14/01/2010 11:08
The Securities and Exchange Commission decided to grant an exemption to CTC from the obligation to submit a public offer to the shareholders of Woolworth for the acquisition of 100% of its share capital.
According to an announcement released today, “The Cyprus Securities and Exchange Commission, at its board meeting dated 07 December 2009, decides, upon request from the company Cyprus Trading Corporation Plc (the ‘Company’), in pursuit of article 15(1)(l) of the Takeover Bids Law of 2007 (‘the Law’), to grant an exception to the Company from the obligation to submit a public takeover bid to the shareholders of the company Woolworth (Cyprus) Properties Plc (‘Woolworth’) for the acquisition of 100% of its share capital which accrued from the increase of the Company’s percentage in Woolworth’s share capital as a result of share buy back from Woolworth. The exception is granted provided that the following conditions are satisfied:”
i. The Company submits the relevant fees for the examination of the application for exception
ii. The Company disposes a percentage of 0,45% of the Woolworth share capital, which concerns the increase of the percentage of the Company in the share capital of Woolworth as a result of share buy back from Woolworth, to independent buyers, the latest by 31 May 2010. The Commission noted that the disposals / transfers should not take place during a period which is closed for transactions of directors or of related persons to Woolworth.
iii. The voting rights of the shares that correspond to the abovementioned percentage are suspended until their disposal.
The decision was taken on December 7, 2009 and was announced today.
According to an announcement released today, “The Cyprus Securities and Exchange Commission, at its board meeting dated 07 December 2009, decides, upon request from the company Cyprus Trading Corporation Plc (the ‘Company’), in pursuit of article 15(1)(l) of the Takeover Bids Law of 2007 (‘the Law’), to grant an exception to the Company from the obligation to submit a public takeover bid to the shareholders of the company Woolworth (Cyprus) Properties Plc (‘Woolworth’) for the acquisition of 100% of its share capital which accrued from the increase of the Company’s percentage in Woolworth’s share capital as a result of share buy back from Woolworth. The exception is granted provided that the following conditions are satisfied:”
i. The Company submits the relevant fees for the examination of the application for exception
ii. The Company disposes a percentage of 0,45% of the Woolworth share capital, which concerns the increase of the percentage of the Company in the share capital of Woolworth as a result of share buy back from Woolworth, to independent buyers, the latest by 31 May 2010. The Commission noted that the disposals / transfers should not take place during a period which is closed for transactions of directors or of related persons to Woolworth.
iii. The voting rights of the shares that correspond to the abovementioned percentage are suspended until their disposal.
The decision was taken on December 7, 2009 and was announced today.
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