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PO to Pharmakas from Gerik, Panayides, Ibiscus and Alfa Pi

The Board of Directors of GERIK INVESTMENTS LIMITED in agreement with A. Panayides Contracting Public Limited, Ibiscus Invest Limited, Alfa Pi Holdings Limited and Messrs. Georgios Pipis and Georgios Kazanos (Parties on agreement) decided to proceed to a Public Offer for the acquisition of a stake of the issued share capital of PHARMAKAS QUARRIES LTD. The total issued capital of PHARMAKAS QUARRIES amounts to 30,455,340 shares of nominal value 10 cents. The Parties on Agreement and their associated parties hold 56.53% (17,217,353 shares) of PHARMAKAS QUARRIES.

The consideration that will be offered for every share of PHARMAKAS QUARRIES is 9 cents each cash and 3 shares of the listed company A. Panayides Contracting Public Limited for every 10 shares of PHARMAKAS QUARRIES.

The offer has been based on the book value of PHARMAKAS QUARRIES LIMITED (PHA) and Α. PANAYIDES CONTRACTING PUBLIC LIMITED (ΑPC) as the last audited and approved accounts for the year ended 31/12/2003. The book value of Α. Panayides Contracting Public Limited includes the goodwill that results from the revaluation of land for development, as mentioned in the Company’s Prospectus for the issue of up to 50,000 bonds 2004-2011 of nominal value £100 approved by the competent authorities on 17/11/2004. The book value of PHA is therefore, 21.89 cents per share and of APC 44,66 cents per share. As a result, the total consideration amounts to 22.46 cents per share, which is 2.33% higher than the net asset value of PHARMAKAS QUARRIES.

A. Panayides Contracting Public Limited and Ibiscus Invest Limited hold all the shares of GERIK INVESTMENTS LIMITED.

GERIK INVESTMENTS LIMITED does not hold shares of PHARMAKAS QUARRIES.

The announcement is based on article 9(1) of Part III of the CSE Regulations 1997 and 2001 (Public Offer for Acquisition or Purchase of Titles and Merger of Companies Listed in the CSE).

Further information on the Public Offer will be included in the complete Public Offer which will be submitted within the time framework that the CSE Laws and Regulations have set.

Messrs. Vangelis Georgiou and Georgios Pipis will provide any further information and/or clarifications pursuant to the CSE and SEC Regulations.



Thursday, 20 January, 2005 - 09:24