E.V.H. Investments moves to fully acquire Salamis Tours, submitting a public offer

A public proposal for the acquisition of up to 100% of the issued share capital of Salamis Tours has been submitted by E.V.H. Investments Limited, which is currently the main shareholder, holding 83.26% of the share capital.

As stated in an announcement published on the Cyprus Stock Exchange’s official website, on 11 November 2024, E.V.H. directly held 29,315,025 ordinary shares of Salamis of nominal value €0.43 each representing 80.25% of the total issued share capital of Salamis. Following an acquisition on12 November 2024 of additional 1,100,845 ordinary shares of SAL representing 3.01% its issued share capital, E.V.H. is required, pursuant to Article 13 of the Takeover Bids Law of 2007, L.41(I)/2007 as amended, to submit a Mandatory Takeover Bid to the shareholders of Salamis.

Further to the above, pursuant to Article 6(2) of the Law, E.V.H. informs the investing public of the submission of a mandatory takeover bid to the shareholders of SAL for the acquisition of up to 100% of the issued share capital of Salamis. The consideration offered for the acquisition of the shares of Salamis is €4.20 per share, paid in cash, to all the shareholders who will accept the Takeover Bid.

E.V.H. Investments Limited was incorporated in 1999 as a Limited Liability Company for the holding of shares for investment purposes.

On the date of this announcement which was 12 November, the total issued share capital of Salamis consists of 36,529,137 ordinary shares of nominal value €0.43 each (the “Shares”). E.V.H. directly holds 30,415,870 shares representing 83,26% of the total issued share capital of Salamis. No Shares are held by any persons who are considered by the Law as acting in concert with the Offeror and there are no indirect participations related to the Offeror, the announcement noted.

The Offeror has proceeded with all necessary arrangements with a banking institution in Cyprus for the payment of the proposed consideration to the shareholders of Salamis who will accept the Takeover Bid.

The Takeover Bid is regarded successful pursuant to Article 10(1) of the Law as the Offerors hold more than 50% of the voting rights of the Offeree Company.

The Takeover Bid is subject to the condition that the required approvals are obtained by the Cyprus Securities and Exchange Commission as provided by the Law.

Further information on the Takeover Bid will be included in the Takeover Bid Document, which will be prepared pursuant to the provisions of the Law and the relevant directives of CySEC in relation to the content of the Takeover Bid Document.

The Cyprus Investment and Securities Corporation Limited (“CISCO”) is acting as financial advisor to the Offeror in connection with the Takeover Bid. Additionally, CISCO is also acting as the Underwriter Operator pursuant to the provisions of RAA 96/2008 of CSE as amended.

Further to an announcement dated 12 November 2024 regarding the formulation of a public bid to the shareholders of Salamis Tours (Holdings) Public Ltd by E.V.H. Investments Ltd, the Cyprus Stock Exchange announces that, pursuant to paragraph 2.3.9. of R.A.A. 409/2006 (as amended), it will expand the fluctuation limits upwards in order to enable transactions to be carried out at the price announced by the offeror.

(Source: InBusinessNews)