Public bid by Almanij for Gevaert shares

Almanij, the diversified financial services group, has announced it will submit a public bid for the 21.22% of Gevaert that it does not already own and will make a buyout bid if it acquires 95% or more. Gevaert, the financial holding company listed on Euronext Brussels since 1997, has been concentrating more and more on investments in small- and medium-sized companies as well as young unlisted firms in recent years, and the declining interest of national and international investors for many Belgian shares since the consolidation of the EU Capital markets and the creation of Euronext has impacted on Gevaert’s share price. The lack of interest among institutional investors has been prompted by the limited turnover and availability of freely negotiable shares.

The bid will be made at a price of EUR 48.10 per share, payable in cash, for the remaining 5,471,224 shares.

Recent examples of Gevaert’s activity within the venture capital arena include investments in Belgian companies TeleRelay and Data4s. Additionally, at the beginning of 2001, Gevaert made a EUR 5.5m commitment to DOR Ventures, a Belgian investment fund set up in May 2000 to invest in high-tech imaging start-ups in Europe, the US and Israel. So far, EUR 2.2m has been drawn down.

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