18/01/2005 10:27
The future of the Public Offer of NETI L.C.C for the acquisition of 55% of Avacom Computer Services against 46 cents per share (total £25.9 million) is subject to the Securities and Exchange Commission approval.
According to StockWatch sources, the SEC is currently carrying out an investigation to ascertain whether the Company has the amount of £25.9 million in its bank accounts in ABN Amro and whether this comes from legal activities. NETI has already given a written certification on the issue, which obviously did not satisfy the competent authorities.
SEC’s decision will largely affect the decision of the CSE Council, which will meet on Friday to decide whether it will allow NETI to make the public offer to the ACS shareholders.
About ABN Amro
ABN Amro is a European bank based in the Netherlands. There are concerns, however, on the fact that the cash is held in a bank account in Far East to the name of a third party.
Sources reveal that NETI is looking forward to the final decision and its officials have already taken all the necessary steps.
According to StockWatch sources, the SEC is currently carrying out an investigation to ascertain whether the Company has the amount of £25.9 million in its bank accounts in ABN Amro and whether this comes from legal activities. NETI has already given a written certification on the issue, which obviously did not satisfy the competent authorities.
SEC’s decision will largely affect the decision of the CSE Council, which will meet on Friday to decide whether it will allow NETI to make the public offer to the ACS shareholders.
About ABN Amro
ABN Amro is a European bank based in the Netherlands. There are concerns, however, on the fact that the cash is held in a bank account in Far East to the name of a third party.
Sources reveal that NETI is looking forward to the final decision and its officials have already taken all the necessary steps.
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