Toxotis Board backs CLR takeover bid

The Board of Directors of Toxotis Investments Public Ltd examined the Public Offer Document by CLR Investment Fund Public Ltd for the acquisition of up to 100% of the issued share capital of the Company at EUR0.11 cash and deems it fair and reasonable, giving its backing to the offer.
The Board of Directors appointed Laiki Investment EPEY Pubic Company Ltd as independent expert for the preparation of a report, which suggests that the proposed consideration compares favourably with the recent trading prices.
Based on the audited financial statements for the year ended December 31, 2007, the net asset value of the Company stands at EUR0.0906, offering a benefit of 21.47%.
In its report, Laiki Investments EPEY Public Company Ltd concludes that: “Based on the aforementioned data, the opinion of Laiki Investments is that the calculation basis used for the determination of the proposed consideration and the persons acting in agreement with the Offeror for the titles of Toxotis over the last 12 months prior to the announcement of the decision to submit a Public Offer, is fair”.
The Public Offer is obligatory due to the acquisition by the Offeror of 597,581 shares during the period February 26, 2008 – March 20, 2008, which correspond to 2.89% of the share capital of Toxotis.
Costas Toumpouris and Vangelis Sikopetritis did not participate in the decision taking due to their participation in the Board of Directors of the Offeror.