Costakis Loizou not obliged to make bid for Louis Pcl

The CySEC announced that at its board meeting on 24 November 2008 it decided, upon a request from Costakis Loizou to grant an exception from the obligation to make a mandatory takeover bid for Louis Pcl (LUI.CY).

The CySEC said Costakis Loizou is given a transfer deadline of the 15,399,200 shares of LUI to independent buyers, until 30 November 2009.

The disposals/transfers should not take place during any of the closed for transactions periods. 

The Commission also decided to postpone the voting rights of the 15,399,200 shares until their disposal. If, the shares are not disposed to independent buyers within the deadline, then the obligation of Costakis Loizou to make a mandatory takeover bid will come into effect.