News

23.03.2012 - Spectrum Group prepared to acquire Afinsa shares
Recently, the Spectrum Group International (SGI, based in Irvine/California, USA) has announced a purchase agreement with Afinsa Bienes Tangibles, a Spanish firm currently in liquidation. The

Recently, the Spectrum Group International (SGI, based in Irvine/California, USA) has announced a purchase agreement with Afinsa Bienes Tangibles, a Spanish firm currently in liquidation. The agreement implies that all shares that were previously owned by Spectrum Afinsa (57 percent) and Auctentia (20 perecent) will be purchased by SGI for 58.25 million American dollars; the offer expires on 15 July 2012. SGI wants to raise the aforementioned sum by offering its shareholders the possibility to acquire additional shares for the same amount. If, on the target date, the said sum has not been met, then SGI will pay the difference with the acquisition price in cash.

Greg Roberts, president and managing director of SGI, commented on the deal in this way: ‘Afinsa is under an order of the Spanish mercantile court to dispose of its SGI and PMI shares, and the sale of those shares to the Company makes the most sense for the Company and its shareholders. We believe that the elimination of a controlling interest in the Company will unlock value for all remaining shareholders. Afinsa has been a good partner over the last five years and, through its representatives, has made valuable contributions to the Company for which we are grateful.’