Panamax AG

M&A Activity • Dec 11, 2013

News Details

Ad-hoc | 11 December 2013 18:34

Panamax Aktiengesellschaft: Guoshi Assets Investment Management Limited announces mandatory public takeover offer for shares in Panamax Aktiengesellschaft

Panamax Aktiengesellschaft / Key word(s): Offer

11.12.2013 18:34

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Frankfurt am Main, December 11, 2013 - Today, Panamax Aktiengesellschaft
(ISIN DE 000A1R1C81 / WKN A1R1C8) has been informed by Guoshi Assets
Investment Management Limited, Road Town, Tortola, British Virgin Islands,
that the latter intends to submit a mandatory public takeover offer
addressed to the shareholders of Panamax Aktiengesellschaft with regard to
all issued shares in Panamax Aktiengesellschaft. According to today's
notification pursuant to Sec. 10 German Securities Acquisition and Takeover
Act (WpÜG) Guoshi Assets Investment Management Limited intends to offer to
the shareholders of Panamax Aktiengesellschaft by way of a mandatory public
takeover offer to acquire their shares in Panamax Aktiengesellschaft
against consideration in cash in the amount of the statutory required
minimum purchase price and subject to the other provisions of the bidding
documentation.

As of today, Guoshi Assets Investment Management Limited directly holds
1,052,048 ordinary bearer shares in Panamax Aktiengesellschaft, equal to
approximately 66.62 per cent of the share capital and the voting rights in
Panamax Aktiengesellschaft meaning that Guoshi Assets Investment Management
Limited has taken control over Panamax Aktiengesellschaft pursuant to Sec.
35 para. 1 sentence 1, 29 para. 2 German Securities Acquisition and
Takeover Act (WpÜG). Further, Panamax Aktiengesellschaft has been informed
by Guoshi Assets Investment Management Limited that in addition to it, Mr.
Zhao Xu, People's Republic of China, has indirectly taken control over
Panamax Aktiengesellschaft. Mr. Zhao Xu neither holds any shares nor any
voting rights in Panamax Aktiengesellschaft, however, the shares and voting
rights in Panamax Aktiengesellschaft held by Guoshi Assets Investment
Management Limited are attributed to Mr. Zhao Xu pursuant to Sec. 30 para.
1 sentence 1 no. 1, sentence 3 German Securities Acquisition and Takeover
Act (WpÜG) according to today's notification. In this connection, Guoshi
Assets Investment Management Limited has informed Panamax
Aktiengesellschaft that Mr. Zhao Xu, who has also taken over control, will
not submit a separate mandatory public takeover offer for the shares in
Panamax Aktiengesellschaft but the submission of the mandatory public
takeover offer by Guoshi Assets Investment Management Limited shall also
fulfil Mr. Zhao Xu's obligations resulting from Sec. 35 German Securities
Acquisition and Takeover Act (WpÜG).

Management Board and Supervisory Board will comment on the mandatory public
takeover offer of Guoshi Assets Investment Management Limited in compliance
with any legal obligations after receipt of the bidding documentation still
to be published.

Panamax Aktiengesellschaft

Management Board

11.12.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Panamax Aktiengesellschaft
Neue Mainzer Strasse 28
60311 Frankfurt am Main
Germany
Phone: +49 172 6109248
Fax: +49 69 971097200
E-mail: info@panamax-ag.com
Internet: www.panamax-ag.com
ISIN: DE000A1R1C81
WKN: A1R1C8
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart

End of Announcement DGAP News-Service

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