Belphar Ltd has increased its stake in potential bid target Pan European Terminals to 29.9%.
Belphar says that it is contemplating a 22p a share bid for Pan European. It held 14% of its target when it announced the potential bid. Belphar has bought additional ordinary shares but most of the additional stake is via the purchase of convertible loan notes issued by a Pan European subsidiary and convertible into the holding companyís shares. The conversion price is 22p a share. Belphar has also acquired 408,163 warrants exercisable at 24.5p a share. If these warrants are exercised it would seem likely that Belphar would have to increase its bid to 24.5p a share. The warrants last until 17 November 2016.
Belphar (http://www.belphar.com) is owned by Khofiz Shakhidi, whos has been involved in the financial services sector and Belphar was set up to seek investments in the natural resources sector.
Pan Europeanís management has yet to release a full response to the potential bid.
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