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Croatia's depository agency approves squeeze out of Spacva minority shareholders

Author Annie Tsoneva
Croatia's depository agency approves squeeze out of Spacva minority shareholders Source: pixabay

ZAGREB (Croatia), December 10 (SeeNews) - Croatia's central depository agency said on Friday it approved a proposed squeeze out of minority shareholders of wood processing company Spacva [ZSE:SPVA] by local tourism and real estate company Pervanovo and will enter the transaction into its information system on December 17.

All minority shareholders on record by December 16 will be eligible to receive 50.80 kuna ($7.6/6.7 euro) for each share they hold, the depository agency said in a filing to the Zagreb Stock Exchange (ZSE).

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Pervanovo has offered that price to the owners of the remaining 52,078 shares that it does not own yet in Spacva. Pervanovo holds 98.96% of the capital of Spacva following a takeover carried out earlier this year, in which it bought 15,028 shares representing a stake of 0.28% of Spacva's equity capital.

Spacva holds 2,735 own shares, representing 0.05% of its share capital. Spacva's equity capital of 105.5 million kuna is divided into 5,276,522 ordinary shares of 20 kuna in par value each.

Spacva's shares last traded on the ZSE on Wednesday when they closed 50% higher at 150 kuna, as seven shares changed hands, bourse data showed.

(1 euro=7.526 Croatian kuna)

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