L. Ioannou submits bid on PHC

Lysandros Ioannou announced that he has submitted a Public Offer for the acquisition of a minimum 50% plus 1 share and a maximum 100% of the issued share capital of PHC Franchised Restaurants Public Limited at a consideration of CYP 0.24 or EUR 0.413 per share cash.

The bid has been made pursuant to article 9(1) Part III of the CSE Regulations (Public Offer for the Acquisition or Purchase of Titles and Merger of Companies Listed in the CSE.

The bid price is at a 9% premium to the previous day’s CSE price of EUR 0.38 per share and values the public offer at EUR 3.68 mln for the total 50% stake, which may in effect be lower considering that Ioannou is already the biggest shareholder of PHC.