At an extraordinary meeting held on June 16, 2011 at 5.30 pm, the Board of Directors of Alkis H. Hadjikyriakos (Frou Frou Biscuits) Public Ltd examined the intention of Muskita Investments Ltd, MDG Holdings Ltd and Dimos Mouskis to proceed with a squeeze out of the Company’s subsidiaries that hold shares in Muskita Aluminium Industries Plc.
The Board of Directors ensured unanimously that it was correct that the public offer was not accepted and decided that the Group’s rights must be claimed in court since the price offered was not regarded either fair or reasonable.
It was decided that an independent expert will be appointed to determine the fair value of the share, which is regarded as much higher than the offer price.
Also, it was decided than another firm will be appointed to evaluate the reliability and the correctness of the Deloitte report, which supported the Public Offer, given that the said report clearly says that “it is not in any way an evaluation of the value of shares”.
The courts are the only solution that the Group has. The action will be taken either in cooperation with other shareholders that rejected the offer or by the Company itself.
The Board of Directors believes that the squeeze out practice in periods of serious economic recession creates conditions of exploitation of the shareholders with negative impacts on the stock market.
The Board of Directors ensured unanimously that it was correct that the public offer was not accepted and decided that the Group’s rights must be claimed in court since the price offered was not regarded either fair or reasonable.
It was decided that an independent expert will be appointed to determine the fair value of the share, which is regarded as much higher than the offer price.
Also, it was decided than another firm will be appointed to evaluate the reliability and the correctness of the Deloitte report, which supported the Public Offer, given that the said report clearly says that “it is not in any way an evaluation of the value of shares”.
The courts are the only solution that the Group has. The action will be taken either in cooperation with other shareholders that rejected the offer or by the Company itself.
The Board of Directors believes that the squeeze out practice in periods of serious economic recession creates conditions of exploitation of the shareholders with negative impacts on the stock market.
Friday, 17 June, 2011 - 09:13