Further to our announcement dated January 20, 2005 on the public offer of Gerik Investments Limited in agreement with A. Panayides Contracting Public Limited, AlfaPi Holdings Limited and Messrs. Georgios Pipis and Georgios Kazanos for the acquisition of 100% of the share capital of “Pharmakas Quarries Limited”, which is not held by the companies above, we wish to clarify the following:
1. The consideration that will be offered for every 1 share of Pharmakas is 9 cents each cash and 3 shares of A. Panayides Contracting Public Limited (APC) for every 10 shares of Pharmakas. The APC shares that will be offered will not be a product of a new issue, but will be existing shares listed in the CSE held by AlfaPi Holding Limited.
2. APC holds a stake of 50% of the share capital of Gerik Investments Limited. If the public offer is successful and Gerik Investments Limited acquires 100% of the issued share capital of Pharmakas which is not held by the Parties on Agreement, the total stake that APC will posses directly and indirectly (through Gerik Investments Limited) in the share capital of Pharmakas will be 50%.
The Parties on Agreement and their associated persons hold 56.53% (17,217,353 shares) of the share capital of Pharmakas.
Further information on the acquisition will be included in the Public Offer, which will be submitted within the time framework that the CSE Laws and Regulations have set.
1. The consideration that will be offered for every 1 share of Pharmakas is 9 cents each cash and 3 shares of A. Panayides Contracting Public Limited (APC) for every 10 shares of Pharmakas. The APC shares that will be offered will not be a product of a new issue, but will be existing shares listed in the CSE held by AlfaPi Holding Limited.
2. APC holds a stake of 50% of the share capital of Gerik Investments Limited. If the public offer is successful and Gerik Investments Limited acquires 100% of the issued share capital of Pharmakas which is not held by the Parties on Agreement, the total stake that APC will posses directly and indirectly (through Gerik Investments Limited) in the share capital of Pharmakas will be 50%.
The Parties on Agreement and their associated persons hold 56.53% (17,217,353 shares) of the share capital of Pharmakas.
Further information on the acquisition will be included in the Public Offer, which will be submitted within the time framework that the CSE Laws and Regulations have set.
Friday, 28 January, 2005 - 10:14