(Telestock) – The public purchase offer mandatory promoted by Varas on shares Saras has exceeded the threshold of 90% of the Issuer’s share capital. The offeror – a note states – has come to hold a total 856,511,022 Saras shares, equal to 90.064% of the capital social of the Issuer.
The Offeror does not intend to proceed with the restoration of a floating sufficient to ensure the smooth running of trading in the Issuer’s Shares. Therefore, once The Reopening of Terms period has closedthe Offeror, together with the results of the adhesions made during the Reopening of the Terms, will also communicate the methods and times with which it will start the procedure for fulfillment of the Purchase Obligation (so-called sell-out) or, in the event that it comes to hold a stake of at least 95% of the share capital of the Issuer, it will initiate the Joint Procedure for the fulfillment of the Obligation to Purchase and for the exercise of the Right to Purchase (so-called squeeze-out).
Saras shares will be delisted on the first day of trading following the payment date of the procedure for the fulfillment of the Purchase Obligation, in the event that the conditions for carrying out the Joint Procedure exist, in agreement with Borsa Italiana taking into account the timescales envisaged for the exercise of the Right to Purchase.
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