Cyfield receives exemption on Nemesis bid

The Cyprus Securities & Exchange Commission (CySEC) granted an exception to Cyfield Development Co from the obligation to launch a mandatory takeover bid for the acquisition of the share capital of Nemesis Development Public Co Ltd (NEM). As a result, Cyfield will be obliged to transfer 616,890 shares of Nemesis to independent buyers by 30 November 2009. The disposals/transfers should not be taken during closed periods, while there is a decision for suspension of the voting rights of the 616,890 shares until their disposal/transfer.
According to the announcement, if the Company will not transfer the aforementioned shares to a third party within the stated timeframe; then it will be obliged to launch a mandatory takeover bid to Nemesis.