Primetel controls 95.86% of Spidernet

Primetel Plc (PTL) announced that the procedure for the Public Offer towards Spidernet Services Public Ltd (SNET) shareholders for the acquisition of up to 100% of SNET’s issued share capital has been completed. According to preliminary results PTL has acquired 95.86% stake in SNET. The newly issued shares and warrants of PTL which were granted as a consideration for the Public Offer will be allocated to shareholders after
the approval for listing the shares and warrants at the CSE.
PTL intends to exercise its right for squeeze out given the fact that it acquired more than 90.0% of SNET’s issued share capital. It is also noted that those shareholders of SNET that have not accepted the Offer can still claim the same consideration for their shares within 3 months after the completion of the Public Offer.