trending Market Intelligence /marketintelligence/en/news-insights/trending/bYYPKHPlRXWA0pFiU9YY8A2 content esgSubNav
In This List

Flotonic's cash buyout offers for AFI Development declared unconditional

Video

S&P Capital IQ Pro | Powering Your Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud


Flotonic's cash buyout offers for AFI Development declared unconditional

Flotonic Ltd. declared its $413 million cash buyout offers of Cyprus-based property company AFI Development PLC unconditional as to acceptances and in all respects.

As of Jan. 13, Flotonic amassed acceptances amounting to 150,638,574 A securities of AFI, translating to 28.76% of the total issued A securities, and 138,297,668 B ordinary shares, representing 26.40% of the total issued B ordinary shares.

The offeror now owns 487,587,370 A securities, equivalent to 93.08% of the issued A securities, and 481,097,326 B ordinary shares, representing 91.84% of such issued shares.

The offers will remain open for acceptance until 1 p.m. London time on Jan. 27.

AFI will apply to the London Stock Exchange to cancel the listing of the A and B ordinary shares on LSE's Main Market. Both of the delistings are set to occur on or around Feb. 21.

VTB Capital PLC is financial adviser to Flotonic.