CSE approves LB bid document

The CSE Council approved the Public Offer Document by 3E (Cyprus) Ltd for the acquisition of a minimum of 50.6% and up to a maximum of 100% of the share capita of Lanitis Bros. Public Co. at a consideration price of 17.2 cent per share. The period of acceptance of the Public

Offer by the shareholders is 27 January 2006 to 10 March 2006.

The majority shareholder Vladimiros Lanitis, with a 50.6% participation in LB’s share capital, has agreed and is thereafter committed to accept the Public Offer.

In view of this commitment, 3E (Cyprus) Ltd intends to acquire the remaining shares through the Public Offer. In the event that more than 90% of the shares are tendered in the Public Offer, 3E (Cyprus) Ltd will exercise its right to acquire the remaining 10% of the LB’s share capital.