Aqua Sol: PO by Y. Panayis fair - Mr. Tsoukkas will not accept it
13/11/2009 9:32
The Board of Directors of AQUA SOL HOTELS PUBLIC COMPANY LIMITED announces that during its meeting which was held on Thursday 12/11/2009 at 10:15 a.m. at the registered office of the company at Apostolou Varnava 10, Pelagos House, 6023 Larnaka its members expressed their opinion on the public offer submitted by the major shareholder of the company Mr. Yiannis E. Panayis for acquiring the total of the issued shares in the sharecapital of the company. All the members present with the exemption of Mr. Michael Tsoukkas who has expressed his disagreement for the contents of the Report of the Independent Expert Messrs., Deloitte Limited approved the document which must be prepared by the Board as per the provisions of the Article 33(2)(a) of the Public Takeover Bid Law 41(I)/2007 and authorised the Management of the company to send the document as per the attached hereto document in accordance with the Article 33(3) of the above mentioned Law.
Mr. Tsoukkas disagreed with the other members present considering that the amount of the consideration is not true and fair and he has also expressed his disagreement with the contents of the Report of the Independent Expert.
During the meeting its member Mr. Philip Poile was absent while Mr. Nicos Patsias was represented by his alternate director Mr. Demetris Marinos. Mr. Yiannis E. Panayis has left as in his capacity as Offeror, he had a direct conflict with the issue under discussion.
Mr. Tsoukkas disagreed with the other members present considering that the amount of the consideration is not true and fair and he has also expressed his disagreement with the contents of the Report of the Independent Expert.
During the meeting its member Mr. Philip Poile was absent while Mr. Nicos Patsias was represented by his alternate director Mr. Demetris Marinos. Mr. Yiannis E. Panayis has left as in his capacity as Offeror, he had a direct conflict with the issue under discussion.
