Aspis acquires 93.5% of White Moon

Aspis Holdings Public Company Ltd announced that on April 10, 2007 it reached an agreement for the acquisition of 935,002 shares of nominal value CYP1,00 of White Moon Services Ltd, which are 93.5% of its share capital, against CYP8.50 per share. The Seller and major shareholder of White Moon is Lambros Christofi, Managing and Chief Executive Director of Aspis Holdings Public Company Ltd.
The Company is the owner of White Moon Center building of 12,000 sq. meters in Engomi, which hosts, among others, the offices of Aspis Group of Companies. On December 31, 2006, White Moon had a net book value of CYP7.5 million and profits of CYP311,000. This acquisition will boost the Company’s tangible assets and will offer stable long term income and profits from rents receivable.
According to the agreement, of the total CYP7,947,500, two sums of CYP1,500,000 each will be paid to the Seller on 28/2/3008 and 28/2/2009 on condition that the Company will achieve its targets with regard to the total income from stable rents. If the targets are not achieved, the Seller will not be entitled to the sums above. A large part of the remaining sum of CYP4,947,500 will be used by the Seller for the exercise of Rights to the two capital increases of the Company, pursuant to the decisions of the Extraordinary General Meetings dated 20/12/2006 and 16/3/2007.