Reasons that SEC forbids the Publication of the PO Document by Y. Panayi to AQS
18/9/2009 9:48
Public Offer to the shareholders of Aqua Sol Hotels Public Company Limited by Mr. Yiannis Panayi
Further to the announcement of Mr. Yiannis Panayi dated August 24, 2009 on the submission of a mandatory public offer for the acquisition of 100% of the issued share capital of Aqua Sol Hotels Public Company Limited, it is announced that the Securities and Exchange Commission forbid the publication of the Public Offer Document taking into account the following:
Pursuant to article 13(2) of the Public Offering Law 2007, the acquisition of a stake that activates the submission of a mandatory public offer is not allowed in case that the submission of the public offer is subjected to conditions.
The Public Offer by Mr. Panayi was subject to a permit by the Securities and Exchange Commission. As a result, it seems that Mr. Panayi did not act in accordance with article 13(2) of the Law, since he proceeded with the acquisition of a stake that activated the obligation for the submission of a public offer pursuant to article 13(1) of the Law, although there was a condition.
According to the above, the Securities and Exchange Commission suspended the exercise of voting rights on behalf of the Offeror in relation to any titles acquired by Mr. Panayi after the activation of the mandatory public offer, that is, after the 23.51% of the share capital.
This announcement is released pursuant to article 22 (1)(a) of the Public Offering Law 2007.
Further to the announcement of Mr. Yiannis Panayi dated August 24, 2009 on the submission of a mandatory public offer for the acquisition of 100% of the issued share capital of Aqua Sol Hotels Public Company Limited, it is announced that the Securities and Exchange Commission forbid the publication of the Public Offer Document taking into account the following:
Pursuant to article 13(2) of the Public Offering Law 2007, the acquisition of a stake that activates the submission of a mandatory public offer is not allowed in case that the submission of the public offer is subjected to conditions.
The Public Offer by Mr. Panayi was subject to a permit by the Securities and Exchange Commission. As a result, it seems that Mr. Panayi did not act in accordance with article 13(2) of the Law, since he proceeded with the acquisition of a stake that activated the obligation for the submission of a public offer pursuant to article 13(1) of the Law, although there was a condition.
According to the above, the Securities and Exchange Commission suspended the exercise of voting rights on behalf of the Offeror in relation to any titles acquired by Mr. Panayi after the activation of the mandatory public offer, that is, after the 23.51% of the share capital.
This announcement is released pursuant to article 22 (1)(a) of the Public Offering Law 2007.
