Confine bids for Finikas

Confine Investments Public Ltd. has submitted a takeover bid seeking to acquire the 50% plus one vote of the share capital of Finikas Amochostou Investments at 32.5 cent per share in cash for a total deal value of CYP 406.250.

Confine states that it is seeking a max. 50% plus one vote or minimum 20% of the share capital of FIA. The price at which the bid is made at 32.5 cent per share in cash is estimated to be at exactly the net asset value of the firm, which according to its last report submitted end of September had a NAV of 29.81 cent per share.

The bid price is also at a 50% premium compared to the 20 cent price quoted on the CSE a day before the deal was made public.

The total assets of Finikas end of September for which there are available public records amounted to CYP 753.603 of which CYP 106.600 was held in cash and the rest spread among listed stocks such as CYP 272k in BOC shares, CYP 200k in CPB shares, CYP 64k in Dimco, CYP 60k in Atlantic, CYP 37k in HB and the rest below CYP 10.000 in KEO, A&P and Harvest.