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SEC: Exception to Republic from mandatory PO to CAIR

At a meeting held on January 28, 2013, the Cyprus Securities and Exchange Commission decided, following a request by the Republic of Cyprus and pursuant to article 15(1) (f) of the Takeover Bid Law 2007, to grant an exception to the Republic from the mandatory submission of a public offer to the shareholders of Cyprus Airways Public Ltd, which will emerge from the acquisition of 1,566,500,000 new shares as a result of the upcoming exercise of 271,961,805 Rights from the Rights it has been allocated.

The exception was granted under the following conditions:

1. The Republic of Cyprus should dispose such number of shares to independent buyers within two months from the date of acquisition of the new shares so that the Company complies with the required free float criteria of at least one of the CSE regulated markets.

2. The voting rights for the share capital of the Company to be held by the Republic of Cyprus, which will exceed 74.99% of the share capital of the Company are suspended until the disposal of the necessary percentage mentioned in point 1.

It is noted that if by the end of the period mentioned in point 1, the Republic of Cyprus has not disposed the shares, then the obligation for the submission of a public offer for the acquisition of 100% of the share capital of the Company will be activated.
Tuesday, 5 February, 2013 - 10:24