African Sun works to acquire more of Dawn

Oliver Kazunga, Acting Business Editor
HOSPITALITY group, African Sun Limited (ASL) is finalising a transaction to acquire the remaining 8,94 percent shares in Dawn Properties Limited to conclude 100 percent acquisition of the property investment firm.

So far, Dawn Properties’ shareholders who were holding 91,06 percent of the issued ordinary shares, have accepted and surrendered their shares to ASL.

The acquisition deal has been under the spotlight with the markets regulator — Securities and Exchange Commission of Zimbabwe (SECZ) in October last year announcing that it was investigating the transaction between the two entities following concerns that the transaction would prejudice minority shareholders.

In a notice released Tuesday, ASL said: “In terms of section 238 (1) of the Companies and Other Business Entities Act (Chapter 24:31) (“the COBE”), ASL hereby notifies the holders of the remaining shares of its intention to acquire the remaining shares, on the same terms that applied to the shares whose holders accepted the original offer.”

ASL said it is putting forward an irrevocable offer to acquire 100 percent of the remaining shares.

The hotel group said shareholders who elect to accept the offer will receive one ASL ordinary share for every 3,988075946 Dawn Properties ordinary shares held.

“Should the offer be accepted and become binding, it could result in ASL acquiring up to 100 percent ownership of Dawn,” said ASL.

It said the offer is valid for a period of 30 days from the date of the notice.

“The notification in this letter in relation to all aspects under sections 238 and 239 of the COBE will run simultaneously from the date of publication of this notice.”

Dawn Properties’ shareholders holding their own physical share certificates or dematerialised shares held on the Central Securities Depository (“CSD”) who wish to accept the original offer are required to complete a form of acceptance, surrender and transfer. — @okazunga