30/09/2009 09:29
Aqua Sol Managing Director, Yiannis Panayis, announced today the submission of a new public offer for the acquisition of 100% of the Company, after securing the approval of the Commission for the Protection of Competition.
The PO price stands at €0.11 per share. Mr. Panayis already holds 177.3 million shares (68.73% of its capital) of the total 258 million issued shares of Aqua Sol. In order to acquire the remaining 80.7 million AQS shares he must submit €8.9 million more.
According to the announcement, “In case that after the finalization of the Public Offer Mr. Panayis – together with the shares that he already holds (directly and indirectly via the associated persons) – holds more than 90% of the total issued shares of AQS, he will exercise a squeeze-out for the acquisition of the issued share capital, he will delist its titles of the CSE and he will convert it into private company”.
Yesterday, the CPC decided that the proposed act of concentration will not change the control to such extent that could affect the activities of Aqua Sol.
On September 17, the SEC announced the prohibition of publication of the PO Document and the suspension of the voting rights of Mr. Panayis. At a meeting on September 28, it decided to lift the suspension.
The AQS share closed yesterday at €0.11 with a volume of €2.9 thousand.
The PO price stands at €0.11 per share. Mr. Panayis already holds 177.3 million shares (68.73% of its capital) of the total 258 million issued shares of Aqua Sol. In order to acquire the remaining 80.7 million AQS shares he must submit €8.9 million more.
According to the announcement, “In case that after the finalization of the Public Offer Mr. Panayis – together with the shares that he already holds (directly and indirectly via the associated persons) – holds more than 90% of the total issued shares of AQS, he will exercise a squeeze-out for the acquisition of the issued share capital, he will delist its titles of the CSE and he will convert it into private company”.
Yesterday, the CPC decided that the proposed act of concentration will not change the control to such extent that could affect the activities of Aqua Sol.
On September 17, the SEC announced the prohibition of publication of the PO Document and the suspension of the voting rights of Mr. Panayis. At a meeting on September 28, it decided to lift the suspension.
The AQS share closed yesterday at €0.11 with a volume of €2.9 thousand.
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