The developments in TPA are sensational as Belterra, a company of the Savvidis family, has bought shares in TPA at prices above €27. This is the price offered by Leonidsport, a company of the Dreyfus family, which is seeking 21% of PPA with a public offer. The public offer price is €27 per share and yesterday the share closed trading at €28.2.

Stock market analysts believe that through this move LeonidsPort may be forced to raise the price per share in the public offer above €27, as otherwise the interest of the company's shareholders may wane to sell. 

THE TWO SCENARIOS

The scenario, according to information from TPA, is that Ivan Savvidis was not aware of the company's voluntary public offer and did not expect this move. That is why he is wedged into it through the purchase of shares. Others, however, see Leonidsport through the voluntary public offer move as a way for Leonidsport to proceed with a request to buy the majority of the shares. 

THE SHARES

As announced to the Stock Exchange, Belterra has proceeded to purchase a total of 8,700 shares in TPA on two separate occasions, as a result of which it now controls, directly or indirectly, a total of 7,309,143 shares and voting rights in the company, representing a total of 72.51% of the share capital. The transactions took place on 13 and 14 January with share purchases of 0.01% and 0.08%, for a consideration of €27.1 per share in the former and €27.1661 per share in the latter, and following LeonidsPort's public offer to acquire up to 2,116,800 shares. However, the share closed yesterday again with a significant rise of 3.3% to €28.2, above the price of the public offer.