(www.MaritimeCyprus.com) E.V.H. Investments Limited has submitted a mandatory public takeover offer for Salamis Tours at a price of €4.20 per share, representing a 27.3% premium over the company’s last trading price.
E.V.H. Investments is a major shareholder of Salamis Tours. As of November 11, 2024, it directly held 29,315,025 common shares of Salamis with a nominal value of €0.43 each, representing 80.25% of Salamis's total issued share capital.
Following the acquisition of an additional 1,100,845 common shares of SAL on November 12, 2024, equivalent to 3.01% of its issued share capital, E.V.H. is required, under Article 13 of the Takeover Bids Law, N.41(I)/2007, to submit a mandatory public takeover offer to all shareholders of Salamis.
As a result, E.V.H. proceeded with a mandatory public offer to all shareholders of SAL to acquire up to 100% of the issued share capital of Salamis.
The proposed consideration for acquiring Salamis shares is €4.20 per share, payable in cash to all shareholders who accept the Public Offer. E.V.H. Investments Limited was established in 1999 as a Limited Liability Company with the purpose of holding shares for investment purposes.
The total issued share capital of Salamis consists of 36,529,137 common shares with a nominal value of €0.43 each. E.V.H. directly holds 30,415,870 shares, representing 83.26% of Salamis’s total issued share capital and voting rights.
The offeror has made arrangements with a Cypriot credit institution for the required consideration to be paid to Salamis shareholders who accept the public offer. The public offer is considered successful according to Article 10(1) of the law since the offeror holds over 50% of the voting rights of the Target Company. The Public Offer is subject to obtaining the necessary approvals from the Cyprus Securities and Exchange Commission.
The Cyprus Investment and Securities Corporation Limited (CISCO) acts as the financial advisor to the offeror within the context and for the purposes of the public offer process. Additionally, CISCO serves as the Sponsor in accordance with CSE Directive 96/2008, as amended.
Salamis’s profits in 2023 decreased to €12.7 million from €15.2 million in 2022, yet the company proceeded with a dividend distribution of €0.12 per share.
For the first half of 2024, its profits amounted to €7.6 million, up from €5.9 million in the first half of 2023.
