Takeover bid for ASG in Cyprus

Sothepro Ltd, the major shareholders of which are Messrs. Spyros and Savvas Spyrou announced their final decision to submit a Public Offer for the acquisition of up to 100% of the total issued share capital of A.S.G (Andy Spyrou Group) Public Ltd (ASG) at EUR0.28 per share payable in cash.
Sothepro Ltd proceeded with the purchase of 4.939.060 shares of ASG that correspond to 23.52% of its share capital on March 22, 2010. As at the date of the announcement, Sothepro held 51.25% of the share capital of ASG. The Public Offer is subject to all necessary approvals by the CySEC.
ASG has 21 mln ordinary shares of nominal value EUR0.35 each.
According to Financial Mirror calculations, the book value of ASG is EUR 0.46/share as at June 30, 2009 for which there are available accounts, which would make the bid at a 40% discount to book value. Based however on the average share price of ASG, which according to Financial Mirror data has been EUR 0.20/share since the start of the year and also last year, the bid price of EUR 0.28/share is at a 40% premium.
The total acquisition price including the 4.9 mln shares purchased is seen at EUR 4.25 mln.