MCC resumes trading

The title of Multichoice (Cyprus) was allowed to resume trading after the CSE approved the public offer document submitted by Lumiere TV Public Co. (LTV) seeking a minimum of 40% and a maximum of 100% of MCC share capital.

The MCC shares were suspended when LTV first revealed its intention to exit out of its stake, which was then overturned resumed trading on the CSE on April 14 at 17 cent per share, close to the 18 cent bid price submitted by LTV.

In the public offer document, LTV proposed to acquire the share capital of MCC in one of the following three options: in the form of cash at 18 cent per share, in the form of convertible debentures at the ratio of 2 debentures convertible into 2 LTV shares for every 9 ordinary MCC shares, or a combination of the above.

The public offer acceptance period commences on 14 April and ends on 29 May 2006, but is subject to the Competition Commission declaring the exclusive distribution agreement between LTV and MCC as void and unconstitutional.