adminSources close to the deal said yesterday the central bank was unhappy with the cash price being offered by Cambria for Celsys shares.
The RBZ had not responded to questions from Herald Business at the time of going to print.
According to the pre-listing statement, Celsys shareholders were offered one Cambria share for 686 Celsys shares.
Those who opted for cash are being offered US0,003c for every Celsys share, a rate which is being queried by the central bank.
“We understand other regulatory authorities have given the transaction the green light, except for the RBZ, which is said to have questioned the cash price of US0,003c per share,” said the source.
As of yesterday Celsys was valued at US$640 000 and has 1,5 billion shares in issue.
The cash offer price represented a 15 percent premium to the last practicable date — February 29, 2012.
Cambria was expected to list on the Zimbabwe Stock Exchange on June 22 through a reverse listing of Celsys Limited. It offered to buy out Celsys minorities in line with the provisions of the Companies Act after assuming controlling 60 percent stake.
The Securities Commission of Zimbabwe and the Zimbabwe Stock Exchange are said to have appended to the deal after the High Court approved the Scheme of Arrangement.
Analysts yesterday said the deal was expected to sail through given that shareholders and minorities had agreed on the Scheme of Arrangement, which was also
approved by the High Court.
The analysts said there was a danger of reversing the deal, which would work against Celsys shareholders.
Initial expansion plans at Celsys were primarily funded by Cambria through a shareholder loan of approximately US$4,5 million which remains payable to date.
“If the deal is reversed, Celsys would be made to repay the US$4,5 million loan and that would be very difficult for them.
“There would be no company to talk about because all the assets would be taken over,” said a local analyst.
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