BHS (BH Securities a.s.)
Czech markets  |  August 28, 2012 08:29:37

AAA Auto - A.Denny majority shareholder sells his share

Anthony James Denny, who currently owns approximately 77% of AAA Auto announced plans to sell most of its stake and retain minority. The sale is to relate to the 73.79% stake in the company, which holds a Luxembourg company AUTOMOTIVE INDUSTRIES S.a.rl

The exact volume of shares available for sale has not yet been determined and will result in further negotiations. There is a possibility that Denny retain a minority interest in AUTOMOTIVE INDUSTRIES, as well as 3.77% of the shares they own personally. Denny added that the whole process should take approximately one to two years.

As advisers for the sale of the notified transaction selected PricewaterhouseCoopers and Patria Corporate Finance.

Denny earlier this year announced his intention to retire from the post of Director-General and recommended post handover Carolina poplar. After two decades in business, so I'm gonna limit my activities.

AAA Auto has on Thursday publish its financial results for 2Q.

J. Ramakrishnan

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