Cyprus SEC approves Ermes prospectus

Ermes Department Stores Pcl announced that the Cyprus Securities & Exchange Commission has granted it permission to publish its prospectus ahead of the listing of its shares on the Cyprus Stock Exchange.

The prospectus refers to the listing of 175 mln shares of nominal value 20 cent and 35 mln warrants 2007/2011, which will be given to shareholders registered on the share registry as at March 12, 2007 in a ratio of 1 free warrant for every 5 shares. The exercise price of the warrants is 40 cent and may be converted into shares in November 2011.

The prospectus is available in electronic form on the company’s web site, at Ermes.com.cy as well as on the web sites of issue advisors CISCO and the Cyprus SEC.

Ermes is now awaiting final approval from the CSE to give the green light for the listing, expected to be before the end of March.