Dragon Capital Group Corp. intends to launch a mandatory cash offer for the entire share capital of Dragon-Ukrainian Properties & Development Plc priced at 13 pence per share, through its wholly owned subsidiary Dragon Capital Investments Ltd.
The mandatory cash offer was required after Dragon Capital purchased 11,687,200 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.
The cash offer values Dragon-Ukrainian's existing issued share capital at approximately £14.2 million. Dragon Capital Investments will acquire any outstanding Dragon-Ukrainian shares upon purchasing 90% of the property company's shares.
The offer is subject only to Dragon Capital Investments acquiring or agreeing to acquire Dragon-Ukrainian shares representing more than 50% of the voting rights than normally exercised at the latter's general meeting.