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Pan African banking group, ABC Holdings, says results for the interim period to June 2014 will be lower than the strong financial performance for the comparable period last year.
“The Shareholders of ABCH are advised that the Group expects to release results for the period ended 30 June 2014 on or about 30 September 2014, which will be lower than what was reported for the period ended 30 June 2013,” ABC said.
The financial group, which has its primary and secondary listings on the Botswana and Zimbabwe stock exchanges, respectively, will release its interim results by end of this month.
Listing requirements of the BSE and ZSE require ABC to announce circumstances or events with, or likely to have, material bearing to financial results for the next reporting period.
However, the group is poised for strong performance going into the future after the acquisition of 95,84 percent of ABCH’s issued share capital by Atlas Mara Con-Vest Limited.
Atlas Mara will make an offer ordinary shareholders of ABCH, other than former majority shareholder ADC, which has already sold its stake, to acquire outstanding shares of ABCH listed on the Botswana and Zimbabwe stock Exchanges.
Atlas Mara has offered $0,82 per share in cash (or, at the relevant ABC Holdings minority shareholder’s option, 0,0683 Atlas Mara shares for each ABCH share held by them) for ABCH shares listed on the Zimbabwe Stock Exchange.
If an ABC Holdings minority shareholder would, following acceptance to the Offer and exercise of the option to receive Atlas Mara shares, receive a fraction of an Atlas Mara share, that shareholder will instead of receiving a fraction of a share be paid the cash equivalent of that fraction based on the share price of $12 per Atlas Mara share.
Online Reporter