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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.