Manager bids for Dragon Ukrainian Properties – Dragon Capital Investments Limited, part of the Dragon Capital Group, the Ukrainian investment and financial services group, announced that on 29 May 2017 it purchased 11,687,200 ordinary shares in Dragon-Ukrainian Properties and Development Plc amounting to approximately 10.69 per cent of the issued share capital of Dragon-Ukrainian Properties at a price of 12.75p.
Immediately prior to the purchase, the Dragon Capital Group held 24,107,589 Dragon-Ukrainian Properties sShares amounting to approximately 22.04 per cent. of the issued share capital of Dragon-Ukrainian Properties . With this purchase the Dragon Group now holds 35,794,789 Dragon-Ukrainian Properties sShares representing approximately 32.73 per cent. of the issued share capital. Pursuant to Rule 9 of the Takeover Code, the Dragon Capital Group is now required to make a mandatory cash offer for the entire issued ordinary share capital of Dragon-Ukrainian Properties not already owned by the Dragon Capital Group at a price of 13 pence per share.
Update 8 June 2017
Further to its announcement on 30 May 2017, the Board of Dragon Capital Investment, the manager of Dragon Ukrainian Properties , has nnounced that it intends to make a mandatory cash offer, for the whole of the issued and to be issued share capital of Dragon Ukrainian Properties not already owned by the Dragon Capital Group at a price of 13 pence per share.
Dragon Capital Investment is a wholly owned subsidiary of Dragon Capital Holdings Limited incorporated in Cyprus. Under the terms of the offer, shareholders who accept the offer will receive:
For each DUPD Share – 13 pence in cash (the “Offer Price”)
The offer values the existing issued share capital of Dragon Ukrainian Properties at approximately GBP14.22 million. The offer is subject only to them getting acceptances (including shares already controlled by them) for over 50% of the shares. In the event that Dragon Capital Investments acquires 90% of the shares to which the offer relates, it intends to compulsorily acquire any outstanding Dragon Ukrainian Properties shares.
It is intended that the offer document and the form of acceptance containing further details of the offer will be despatched to Dragon Ukrainian Properties shareholders (other than to persons in a Restricted Jurisdiction) as soon as practicable and, in any event, not later than 27 June 2017, being 28 days after the date of the announcement of the acquisition.
DUPD : Manager bids for Dragon Ukrainian