New PO by Y. Panayis to AQS after CPC and SEC decisions
30/9/2009 9:13
Mandatory Public Offer to the shareholders of Aqua Sol Hotels Public Company Ltd by Mr. Yiannis Panayis
Mr. Yiannis Panayis announces that at a meeting held on September 22, 2009, the Commission for the Protection of Competition decided that the concentration act, although it falls under the Business Consolidation Law 229I)/99, it is not a concentration pursuant to Article 4 of the aforementioned law.
At a meeting held on September 28, 2009, the Securities and Exchange Commission examined Mr. Panayis’ request for the lifting of the suspension of the voting rights of the titles of Aqua Sol Public Company Ltd after the acquisition of the titles that created the obligation for the submission of a mandatory public offer, that is, 23.51% of the share capital of the Company and in view of Mr. Panayis intention to submit a public offer to the shareholders of the Company, the Securities and Exchange Commission decided to lift the suspension of the voting rights, which will be effective at the same time as the announcement of Mr. Panayis’ decision to submit a Public Offer.
At the date of this announcement, Mr. Yiannis Panayis, Managing Director of Aqua Sol, holds 177,329,091 shares or 68.73% (directly and indirectly) of the total AQS shares.
As a result, pursuant to article 13 of the Law, the Offeror submits a mandatory Public Offer for the acquisition of up to 100% of the issued share capital of Aqua Sol, the titles of which are listed in the CSE, at the price of €0.11 per share cash.
The total AQS issued shares are 258,000,000 of nominal value €0.34 per share.
Mr. Yiannis Panayis seeks to acquire 100% of the AQS shares. In case that after the finalization of the Public Offer Mr. Panayis – together with the shares that he already holds (directly and indirectly via the associated persons) – holds more than 90% of the total issued shares of AQS, he will exercise a squeeze-out for the acquisition of the issued share capital, he will delist its titles of the CSE and he will convert it into private company.
CISCO acts as Consultant of the Public Offer on behalf of the Offeror.
In order to pay the proposed consideration of the AQS shares that will be acquired, he Offeror has made the necessary arrangements with Bank of Cyprus Public Company Ltd.
Further information on the Public Offer will be included in the Public Offer Document, which will be prepared pursuant to the Public Offering Law 2007.
This announcement is released pursuant to article 6(2) 2007 of the Public Offering Law and the SEC Directives.
This announcement will be posted to the CSE, the SEC, the Board of Directors of Aqua Sol and the representative of he Company’s staff.
Mr. Yiannis Panayis announces that at a meeting held on September 22, 2009, the Commission for the Protection of Competition decided that the concentration act, although it falls under the Business Consolidation Law 229I)/99, it is not a concentration pursuant to Article 4 of the aforementioned law.
At a meeting held on September 28, 2009, the Securities and Exchange Commission examined Mr. Panayis’ request for the lifting of the suspension of the voting rights of the titles of Aqua Sol Public Company Ltd after the acquisition of the titles that created the obligation for the submission of a mandatory public offer, that is, 23.51% of the share capital of the Company and in view of Mr. Panayis intention to submit a public offer to the shareholders of the Company, the Securities and Exchange Commission decided to lift the suspension of the voting rights, which will be effective at the same time as the announcement of Mr. Panayis’ decision to submit a Public Offer.
At the date of this announcement, Mr. Yiannis Panayis, Managing Director of Aqua Sol, holds 177,329,091 shares or 68.73% (directly and indirectly) of the total AQS shares.
As a result, pursuant to article 13 of the Law, the Offeror submits a mandatory Public Offer for the acquisition of up to 100% of the issued share capital of Aqua Sol, the titles of which are listed in the CSE, at the price of €0.11 per share cash.
The total AQS issued shares are 258,000,000 of nominal value €0.34 per share.
Mr. Yiannis Panayis seeks to acquire 100% of the AQS shares. In case that after the finalization of the Public Offer Mr. Panayis – together with the shares that he already holds (directly and indirectly via the associated persons) – holds more than 90% of the total issued shares of AQS, he will exercise a squeeze-out for the acquisition of the issued share capital, he will delist its titles of the CSE and he will convert it into private company.
CISCO acts as Consultant of the Public Offer on behalf of the Offeror.
In order to pay the proposed consideration of the AQS shares that will be acquired, he Offeror has made the necessary arrangements with Bank of Cyprus Public Company Ltd.
Further information on the Public Offer will be included in the Public Offer Document, which will be prepared pursuant to the Public Offering Law 2007.
This announcement is released pursuant to article 6(2) 2007 of the Public Offering Law and the SEC Directives.
This announcement will be posted to the CSE, the SEC, the Board of Directors of Aqua Sol and the representative of he Company’s staff.
