December 8 (SeeNews) - Croatian wood processing company Spacva [ZSE:SPVA] said that its majority shareholder, local tourism and real estate company Pervanovo, plans to squeeze out the minority shareholders.
Pervanovo has filed a request to the central depository agency to squeeze out the owners of the remaining 52,078 shares that it does not own yet in Spacva at a price of 50.80 kuna ($7.6/6.8 euro), according to filing by law firm Bradvica, Maric, Wahl, Cesarec representing Pervanovo, forwarded by Spacva to the Zagreb bourse.
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Pervanovo holds 98.96% of the capital of Spacva following a takeover bid this autumn 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 surged to close at 150 kuna on Wednesday on the Zagreb Stock Exchange on Tuesday, up 50% compared to the previous closing price on November 9, as seven shares changed hands, bourse data showed.
(1 euro=7.524 Croatian kuna)