02/12/2008 15:47
The Securities and Exchange Commission approved on Tuesday an application for the exemption of major shareholder, Costakis Loizou from the Public Offer for4 Louis.
According to a SEC announcement, at a meeting held on November 24, 2008, the Commission decided to give an exemption to Mr. Loizou pursuant to article 15(1) (id) of the Public Offering Law 2007.
Mr. Loizou has been given a deadline until November 30 to transfer 14.4 million Louis shares to independent buyers. The disposals/transfers must not be carried out in a closed period. The Commission also decided to suspend the voting rights of 15.4 million shares until their disposal.
If the shares are not disposed to independent buyers until the expiry of the deadline, Mr. Loizou will proceed with a Public Offer.
Louis is in negotiations with foreign buyers for their strategic participation in the Company.
Louis suffered losses in the first nine months of the year.
According to a SEC announcement, at a meeting held on November 24, 2008, the Commission decided to give an exemption to Mr. Loizou pursuant to article 15(1) (id) of the Public Offering Law 2007.
Mr. Loizou has been given a deadline until November 30 to transfer 14.4 million Louis shares to independent buyers. The disposals/transfers must not be carried out in a closed period. The Commission also decided to suspend the voting rights of 15.4 million shares until their disposal.
If the shares are not disposed to independent buyers until the expiry of the deadline, Mr. Loizou will proceed with a Public Offer.
Louis is in negotiations with foreign buyers for their strategic participation in the Company.
Louis suffered losses in the first nine months of the year.
Related Articles
