CySEC approves CTC document for FWW

The Cyprus Securities and Exchange Commission approved the Public Offer document made by Cyprus Trading Corporation (CTC) seeking to acquire a minimum 50% plus one share and a maximum 100% of the share capital of Woolworth (Cyprus) Properties Public Ltd (FWW) at a cash consideration price of EUR 1.45 per share.

The acceptance period has been set for 18 July 2007 until 10 September 2007.

NK Shacolas (Holdings) Ltd and related family persons holding 14,949,260 FWW shares

representing 13.05% in FWW’s share capital announced that they would accept CTC’s Public Offer at EUR 1.45 per share.

CTC has a 29% direct participation in FWW, whilst NKS and its related persons control another 13.05% of FWW. To this respect, CTC needs to acquire an additional 9% of FWW for the Public Offer to be successful.

Marfin Egnatia have valued CTC’s participation in FWW at CYP 22.9m (EUR 39.2m). Assuming that the Public Offer made to FWW has a 60% -65% success rate (which we believe it is a realistic scenario), and that FWW’s Fair Value stands at 1.55 its latest Book Value per share (EUR 1.18) then CTC would have an additional benefit between EUR 0.14 and EUR 0.18 per share.