CSE approves White Knight offer by SFS

The Cyprus Stock Exchange approved the Public Offer Document by SFS Group Pcl (SFS) seeking to acquire up to 100% of the capital of  White Knight Holdings Pcl (WKH) and granted permission for its publication on March 29, 2007.

SFS is offering 1.75 of its shares, nominal value CYP 0.10 for every WKH share of CYP 0.50 nominal value. In the event that the reverse split plan of SFS is approved

with the consolidation of 6 existing shares of nominal value CYP0.10 in one share of nominal value CYP0.60, the allocation ratio will be adjusted and for every share of WKH, 0.2917 shares of SFS of nominal value CYP0.60 each will be offered. 

There is no minimum percentage of shares required for a successful Public Offer, but it is subject to the approval of the proposed resolution by the EGM to take place on April 12, 2007 on the issue of new shares as a consideration for the acquisition of up to 100% of the share capital of White Knight. 

The period of acceptance of the Public Offer will start on April 11, 2007 and will expire on May 25, 2007 at 1.00 pm.