Attention of: Cyprus Stock Exchange ("CSE") Lord Byron Avenue 71-73 1096 Nicosia
13/01/2021
Dear Sirs,
SUBJECT: Letter by the CSE dated 20 December 2020 addressed to VONPENDE HOLDINGS P.L.C. (the "Company" or the "Group")
By reference to your letter dated 20 December 2020, please be informed as follows:
One of the priorities of the Company, following its admission to the Emerging Companies Market of the CSE, has been to follow the course of expansion into new markets for the purposes of asset and risk diversification, as per the objectives in its Business Plan as outlined in its Admission Document dated 20 December 2015.
The Company continued its expansion course for the beginning of year 2020, however, the effects of the Covid-19 pandemic, forced the Company to adjust its course and adapt, gradually but with certainty to the new economic realities and business conditions. As a result, the year 2020, the Company focused on strategic acquisitions, consolidation of resources where necessary, enhancing its presence in Cyprus, by further investment in human capital and local businesses.
We highlight below the following events indicating the Company's commitment to its original Business Plan:
- · During year 2020, after extensive market research and thorough analysis, the Company acquired 100% of the shares in Elbridge Investments Limited (Cyprus), a financing company, issuer of subordinated convertible callable bonds, listed in the Cyprus Stock Exchange in 2019. The acquisition fulfilled the Company's target of increasing its securities portfolio, while branching out to other promising economic sectors, via the acquired company's subsidiaries.
- · Next, in August 2020, the Company acquired the shares of Alodie Properties Limited, which is the owner of a prestigious land-plot in Egkomi, Nicosia, close to Hilton Hotel. The acquisition materialised as the Company steers towards enhancing its property portfolio.
- · Also in August 2020, the Company acquired an office, in Egkomi area, which it has commissioned the renovation of, and which is intended to serve as a sales office as the development of Company's properties is underway.
« Registration number 216944 » Registered address: Angelou Terzaki Street, 110, Office No.4, 2402, Egkomi, Nicosia, Cyprus » Trading office address: Office no. 306, Vesper floor, Akamantis Building, 10 Egypt Street, 1097, Nicosia, Cyprus . = Tel: +357 22 029398 = Fax: +357 22 029399 = Email: [email protected] = www.vonpende.com.cy
VONPENDE HOLDINGS P.L.C.
- · In a series of intra-group transactions, and as a form of consolidation of resources and reorganisation, the Company became the direct shareholder of Lostmperi Holdings Limited ("Lostmperi"), a Cypriot company with a considerable body of investments in Central and Eastern Europe, in the technology and mining sectors. The transaction was materialised following financial and legal advice received on the prospects of Lostmperi Holdings Limited and also its associated companies. Lostmperi is a shareholder of a Polish home automation company Grenton sp.zo.o. currently active in distributing its products all over Europe, including Cyprus. Lostmperi is also a shareholder in Bragi GmbH, a Munichbased software technology development company. Lostmperi holds a majority investment in Aeliano Enterprises Limited, a Cypriot company investing in the mining sector in Poland. Lostmperi acquired in the course of 2020, a minority share participation in three Hungarian companies Duna Terasz Premium, Duna Terasz Grande and D&B Real-Estate which are active in property development and construction in Budapest, with prestigious housing and residential developments over the Danube river. Meanwhile, another Cypriot subsidiary, namely Kirnione Holdings Limited also acquired shares in Cypriot companies having underlying real estate assets.
- · In December 2020, the Company's subsidiaries Elbridge Investments (Cyprus) Limited and Elbridge Investments Limited merged, with the latter being absorbed by the former. The merger and reorganisation was approved by the Cyprus District Court on 18 December 2020, and all relevant notifications were filed with the Registrar of Companies and announcements made with the Cyprus Stock Exchange.
- · True to its corporate social responsibility plan, the Company sponsored the ETHA EGKOMI basketball team and the 2nd Photography Competition 2020 organized by Kinanis LLC. The Competition took place in November and attracted artists and photo enthusiasts, with the submission of 132 contesting photographs and 33 photographers. A donation was made by Kinanis LLC to a non-profitable charitable institution supporting children with rare genetic diseases called «Μοναδικά Χαμόγελα».
- · The Company is committed to continue promoting its corporate growth to maximize its profits and returns for its shareholders, adjusting however, to the new economic environment, as the Covid-19 pandemic ensues and is expected to continue for most part of 2021.
By Order of the Board Siella Koukounis Director