Telia: Squeeze out by F. Koulermos – He holds 91.49%
23/8/2011 12:56
Further to the announcement of Mr. Frixos Koulermos dated August 8, 2011 with regard to his final decision to submit a public offer to the shareholders of Telia Aqua Marine Public Ltd and additional announcements in relation to the acquisition of more TLA shares during the period August 8 – 22, 2011, I wish to inform you that the Offeror together with his daughters, who have already committed irrevocably to offer their shares to the Offeror, already hold 74.55% and 16.94% of the share capital of TLA respectively, which amounts to 91.49%.
Pursuant to article 36 of the Takeover Bid Law 2007, in case that the Offeror has submitted a public offer to all shareholders of a company for its total shares, he is entitled to demand the transfer of all remaining shares in any of the following cases:
a) When the Offeror holds titles of the company that represent at least 90% of the total titles that bear voting rights and at least 90% of the voting rights of the company.
b) When the Offeror has acquired or has agreed to acquire, further to the acceptance of the public offer, titles that represent at least 90% of the total titles of the company and bear voting rights and at least 90% of the voting rights included in the public offer.
Based on the above and on condition that the Cyprus Securities and Exchange Commission approves the Public Offer Document, which has already been submitted, the Offeror intends to exercise a squeeze out so as to increase his stake in TLA by up to 100% of its share capital.
The squeeze out is exercised within the period of three months from the date of expiry of the period of acceptance.
Pursuant to article 36 of the Takeover Bid Law 2007, in case that the Offeror has submitted a public offer to all shareholders of a company for its total shares, he is entitled to demand the transfer of all remaining shares in any of the following cases:
a) When the Offeror holds titles of the company that represent at least 90% of the total titles that bear voting rights and at least 90% of the voting rights of the company.
b) When the Offeror has acquired or has agreed to acquire, further to the acceptance of the public offer, titles that represent at least 90% of the total titles of the company and bear voting rights and at least 90% of the voting rights included in the public offer.
Based on the above and on condition that the Cyprus Securities and Exchange Commission approves the Public Offer Document, which has already been submitted, the Offeror intends to exercise a squeeze out so as to increase his stake in TLA by up to 100% of its share capital.
The squeeze out is exercised within the period of three months from the date of expiry of the period of acceptance.
