Chronicle Editor
Business Reporter
ATLAS Mara has dangled a “cash on delivery” carrot to minority shareholders who did not respond to its earlier offer to acquire shares in ABC Holdings.
The group wants to entice 2 841 minorities who did not respond to its earlier offer and these hold a total of 3 351 280 shares.
“Notice is hereby given that Atlas Mara intends to compulsorily purchase shares held by these 2 841 shareholders at a price of BWP7,49 per share in respect of shares on the Botswana register and US$0,82 per share in respect of shares held on the Zimbabwe register.”
The mandatory offer made on September 24 last year at the same price of BWP7,49 in Botswana and $0,82 in Zimbabwe was accepted by a total of 519 shareholders holding 7 040 997 ordinary shares, 66,75 percent of minorities.
Alternatively, shareholders could get 0,0683 Atlas Mara shares for every ABCH share held. Atalas Mara is listed on the London Stock Exchange.
Pursuant to the acquisition and mandatory offers in Botswana and Zimbabwe, Atlas Mara holds 98,7 percent shareholding in dually the listed group, which has its primary listing on the Botswana Stock Exchange.
In terms of the Botswana Stock Exchange rules, according to which the mandatory offer was made, an individual investor who acquires more than 34,99 percent of issue shares should make a mandatory offer to minorities.
Atlas Mara said any shareholder who does not wish to accept the offer should, within six weeks of the issue of its notice, bring an application to the High Court in Botswana to show cause why it rejected the offer terms.
Online Reporter