Aspis – Commercial: Comments on reports for PO to Universal Life
As special authorized representative of Aspis Pronoia AEGA and Commercial Value SA and further to the reports in the Greek and Cypriot press, I wish to clarify the following:
The companies above intend to submit a Public Offer Document, pursuant to the CSE Regulations (Public Offer for the acquisition or purchase of titles and merger of companies listed in the CSE).
We also wish to emphasize that the final 5-year business plan of Universal Bank has been submitted to the Central Bank of Cyprus for approval and evaluation, as well as the Board of Directors of Universal Life. The plan has never been submitted to the Board of Directors of Universal Life. Therefore, we are not aware of the purpose of the announcement released by the Board of Directors of Universal Life, given that the announcement of Universal Life was issued on August 11 and referred to a “thorough study and evaluation of the business plan”, which is practically impossible.
We are, therefore, surprised by the announcement of Universal Life, since we do not understand a) how and when did the Board of Directors of Universal Life find out about the proposed business plan, 2) who was the one who carried out the ‘thorough study and evaluation of the business plan’ and where has the report of this study been submitted, 3) how was the completion of the thorough study and evaluation feasible in such a short period of time that allowed a meeting of the Board of Directors of Universal Life, 4) why didn’t the Board of Directors of Universal Life deem it necessary to contact us for any queries/problems, 5) why didn’t the Board of Directors deem it necessary to discuss the business plan with the Board of Directors of Universal Bank, what are the criteria for the selection of the strategic partner of Universal Bank and what procedure will the company follow for the evaluation of the strategic partner?
We wish to emphasize that we have requested a meeting with the Board of Directors of Universal Bank, which will have to state its view on the Public Offer that we will submit, in order to present our business plan and hear its views.
We would be grateful if you protected us and the total shares of Universal Savings Bank PCL from any form of disinformation.
Thank you for your cooperation. We are at your disposal for further clarifications or explanations.
The companies above intend to submit a Public Offer Document, pursuant to the CSE Regulations (Public Offer for the acquisition or purchase of titles and merger of companies listed in the CSE).
We also wish to emphasize that the final 5-year business plan of Universal Bank has been submitted to the Central Bank of Cyprus for approval and evaluation, as well as the Board of Directors of Universal Life. The plan has never been submitted to the Board of Directors of Universal Life. Therefore, we are not aware of the purpose of the announcement released by the Board of Directors of Universal Life, given that the announcement of Universal Life was issued on August 11 and referred to a “thorough study and evaluation of the business plan”, which is practically impossible.
We are, therefore, surprised by the announcement of Universal Life, since we do not understand a) how and when did the Board of Directors of Universal Life find out about the proposed business plan, 2) who was the one who carried out the ‘thorough study and evaluation of the business plan’ and where has the report of this study been submitted, 3) how was the completion of the thorough study and evaluation feasible in such a short period of time that allowed a meeting of the Board of Directors of Universal Life, 4) why didn’t the Board of Directors of Universal Life deem it necessary to contact us for any queries/problems, 5) why didn’t the Board of Directors deem it necessary to discuss the business plan with the Board of Directors of Universal Bank, what are the criteria for the selection of the strategic partner of Universal Bank and what procedure will the company follow for the evaluation of the strategic partner?
We wish to emphasize that we have requested a meeting with the Board of Directors of Universal Bank, which will have to state its view on the Public Offer that we will submit, in order to present our business plan and hear its views.
We would be grateful if you protected us and the total shares of Universal Savings Bank PCL from any form of disinformation.
Thank you for your cooperation. We are at your disposal for further clarifications or explanations.
