The Board of Directors of Elmec Sport SA announces that today May 8th has received the following letter from the company "Homeric Department Stores Holdings SA":
"Homeric Department Stores Holdings SA", controlled by Laskarides Group of Companies, announces that it has come to an agreement with the main shareholders of Elmec Sport S.A. Mrs. L. Fais and Mr. S. Fais for the acquisition of 51,82 % of Elmec Sports'' total share capital that they own, for the price of 3 euro per share. The transaction will be completed as soon as the required legal approvals from the Greek authorities are granted. The Fais family members have decide to reinvest to the company, thus, after the completion of the transaction Homeric DS SA will be controlled by 76% from Laskarides Group of Companies and by 24% from the Fais family members.
The company after the acquisition of the majority of the shares, as mentioned above, in compliance with the legal requirements, will proceed to a public offering for the acquisition of the total share capital of Elmec Sport SA, and is willing to pay the minimum price set by the legislation.
The company as the main shareholder will strive for the achievement of the goals of Elmec Sport, not only in Greece but also in the foreign market and particularly in the Balkans where Elmec Sport is already successfully operating. The experience of the Fais family members along with the business potentials of Laskarides Group of Companies, will set the two major parameters for the further expansion and success of Elmec Sport SA.