PO by Y. Panayis to Aqua Sol expired successfully – Intention for squeeze out
2/12/2009 9:49
Mr. Yiannis Panayis announces that 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 October 29, 2009, expired successfully on November 30, 2009.
The total rate of acceptance of the Public Offer on behalf of the shareholders of AQS reached 1.15% since the acceptances that were submitted were for 2,976,286 shares of AQS. The total rate of acceptance together with the 90.57% that the Offeror held at the expiry of the Public Offer on November 30, 2009 gives to the Offeror a total stake of 91.72% of the total share capital of AQS.
Pursuant to the Public Offer terms, if the Offeror acquires more than 90% in the share capital of the company, it intends to exercise a squeeze out pursuant to article 36 of the Public Offering and Prospectus Law 2007 for the acquisition of 100% of the shares of AQS. This right is exercised within three months from the expiry of the period of acceptance of the Public Offer 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 AQS titles 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 date of expiry of the period of acceptance.
The payment of the consideration to the shareholders of AQS who accepted the Public Offer of €0.11 cash per share will be carried out within 14 business days from the expiry of the period of acceptance.
The total rate of acceptance of the Public Offer on behalf of the shareholders of AQS reached 1.15% since the acceptances that were submitted were for 2,976,286 shares of AQS. The total rate of acceptance together with the 90.57% that the Offeror held at the expiry of the Public Offer on November 30, 2009 gives to the Offeror a total stake of 91.72% of the total share capital of AQS.
Pursuant to the Public Offer terms, if the Offeror acquires more than 90% in the share capital of the company, it intends to exercise a squeeze out pursuant to article 36 of the Public Offering and Prospectus Law 2007 for the acquisition of 100% of the shares of AQS. This right is exercised within three months from the expiry of the period of acceptance of the Public Offer 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 AQS titles 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 date of expiry of the period of acceptance.
The payment of the consideration to the shareholders of AQS who accepted the Public Offer of €0.11 cash per share will be carried out within 14 business days from the expiry of the period of acceptance.
