18 June 2014
Pan European Terminals Plc
(the "Company" or "PAN")
Notice of Cancellation
Further to the announcement today by Belphar Ltd ("Belphar") that it now holds or has received valid acceptances of their offer ("Offer") in respect of a total of 67,310,141 PAN ordinary shares, representing an aggregate of 63.31 per cent. of the issued ordinary share capital of PAN and 90.31 per cent. of the PAN ordinary shares to which the Offer relates, the Company has, at the request of Belphar, applied to the London Stock Exchange for the cancellation of trading in the PAN ordinary shares on AIM ("Cancellation").
It is expected that Cancellation will occur at 7.00 a.m. on 16 July 2014 after which time PAN ordinary shares will no longer be admitted to trading on AIM.
Cancellation will significantly reduce the liquidity and marketability of any PAN ordinary shares not acquired by Belphar and the Board of PAN therefore recommends to PAN shareholders that they accept the offer by PAN.
-ends-
Enquiries:
Pan European Terminals plc Simon Escott, Chief Executive Officer and Interim Executive Chairman | Tel: +44 (0) 20 3145 1908 Mob: +44 (0)7920 095 800 |
Westhouse Securities Ltd - Joint Financial Adviser, Nominated Adviser and Broker to Pan Richard Johnson Antonio Bossi | Tel: +44 (0) 20 7601 6100 |
finnCap Ltd - Joint Financial Adviser to Pan Stuart Andrews Christopher Raggett | Tel: +44 (0) 20 7220 0500 |
Leander - Financial PR to Pan Christian Taylor-Wilkinson | Tel: +44 (0)7795 168 157 |
Notes to Editors:
Pan European Terminals Plc operates hydrocarbon refined product Storage and Transhipment Terminals in Aabenraa (Denmark), Kaliningrad City (Russia) and Baltysk (Russia). It also leases and operates tanks in Rotterdam (Holland). The Group presently has approx. 400,000 Cubic Meters of tank capacity under ownership or management, with approximately 40% of its annual profit now being derived from its non-Russian assets. The Group has been building critical mass in this field for three years and offers its customers flexibility, competitive rates and excellent facilities for storage, transhipment and bunkering services.
This information is provided by RNS
distributed by |