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Senior Business Reporter
HOTELIER, African Sun says it has fulfilled all the conditions precedent relating to the acquisition of the entire issued ordinary shares of Dawn Properties Limited.
The group last year offered to buy 100 percent stake in Dawn Properties, through a share swap that entails issuance of 616 126 718 new African Sun ordinary shares to Dawn shareholders. The shares would be issued at a swap ratio of one African Sun ordinary share for every 3 988 075 946 Dawn ordinary shares.
At the close of the first offer period in January 2021, African Sun had managed to acquire 91,17 percent of the ordinary shares of Dawn Properties while the remaining 8,83 percent was acquired through legal means.
“The board wishes to notify its stakeholders and the investing public of the fulfilment of all the conditions precedent related to the acquisition of the entire issued shares of Dawn Properties Limited (“Dawn”), (“the Transaction”).
“As a result, all Dawn shareholders who have accepted the offer will now be granted African Sun Limited shares in accordance with the terms of the transaction,” said the company’s secretary, Mr Vincent Musimbe.
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