Louis seeks court permission for shareholder meetings on restructuring plan

• Louis today filed with the Nicosia District Court for permission to convene shareholder meetings on its restructuring scheme.
• The scheme would transfer debt-free ownership of Louis Nausicaa Beach hotel, valued at €43.47 million, to minority shareholders through Nausicaa Hotels.
• Nausicaa Hotels would list on the Cyprus Stock Exchange; Clin Company would become the sole shareholder of Louis, which would delist.
• All group debts and liabilities would remain with Louis and its subsidiaries; Nausicaa Hotels and its subsidiaries would assume none.
• Implementation requires shareholder approval by 50% plus one vote of those present, followed by final court sanction.

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