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LB to examine PO document by 3E on Thu

25/01/2006 16:07
According to a Lanitis Bros announcement released on Wednesday, the Board of Directors of the company will meet on January 26, 2006 at 16.00 to examine the Public Offer Document submitted by 3E (Cyprus) Limited on January 24, 2006.

Frou-Frou, on the other hand, is looking forward to this meeting, since it will determine whether it will submit a public offer to LB. It is noted that Frou-Frou Chairman, Alkis Hadjikyriakos had told StockWatch that he will expect the announcement of the public offer by 3E and he will decide whether he will express his intention to acquire the share capital of LB or not. Mr. Hadjikyriakos had stated that if the public offer of 3E is approved – which is the most likely scenario – the shareholders of LB must decided whether they will accept it or not within a period of 45 days. Frou-Frou will submit its public offer 7 days before the expiry of the 45-day notice.

The intention for the acquisition of the majority stake by Frou-Frou, however, seems to meet many difficulties after the binding decision of the LB major shareholder, Vladimiros Lanitis for the allocation of 50.6% of the company’s issued share capital that he holds to 3E.