CSE’s Decision on Kyknos Bids
Taking into consideration the outcome of the Securities & Exchange Commission’s investigation concerning trading which took place on the CSE on the 21 and 22 December 2000 of titles of Kyknos Portfolio Investments Ltd., the CSE Council decided the following.
1. To request Sharelink Financial Services Ltd. to publicly confirm within 48 hours, that its public offer has automatically been reviewed to CYP 1.21 for shares and 0.38 cents for warrants, at which prices the company or other entities acting on its behalf, businesses controlled by the company or persons acting in concert with the company as defined in Regulation 2, proceeded with purchases at the aforementioned dates which results in the automatic review of its public offer.
Further it has been decided to extend the expiry date for acceptance of the offer by one week to the 2 February 2001, in accordance with Regulation 15(5). The aforementioned prices or higher must apply to all shareholders who have or will accept the offer by the said date.
2. Concerning the above matter, the CSE Council decided, based on Regulation 9(4) to approve the publication of the public offer document of Era Portfolio Investments Ltd. for acquisition of a minimum of 50% plus one share of the share capital of the Kyknos and to amend the document according to Regulation 24(5), offering at least the highest price set by the bidder and the persons as determined in paragraph (2) of Regulation 24, that is at least CYP 1.21 for shares and 0.40 cents for warrants of the company. Further, the CSE Council with the agreement of the SEC, has decided to approve the listing of shares and warrants which will be given in exchange for the 50% plus one share of the capital of Kyknos.
3. With the agreement of the SEC, the CSE Council decided to allow recommencement of trading of Kyknos titles on the 26 January 2001.
1. To request Sharelink Financial Services Ltd. to publicly confirm within 48 hours, that its public offer has automatically been reviewed to CYP 1.21 for shares and 0.38 cents for warrants, at which prices the company or other entities acting on its behalf, businesses controlled by the company or persons acting in concert with the company as defined in Regulation 2, proceeded with purchases at the aforementioned dates which results in the automatic review of its public offer.
Further it has been decided to extend the expiry date for acceptance of the offer by one week to the 2 February 2001, in accordance with Regulation 15(5). The aforementioned prices or higher must apply to all shareholders who have or will accept the offer by the said date.
2. Concerning the above matter, the CSE Council decided, based on Regulation 9(4) to approve the publication of the public offer document of Era Portfolio Investments Ltd. for acquisition of a minimum of 50% plus one share of the share capital of the Kyknos and to amend the document according to Regulation 24(5), offering at least the highest price set by the bidder and the persons as determined in paragraph (2) of Regulation 24, that is at least CYP 1.21 for shares and 0.40 cents for warrants of the company. Further, the CSE Council with the agreement of the SEC, has decided to approve the listing of shares and warrants which will be given in exchange for the 50% plus one share of the capital of Kyknos.
3. With the agreement of the SEC, the CSE Council decided to allow recommencement of trading of Kyknos titles on the 26 January 2001.
