ProChoice wins CSE approval for CPI bid

The Board of Directors of A.L. ProChoice Group Public Limited announced that they have received the approval of the Cyprus Stock Exchange Council for the publication of the Public Offer Document for the acquisition of a minimum 70% and a maximum 100% of the issued share capital of CPI Holdings Public Ltd.

The offer is 3 shares of A.L. ProChoice Group Public Limited for every 1 share of CPI Holdings Public Limited.
Global Capital Securities and Financial Services Ltd are advisors to the issue. CPI Holdings has a total of 24.379.000 shares listed on the CSE and the minimum value of the bid is valued at EUR 11.95 mln based on the recent EUR 0.70 price of CPIH shares on the CSE.

A.L. ProChoice Group Public Limited meanwhile has called an EGM seeking shareholder approval to proceed with the issue of up to 51.440.016 PROP shares that will not be offered to existing shareholders but used as part consideration to complete the acquisition of CPIH.