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Jersey-registered and London-listed Masawara is set to extend its control of Zimbabwe’s largest holding company, TA Holdings by buying out minority shareholders in the group. Masawara – an investment company focused on acquiring interests in companies and projects based in Zimbabwe and the Southern African region, has offered to acquire all the issued ordinary shares in TA Holdings not under its ambit.
Masawara presently holds an effective 39 percent interest in TA Holdings.
In a cautionary statement, TA Holdings announced that it had received an offer from Masawara to buy 58.96 percent of the ordinary issued share capital of the company at a price of 20.6 cents per share through a scheme of arrangement.
“(S)hareholders are advised that the directors have received an offer from Masawara Mauritius Limited (“Masawara”), a wholly owned subsidiary of Masawara Plc, for Masawara or its affiliates to acquire all the issued ordinary shares in TA Holdings Limited (“the Company”) not held by companies under the control of Masawara Plc, constituting 58.96 percent of the ordinary issued share capital of the Company, at a price of $0.206 (twenty point six United States cents) per share through a scheme of arrangement under Section 191 of the Companies Act (Chapter 23:04),” reads part of the cautionary statement.
“The requisite notice of the scheme of arrangement and the scheme document incorporating an explanatory statement, the fair and reasonable opinion of the independent financial advisor appointed by the independent directors of the Company and the independent directors’ opinion and voting recommendations will be sent to the Company’s shareholders in due course.
“The offer is subject to all applicable regulatory approvals being met.” – BH24.
derick.khumalo