Costas Michalides to submit offer to take company private

Costas Michaelides Constructions Ltd (KMC.CY) announced that majority owner and founder of the company Costas Michaelides has decided to submit a Public Offer for the acquisition of minimum 90% and up to 100% of KMC’s issued share capital for EUR0.60/share in cash.
It is noted that Costas Michaelides holds 70.77% of the total shares of KMC. In addition, related parties of the Offeror hold total 0.29% of KMC’s issued share capital. According to the announcement, Costas Michaelides has made all necessary arrangements with Marfin Popular Bank Public Co Ltd for the payment of the proposed consideration of the shares that will be acquired.
Laiki Investments has been appointed and acts as Consultant of the Public Offer on behalf of the Offerors. The Public Offer is subject to the approval by the relevant regulatory authorities.
Based on the issued share capita of KMC amounting to 6.038.000 shares, the remaining balance of 28.94% not owned by Michaelides is 1.74 mln shares, which on the bid price of EUR 0.60 per share means the takeover bid is worth EUR 1.05 mln according to Financial Mirror calculations.