Dolphin applies to “squeeze out” Aristo shareholders

Dolphin Capital Atlantis Limited has applied to the Cyprus Securities and Exchange Commission for permission to ‘squeeze out’ the remaining shareholders of Aristo Developers Plc.
Further to the acquisition of 98.74% of the share capital of Aristo Developers Plc via a Public Offer, Dolphin Capital Atlantis Limited announces that pursuant to the provisions of article 36 of the Public Offering Law 2007, on September 11, 2007 it submitted an application to the Securities and Exchange Commission for the exercise of a ‘squeeze out’.
It is clarified that pursuant to the provisions of article 36 of the Public Offering Law 2007, in case that the Offeror has submitted a Public Offer to all shareholders for the acquisition of all titles, it is entitled to acquire the remaining titles of the company if it holds titles that represent at least 90% of the total titles that bear voting rights and at least 90% of the voting rights. The Offeror exercises this right within the period of three months from the expiry of the period of acceptance of the public offer, while the exchange for the acquisition of titles takes the same form and is equal to the exchange of the public offer.
The intention to exercise the ‘squeeze out’, in case that after the completion of the Public Offer Dolphin Capital Atlantis Limited held Aristo Developers shares that represent at least 90% of the total voting rights, was mentioned in the Public Offer Document dated June 5, 2007, via which Dolphin Capital Atlantis Limited had submitted a Public Offer for the acquisition of 100% of the issued share capital of Aristo Developers Plc.
Following the approval of the ‘squeeze out’ by the Securities and Exchange Commission, Dolphin Capital Atlantis Limited will proceed with the acquisition of the remaining shares of Aristo Developers on the basis of the Proposed Consideration provided by the Public Offer expired on July 16, 2007, that is, EUR2.15 cash per share of Aristo Developers Plc.