Cash consideration of 18 cents for every ordinary share of MCC or
2) Two new shares of LTV for every nine ordinary shares of MCC or

3) Any combination of the two, based on the number of shares that each shareholder holds.