20/07/2007 11:57
Aspis Holdings is examining the possibility of participating (up to 30%) in the share capital of Options Cassoulides. According to an announcement released by the CSE on Friday, Aspis has signed a strategic agreement and strategic investment with Options, according to which it will participate in its share capital with 10%. The Board of Directors of Aspis is also examining a proposal for an increase of up to 30% in its stake in Options.
According to the agreement, Options Cassoulides, which is listed in the Main Market, will proceed with the issue of 4,635,475 new shares (10% of the share capital) to Aspis or any other company suggested by Aspis with an issue price of €0.50 (£0.292) per share.
The cooperation between the two aims to the joint growth and expansion of activities in the sectors that Options is actively involved. According to Options Strategic Planning and Communication Manager, Nicos Nicolaou, the synergies that will result from the cooperation are related to the development and management of conference centres in the Balkans and SE Europe.
Mr. Nicolaou also referred to Options’ interest for an expansion in the sector of Media. “Options’ aim is to become the first media group in Cyprus”, he said.
“Due to the fact that Aspis is actively involved in a wide range of services, many other synergies are expected to result”, he added.
Capital absorbance
At the meeting to take place on July 31, 2007, the Board of Directors of Aspis is expected to examine the agreement, as well as the proposal for further investments in the share capital of Options with a stake that will not exceed 30%.
The Board of Directors of Options, which will meet on August 2, will examine the issue of warrants to the ratio of 1 warrant for every 5 shares with an exercise price of €1 and the issue of new shares via the Rights procedure to the ratio of 1 new share for every 4 rights with an exercise price of €0.50 (11.6 million Rights). “Options is expected to absorb capital of €8.5 million”, Mr. Nicolaou noted.
The cooperation agreement is subject to the Boards of Directors and the EGM of OPT approval.
Options
Options is actively involved in the sector of organization of medical conferences and events, the provision of consultant services to medical multinational companies, the conduct of printing and publication activities and the management of other investments. The Company is a product of merger between Options Eurocongress and Cassoulides Printing house in 2000.
In 2006, Options generated profits of £1.3 million compared to £1.2 million in 205. The earnings per share stood at 2.87 cents compared to 2.70 cents n 2005. Its turnover declined from £22.2 million in 2005 to £19.1 million in 2006, while it released a profit warning recently due to the lower revenues from conference tourism.
By the time this text was in progress, OPT was recording losses of 3.57% to €0.81, absorbing €1.7 million. The Company’s capitalization in July increased by 40% to €37 million. The share of Aspis is currently down 1.3% to €1.52.
According to the agreement, Options Cassoulides, which is listed in the Main Market, will proceed with the issue of 4,635,475 new shares (10% of the share capital) to Aspis or any other company suggested by Aspis with an issue price of €0.50 (£0.292) per share.
The cooperation between the two aims to the joint growth and expansion of activities in the sectors that Options is actively involved. According to Options Strategic Planning and Communication Manager, Nicos Nicolaou, the synergies that will result from the cooperation are related to the development and management of conference centres in the Balkans and SE Europe.
Mr. Nicolaou also referred to Options’ interest for an expansion in the sector of Media. “Options’ aim is to become the first media group in Cyprus”, he said.
“Due to the fact that Aspis is actively involved in a wide range of services, many other synergies are expected to result”, he added.
Capital absorbance
At the meeting to take place on July 31, 2007, the Board of Directors of Aspis is expected to examine the agreement, as well as the proposal for further investments in the share capital of Options with a stake that will not exceed 30%.
The Board of Directors of Options, which will meet on August 2, will examine the issue of warrants to the ratio of 1 warrant for every 5 shares with an exercise price of €1 and the issue of new shares via the Rights procedure to the ratio of 1 new share for every 4 rights with an exercise price of €0.50 (11.6 million Rights). “Options is expected to absorb capital of €8.5 million”, Mr. Nicolaou noted.
The cooperation agreement is subject to the Boards of Directors and the EGM of OPT approval.
Options
Options is actively involved in the sector of organization of medical conferences and events, the provision of consultant services to medical multinational companies, the conduct of printing and publication activities and the management of other investments. The Company is a product of merger between Options Eurocongress and Cassoulides Printing house in 2000.
In 2006, Options generated profits of £1.3 million compared to £1.2 million in 205. The earnings per share stood at 2.87 cents compared to 2.70 cents n 2005. Its turnover declined from £22.2 million in 2005 to £19.1 million in 2006, while it released a profit warning recently due to the lower revenues from conference tourism.
By the time this text was in progress, OPT was recording losses of 3.57% to €0.81, absorbing €1.7 million. The Company’s capitalization in July increased by 40% to €37 million. The share of Aspis is currently down 1.3% to €1.52.
Related Articles
