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Dragon-­Ukrainian awaits Dragon Capital mandatory offer following stake sale

As a result of its purchase of 11,687,200 Dragon-Ukrainian Properties & Development Plc shares, Dragon Capital Group Corp. is required to make a mandatory cash offer for the former's entire issued and to be issued share capital, pursuant to the takeovers and mergers rule of the City Code.

Dragon Capital bought the Dragon-­Ukrainian shares for 12.75 pence apiece May 29, increasing its stake in the company to 32.73%, representing 35,794,789 ordinary shares.

Tomas Fiala, a director at Dragon-Ukrainian, is the principal shareholder and managing director of the Dragon Capital Group.

Dragon-Ukrainian's independent directors stated in a release their intention to consider the offer when it is proposed. However, shareholders are advised to take no action relating to the mandatory offer.