Y. Panayis holds 91.76% of Aqua Sol after PO
8/12/2009 10:10
Mr. Yiannis Panayis announces that the acceptance and transfer procedure of the public offer for the acquisition of up to 100% of the issued share capital of Aqua Sol Hotels Public Company Limited, which was submitted on September 29, 2009, has been finalized.
The total rate of acceptance by the shareholders of Aqua Sol reached 1.19% since the acceptances that were submitted were for 3,065,234 shares of Aqua Sol. The total rate of acceptance together with 90.57% that the Offeror held at the expiry of the Public Offer on November 30, 2009 raises his total participation in the share capital of Aqua Sol to 91.76%.
The cheques and the transfer payments were posted to the beneficiaries on Monday, December 7, 2009 and the Offeror proceeded with an off-floor transfer of the titles via CISCO.
Pursuant to the issue terms of the Public Offer, if the Offeror acquires more than 90% in the share capital of the Company, he intends to exercise the right pursuant to article 36 of the Takeover Bid Law 2007 for a squeeze out so as to acquire 100% of the AQS shares. This right is exercised within 3 months from the expiry of the period of acceptance and the Offeror’s intention is to exercise it the soonest possible. Also, pursuant to article 37 of the Takeover Bid Law 2007, the holders of the remaining titles of AQS have the right to demand by the Offeror to acquire their own titles at a fair price. This right is exercised within 3 months from the expiry of the period of acceptance of the public offer.
The Offeror announces that he has taken all necessary measures for the squeeze out and has applied to the SEC for its start.
The total rate of acceptance by the shareholders of Aqua Sol reached 1.19% since the acceptances that were submitted were for 3,065,234 shares of Aqua Sol. The total rate of acceptance together with 90.57% that the Offeror held at the expiry of the Public Offer on November 30, 2009 raises his total participation in the share capital of Aqua Sol to 91.76%.
The cheques and the transfer payments were posted to the beneficiaries on Monday, December 7, 2009 and the Offeror proceeded with an off-floor transfer of the titles via CISCO.
Pursuant to the issue terms of the Public Offer, if the Offeror acquires more than 90% in the share capital of the Company, he intends to exercise the right pursuant to article 36 of the Takeover Bid Law 2007 for a squeeze out so as to acquire 100% of the AQS shares. This right is exercised within 3 months from the expiry of the period of acceptance and the Offeror’s intention is to exercise it the soonest possible. Also, pursuant to article 37 of the Takeover Bid Law 2007, the holders of the remaining titles of AQS have the right to demand by the Offeror to acquire their own titles at a fair price. This right is exercised within 3 months from the expiry of the period of acceptance of the public offer.
The Offeror announces that he has taken all necessary measures for the squeeze out and has applied to the SEC for its start.
