Aqua Sol: Completion of squeeze out by Y. Panayis
5/1/2010 9:21
Further to the announcement of Mr. Yiannis Panayis (Offeror) dated December 8, 2009 on the start of the squeeze out procedure for the acquisition of the remaining shares of Aqua Sol Hotels Public Company Limited, Mr. Yiannis Panayis announces the completion of the procedure.
It is reminded that with the finalization of the Public Offer by Mr. Yiannis Panayis to the shareholders of Aqua Sol Hotels Public Company Limited dated November 30, 2009, the Offeror’s shareholding in the share capital of Aqua Sol Hotels Pubic Company Limited stands at 91.76%. The Offeror applied to the Securities and Exchanged Commission for the acquisition of the total shares of Aqua Sol Hotels Public Company Limited with the transfer of the remaining titles via a squeeze out, which was approved by the SEC on December 17, 2009.
The consideration that has been offered for the acquisition of the total shares of Aqua Sol Hotels via the squeeze out was the same as that offered during the Public Offer expired November 30, 2009, that is, €0.11 per share.
According to the Law, CISCO has submitted the total consideration to the shareholders of Aqua Sol on the basis of €0.11 per share on December 31, 2009 together with the accompanying letter. The payment was carried out with the dispatch of the cheques to the beneficiaries and in certain cases with the transfer of the consideration as advised by the beneficiaries.
The Cyprus Stock Exchange has transferred the shares of Aqua Sol in the name of the Offeror, pursuant to article 36 of the Public Offering Law 2007 and the provisions of the Regulatory Decision KDP96/2008 that governs the squeeze out procedure.
This announcement is released pursuant to article 36(6) of the Public Offering and Takeover Bid Law 2007 and the provisions of the CSE Regulatory Decision KDP96/2008.
It is reminded that with the finalization of the Public Offer by Mr. Yiannis Panayis to the shareholders of Aqua Sol Hotels Public Company Limited dated November 30, 2009, the Offeror’s shareholding in the share capital of Aqua Sol Hotels Pubic Company Limited stands at 91.76%. The Offeror applied to the Securities and Exchanged Commission for the acquisition of the total shares of Aqua Sol Hotels Public Company Limited with the transfer of the remaining titles via a squeeze out, which was approved by the SEC on December 17, 2009.
The consideration that has been offered for the acquisition of the total shares of Aqua Sol Hotels via the squeeze out was the same as that offered during the Public Offer expired November 30, 2009, that is, €0.11 per share.
According to the Law, CISCO has submitted the total consideration to the shareholders of Aqua Sol on the basis of €0.11 per share on December 31, 2009 together with the accompanying letter. The payment was carried out with the dispatch of the cheques to the beneficiaries and in certain cases with the transfer of the consideration as advised by the beneficiaries.
The Cyprus Stock Exchange has transferred the shares of Aqua Sol in the name of the Offeror, pursuant to article 36 of the Public Offering Law 2007 and the provisions of the Regulatory Decision KDP96/2008 that governs the squeeze out procedure.
This announcement is released pursuant to article 36(6) of the Public Offering and Takeover Bid Law 2007 and the provisions of the CSE Regulatory Decision KDP96/2008.
