Alfa Mega owner subject of takeover bid

Andreas Papaellinas (Holdings) Limited (AP) acquired 10,772,820 shares of C.A. Papaellinas Trading Pcl (CAP.CY), owners and managers of the Alfa Mega hypermarkets operating in Nicosia and Limassol. The acquisition of the shares, representing 67.77% of CAP’s share capital was made at the price of EUR 1.00 per share.
Following the above development, Papaellinas submitted a Public Offer for the acquisition of up to 100% of the issued share capital of CAP at the consideration price of EUR 1.00 per share.
The issued share capital stands at 15.955.000 shares of nominal value EUR0.34 each. As of 4 September 2008 the persons regarded as acting in agreement with the Offeror hold 0.75% of the Company. The Public Offer is subject to approval by the relevant regulatory authorities. The value of the remaining number of shares needed to reach the 100% control level amounts to EUR 5.18 mln.