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BoD of Muskita Aluminums believes that PO by Muskita Investments Ltd and MDG Holdings Ltd and Mr. Dimos Mouskis is fair

Subject: Announcement of result of the Public Offer by Muskita Investments Ltd and MDG Holdings Ltd and Mr. Dimos Mouskis to the shareholders of Muskita Aluminium Industries Plc.

Muskita Investments Ltd and MDG Holdings Ltd and Mr. Dimos Mouskis announce that pursuant to the provisions of article 38 of the Public Takeover Bid Law 2007, N41 (I)/2007, the period of acceptance of the mandatory public offer for the acquisition of up to 100% of the issued share capital of Muskita Aluminium Industries Plc, which was announced on March 16, 2011, expired on June 3, 2011.

On March 16, 2011, the date of announcement of the submission of the Public Offer, the Offerors held directly 74.91%, while no shares were held by persons who according to the Law were regarded as acting in agreement with the Offerors and there were no indirect stakes. Then, until June 3, 2011, the Offerors had proceeded with the acquisition of 8,519,343 more shares (10.33%) of the Company against €0.84 per share. As a result, on June 3, 2011, the Offerors held 70,318,747 shares (85.24%).

During the period of acceptance, the Acceptance and Transfer Forms that were submitted were for 8,648,266 shares, which represent 10.48% on the issued share capital of the Company. As a result, the total participation of the Offerors in the share capital of the Company will reach 78,967,013 shares, that is, 95.72%. It is noted that the final percentage of acceptance might change in case that at the final audit of the Acceptance and Transfer Forms, as well as the documents required accompanying the forms, it is ascertained that there are wrong or insufficient data and, therefore, they will not be accepted.

Pursuant to the Public Offer terms, the Public Offer is successful since the Offerors already hold titles (70,318,747 shares) of more than 50% of the Company’s voting rights.

The consideration of €0.84 cash per share to the shareholders who accepted the Public Offer will be posted by June 28, 2011, that is, 14 business days from the date of announcement of the result of the Public Offer.

As mentioned in the Public Offer Document, the Offerors will exercise a squeeze out pursuant to article 36 of the Law for the acquisition of the remaining titles at the price of €0.84 per share, which was the proposed consideration of the Public Offer, since they have submitted a Public Offer to all shareholders of the company and for its total titles and will hold a stake of more than 90% of the total titles that bear voting rights and the voting rights of the Company. The exercise of the squeeze out is carried out within 3 months from the expiry of the period of acceptance of the Public Offer, after the submission of the relevant request to the Securities and Exchange Commission.
Tuesday, 7 June, 2011 - 09:26