As the company's announcement states "on 05.10.2023 the company Invel RE Holdings (Cyprus) Limited, which is controlled by Mr. Christoforos Papachristoforou, immediately acquired all (100%) of the voting shares of the company Invel Real Estate Partners Greece SAS and subsequently acquired control of the latter.
Consequently, Invel RE Holdings (Cyprus) Limited acquired indirect control of a total of 222,288,779 shares of the company, which represent approximately 87% of the Company's voting rights, and which are held by entities controlled by Invel Real Estate Partners Greece SAS, including 204,975,700 shares of the Company held, directly and indirectly, by the Offeror, which represent approximately 80.22% of the Company's voting rights.
Therefore, the obligation to submit a Public Proposal was created for the Offeror and the Coordinated Persons, in accordance with article 7 par. 1 of the Law. It is noted that persons acting in coordination with the proposer are understood in accordance with article 2 (e) of the Law (the "Coordinated Persons" or "Persons Acting in Coordination with the Offeror"),
(a) the company Invel RE Holdings (Cyprus) Limited as a legal entity which has the ultimate control of the Proposer as stated in article 3, paragraph 1(c) (cc) of Law. 3556/2007. controlled according to the provisions of article 3, paragraph 1 (c) of Law 3556/2007 by Invel RE Holdings (Cyprus) Limited and Mr. Christoforos Papachristoforou. Apart from the above, there are no other persons who act on behalf of or in coordination (within the meaning of article 2 (e) of the Law) with the Proposer for the purposes of the Public Offer.
As required by the Law, the Offeror has initiated the process of the Public Offer on 11.10.2023 by informing the Capital Market Commission and the Company's Board of Directors and simultaneously submitting to them the "Information Bulletin" as well as the Valuation report ".
The price
According to the company's same announcement, Invel offers €7.50 in cash, for each Share of the Offer that is legally and validly offered to it within the acceptance period. At the same time, it is been noted that The Offeror will not exercise the Redemption Right, in accordance with article 27 of the Law.
The Offeror will not seek the delisting of the Shares from the A.E. On the contrary, depending on market conditions, it aims in the next period to strengthen and expand the Company's shareholder base and the dispersion of its Shares, by attracting, among others, Greek and even foreign institutional investors.
See here the detailed announcement of the REIC.
