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Brainworks Capital Management’s mandatory offer to African Sun Limited minorities, which opened last month, closes next week. The offer opened on April 20 2015 and is scheduled to close on the 11th of this month as the equity investment firm bids for Afsun control.According to the circular of the mandatory offer, the last day for receiving postal forms of acceptance is May 12 while results of the offer will be publicised in the local press on the 14th of this month.
Offer consideration will be credited to the offer participants on the 15th of this month where held by such stock brokers as nominees.
BCM Hotels and Real Estate offered to acquire from African Sun limited minority shareholders all or part of their African Sun shares.
African Sun minorities who accept the offer will receive 0,03 cents per share on the Zimbabwe Stock Exchange in terms of the offer. According to the circular the offer price represents a 55 percent premium to the 30 day volume weighted average and 32 percent to the 60 day VWAP of African Sun shares on 10 March 2015.
This was after BCM Hotels and Real Estate acquired 32,82 percent of African Sun through a secondary transaction that was completed on the 6th of November last year. BCM Hotels and Real Estate further acquired 43,322,773 shares on the open market. The highest prices paid for the transaction, according the offer circular to shareholders of the hotel group, was 0,03 cents per share.
Online Reporter