CySEC grants Logicom exemption from mandatory takeover bid for Demetra Holdings

Nicosia, Cyprus. The Cyprus Securities and Exchange Commission said on Wednesday it granted Logicom Services Limited an exemption from the requirement to launch a mandatory public takeover bid for Demetra Holdings Plc. The decision followed a formal request by Logicom Services Limited.

Regulatory decision

CySEC said the exemption was granted under article 15(1)(ib) of the Takeover Bids Law of 2007, as amended.

Reason for the exemption

The mandatory bid requirement would otherwise have been triggered by an increase in the total percentage of voting rights held by Logicom Services Limited in Demetra Holdings Plc.

CySEC said this increase in voting power is expected to result directly from Demetra Holdings Plc acquiring its own treasury shares.

Annual general meeting approval

The potential trigger depended on whether a proposed special resolution authorising the buyback of the company’s own shares for a 12-month period would be approved at Demetra Holdings Plc’s annual general meeting on June 30, 2026.

The company received authorisation to continue its share buyback programme for 12 months.