EVH Investments Limited on Tuesday announced the mandatory public takeover offer for Salamis Tours was completed on January 31.
The offer, initially submitted on November 12, 2024, aimed to acquire up to 100 per cent of the issued share capital.
This move successfully secured EVH Investments a 91.18 per cent control of the company.
As of the announcement date of the mandatory public offer, November 12, EVH Investments directly held 30,415,870 ordinary shares of Salamis, each with a nominal value of €0.43, representing 83.26 per cent of Salamis’ total issued share capital and voting rights.
During the offer period, from November 12, 2024, to January 31, 2025, EVH Investments acquired an additional 1,233,616 shares, representing 3.37 per cent of the acquired company, at €4.20 per share through transactions made during trading sessions.
Preliminary results indicate that the overall acceptance rate of the public offer reached 4.54 per cent, with acceptance and transfer forms submitted for 1,660,286 shares of the company under acquisition.
This acceptance rate, combined with the shares directly held by EVH Investments at the public offer’s expiry, amounted to 86.64 per cent (31,649,486 shares), culminating in a total direct holding of 91.18 per cent (33,309,772 shares) in the issued share capital of Salamis.
It should be noted that the final acceptance percentage may be adjusted if, during the final review of the acceptance and transfer forms and the accompanying documents, any are found to contain incomplete or incorrect information and therefore cannot be accepted.
Under the terms of the public offer and in accordance with Article 10(1) of the Law, since EVH Investments held more than 50 per cent of the voting rights of Salamis, the public offer is deemed successful.
Upon completion of the share transfers from the shareholders of Salamis who accepted the public offer, EVH Investments plans to exercise its right to squeeze out the remaining shares, aiming to acquire 100 per cent ownership of Salamis at the proposed consideration of €4.20.
This squeeze-out right will be exercised within three months following the expiration of the public offer’s acceptance period.
Subsequently, EVH Investment intends to apply for the delisting of Salamis from the Cyprus Stock Exchange (CSE).
Finally, it should be mentioned that the Cyprus Investment and Securities Corporation Limited (CISCO) is serving as the financial advisor to EVH Investment for the public offer process.
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