CySEC blocks Panayi bid on Aqua Sol Hotels Cyprus

The Cyprus Securities & Exchange Commission (CySEC) has decided not to allow the publication of the Public Offer Document submitted by the major shareholder of Aqua Sol Hotels Public Company Ltd (AQS), Yiannis Panayi, for the acquisition of up to
100% of the Company due to the fact that on August 24 the Offeror proceeded with the acquisition of the Company’s shares from Blue Sea Overseas Investments (that is 19.99% of AQS total share capital) at EUR0,11 per share, which triggered the legal responsibility of proceeding with a mandatory Public Offer that should be initially subject to the approval of the Commission for the Protection of Competition. As a result, the CySEC “suspended the exercise of the voting rights on behalf of the Offeror in relation to the shares the acquisition of which by the Offeror on 24.8.09 created the obligation for the submission of Public Offer as well as any other shares acquired by the Offeror after the date above”.