CTC submits bid for Woolworth at EUR 1.45

Cyprus Trading Corporation Public Ltd. (CTC) announced its decision for the submission of a Public Offer for the acquisition of the total shares of Woolworth (Cyprus) Properties Public Ltd. (FWW) while at the same time, NKS Holdings withdrew its bid interest.
The total issued shares of Woolworth, including the shares that resulted from the recent warrant exercise, stand at 114,623,855 of nominal value 20 cents each.
CTC holds 33,240,525 shares, that is, 29% of the total shares of Woolworth. N.K. Shacolas (Holdings) Ltd and members of Shacolas family, who are associated with the Offeror, hold 14,949,260 shares or 13.05% in Woolworth (Cyprus) Properties Public Ltd.
The consideration for the acquisition of the titles of Woolworth is EUR1.45 per share that corresponds to CYP0.846 per share, which will be paid cash to the shareholders that will accept the Public Offer.
With the Public Offer, CTC aims to acquire 100% of the shares of Woolworth.
The Public Offer will be successful if CTC secures – together with the shares that it holds – 51% of the total issued shares of Woolworth. The Public Offer will be subject to the CPC and any other competent authority approval. For the payment of the proposed consideration, CTC has come to an arrangement with a bank.
N.K Shacolas (Holdings) Ltd and the members of Shacolas family support the Public Offer of CTC and declare that they will accept it for the total 14,949,260 shares, that is, 13.05% at the price of EUR1.45, which is regarded as fair and reasonable.