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Pannonplast says obligation to sell Synergon shares under option expires

Plastics company Pannonplast Nyrt said on Monday its obligation to sell shares in IT company Synergon Informatika Nyrt under an earlier announced call option expired on March 19.

Pannonplast Nyrt said it currently holds 12.906% of Synergon Informatika Nyrt shares, conferring 14.138% of voting rights. Pannonplast signed a call option for part of the shares it holds in Synergon on October 6, 2006. The option gave the holder the right to purchase 463,000 Synergon shares from Pannonplast between October 6, 2006 and October 5, 2009. Pannonplast did not disclose the price at which the option could be exercised or the holder of the call option. Pannonplast raised its stake in the IT company from 4.19% to 13.91% in the summer of 2006.

Pannonplast is the second largest shareholder in Synergon after the brokerage Cashline. In its previous announcement regarding its stake in Synergon, on December 20, Pannonplast said it sold 200,000 shares in the company on December 18, reducing its stake to 13.32%. Cashline announced it had sold 213,000 Synergon shares, also on December 18. The shares held by both companies were likely to have been purchased by Synergon, as it said it bought 413,000 treasury shares on December 18. (Bloomberg)