NKS will delay FWW decision for a week

The Cyprus Securities and Exchange Commission (CySEC) approved a request by NK Shacolas (Holdings) to extend the announcement of NKS’s final decision regarding its expressed intention to submit a Public Offer for the acquisition of up to 89% of the share capital of Woolworth (Cyprus) Properties Plc (FWW) at a cash consideration of EUR 1.40 per share for a week.

The final decision of NKS will be announced until 22 June 2007.

On 11 May 2007, NK Shacolas (Holdings) Ltd (NKS) announced that it was examining the possibility to submit the Public Offer, while at the shareholders’Annual General Meeting of FWW on 7 June 2007, Chairman of Company Nicos Shacolas reconfirmed this intention on behalf of NKS. NKS and its related parties currently hold a 44% stake in FWW. The possible Public Offer will be subject to the approval of the relevant regulatory authorities. However, NKS noted that its intention to submit a Public Offer towards FWW shareholders is not a final decision and it could be withdrawn even if the required approvals are obtained.

FWW’s 2006 profit amounted to EUR7.4 mln and its book value was EUR 1.33 per share for a price to book value of 1.02 times while its diluted NAV per share as of 31/12/2006 amounted to EUR1.13. CTC holds a 30% stake in FWW. In case NKS proceeds with the submission of a public offer at EUR1.40/FWW share, and CTC accepts the offer for its entire stake in FWW, CTC will receive an estimated amount of EUR46.9 mln according to an analysis by Sharelink Securities & Financial Services.