Velgraf Asset Management AD made an offer to acquire remaining 38.08% stake in Toxotis Investments Public Ltd. in cash for 0.28 million.
As of July 1, 2014, Cyprus Securities and Exchange Commission approved the public offer document. As of July 24, 2014, Board of Directors of Toxotis believes that the proposed consideration to the shareholders of the Company is fair and reasonable. As part of offer, in case, Velgraf acquire more than 90% of the share capital of Toxotis, it does not intend to exercise a squeeze out so as to acquire 100% of the share capital of Toxotis and delist it from CSE. Also, Velgraf also intends to make changes in the composition of the Board of Directors so as to reflect the new share structure. The period of acceptance of the offer for the shareholders of COV commences on July 8, 2014 and ends on August 7, 2014.
The Cyprus Investment and Securities Corporation Limited acted as a financial advisor to Velgraf Asset Management AD. PKF Savvides, Advisory Arm acted as fairness opinion provider for Toxotis Investments.