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Hadjiioannou Farm: Acquisition agreement for a poultry unit

Further to our announcement dated June 18, 2001 with regard to the acquisition of a free-range chicken breeding unit, Renos Hadjiioannou Farm Ltd announces that it has reached a new binding agreement for the acquisition of a poultry unit in Marki from Dr. Savvas Petrides. This acquisition has been deemed necessary and will enable the Company to maintain the license, as pursuant to the EU legislation, free range chicken breeding provides for larger units. Renos Hadjiioannou Farm Ltd acquires the above unit free from charges or rights against the agreed sum of CYP 110,000, payable in shares as follows: The Buyer will transfer to Savvas Petrides 1,000,000 shares, which had been acquired by the Company (buyback) at 11 cents (the average price per share). The Company has taken into account the book value of the Company and the market value of the unit of Dr. Savvas Petrides, which pursuant Messrs Kyratzis & Stephanou, amounts to CYP 190,000 (obligatory sale value: CYP 150,000). No goodwill is resulting from the transaction.
Thursday, 22 May, 2003 - 09:44