Aspis submits bid for Athos Diamond, subject to approval

Aspis Holdings (ASP) announced to submit a bid seeking to acquire a minimum 50% plus one share or maximum 100% of the share capital of Athos Diamond Center Public Limited, subject to passage of a special resolution to be held by an EGM of Athos Diamond.

The special resolution to be tabled before Athos Diamond shareholders pertains the sale of the assets and liabilities of the Company to the major shareholder Athos Ioannides and on the understanding that the major shareholder will not participate so as to safeguard the rights of the small shareholders. The Public Offer is subject to the approval of the proposed resolution mentioned above at the EGM of AD for the sale of the Company’s assets to the major shareholder.
The issued share capital of AD stands at CYP2,632,446 divided into 26,324,455 shares of nominal value CYP0.10 each. At the date of this announcement, the Offeror does not hold a stake in the share capital of Athos.
The proposed consideration for the acquisition of the titles of Athos is expected to be CYP0.065  or EUR0.11 per share, which will be paid in cash to the shareholders that will accept the Public Offer. The aforementioned sum has been calculated on the basis of the net asset value plus CYP250,000.
The final announcement for the Public Offer will be released the next business day from the EGM and within 40 days from the current announcement, a deadline set by the Securities and Exchange Commission.
This announcement is not a final decision for the submission of a public offer and it is not certain that a public offer will follow, even if the condition above is satisfied.
Sharelink Securities and Financial Services Limited are acting as advisors to Aspis.