Orphanides: Additional announcement on sale of subsidiary
6/7/2012 10:07
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, Orphanides Public Company Limited announces that:
Further to the Company’s announcement dated July 4, 2012, the sale price of the shares (€5,400,000) of Elias Houry Estates Limited has been set based on 2 independent valuations carried out on behalf of the buyer by Roussos & Angelides and Roi Nicolaides & Partners in relation to the property held by the aforementioned company.
From this sale, the Group is expected to suffer loss in its net worth of €0.4 million (loss to be presented in its profit and loss account of €5.9 million minus surplus from revaluation of properties transferred via the reserves of €5.5 million). The loss emerges from the drop in the purchasing value of properties as a result of the ongoing financial crisis.
As already announced, the Group reserves the right – for the first 6 months – to buyback either the shares of Elias Houry Estates Limited and/or the property held at the same price plus the transfer expenses. Also, for the next 6 months, if a third party expresses an interest for acquisition, it reserves the right of first refusal.
Further to the Company’s announcement dated July 4, 2012, the sale price of the shares (€5,400,000) of Elias Houry Estates Limited has been set based on 2 independent valuations carried out on behalf of the buyer by Roussos & Angelides and Roi Nicolaides & Partners in relation to the property held by the aforementioned company.
From this sale, the Group is expected to suffer loss in its net worth of €0.4 million (loss to be presented in its profit and loss account of €5.9 million minus surplus from revaluation of properties transferred via the reserves of €5.5 million). The loss emerges from the drop in the purchasing value of properties as a result of the ongoing financial crisis.
As already announced, the Group reserves the right – for the first 6 months – to buyback either the shares of Elias Houry Estates Limited and/or the property held at the same price plus the transfer expenses. Also, for the next 6 months, if a third party expresses an interest for acquisition, it reserves the right of first refusal.
