CLR Investment Fund Public Ltd, within the framework of the Public Offer announced on October 16, 2012 for the acquisition of up to 100% of the issued share capital of Europrofit Capital Investors Public Ltd announces that on Match 5, 2013 it submitted an application to the Cyprus Securities and Exchange Commission for the exercise of a squeeze out, pursuant to the Takeover Bid Law 41(I) of 2007.
Pursuant to the Public Offer terms, the Offeror intends, if it acquires more than 90% in the share capital of Europrofit, to exercise the squeeze out pursuant to article 36 of the Law for the acquisition of 100% of the share capital of ERP. This right is exercised within three months from the expiry of the period of acceptance of the Public Offer, that is, from December 28, 2012.
It is noted that the total rate of acceptance of the Public Offer by the shareholders reached 1.59% as the acceptances that were submitted were for 497,693 ERP shares. The total rate of acceptance together with the 91.78% held by the Offeror at the expiry of the Public Offer on December 28, 2012 gives total participation equal to 93.37% in the share capital of ERP. By securing the approval of the SEC, the Offeror will proceed with the acquisition of the remaining 2,079,059 shares at the consideration of the Public Offer, that is, €0.025 per ERP share, payable in cash.
This announcement is released pursuant to article 36(4) of the Law.
Pursuant to the Public Offer terms, the Offeror intends, if it acquires more than 90% in the share capital of Europrofit, to exercise the squeeze out pursuant to article 36 of the Law for the acquisition of 100% of the share capital of ERP. This right is exercised within three months from the expiry of the period of acceptance of the Public Offer, that is, from December 28, 2012.
It is noted that the total rate of acceptance of the Public Offer by the shareholders reached 1.59% as the acceptances that were submitted were for 497,693 ERP shares. The total rate of acceptance together with the 91.78% held by the Offeror at the expiry of the Public Offer on December 28, 2012 gives total participation equal to 93.37% in the share capital of ERP. By securing the approval of the SEC, the Offeror will proceed with the acquisition of the remaining 2,079,059 shares at the consideration of the Public Offer, that is, €0.025 per ERP share, payable in cash.
This announcement is released pursuant to article 36(4) of the Law.
Wednesday, 6 March, 2013 - 10:31