Atlas Mara offers to buy out remaining minority shareholders

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ATLAS Mara, an Africa focused financial services company, has offered to buy out minority shareholders who hold a 1,3% stake in the company.BY BUSINESS REPORTER
In a statement yesterday, the company said shareholders who do not intend to accept the offer had six weeks from the date of the notice to bring an application to the High Court of Botswana to show cause why Atlas Mara should not acquire the shares on the given terms and why other conditions should apply.
“Notice is hereby given that Atlas Mara intends to compulsorily purchase the shares held by these 2 841 shareholders at a price of BWP7,49 per share on the Botswana register and $0,82 per share in respect of shares on the Zimbabwe register, cash on delivery of the shares,” Atlas Mara said.
Atlas Mara said should shareholders fail to make an application within six weeks the shares will be registered as Atlas Mara’s shares.
Atlas Mara made a mandatory offer on September 24, 2014 to the ABCH shareholders to purchase their shares for a cash consideration price of BWP7,49 per share for shareholders in Botswana and $0,82 per share for shareholders in Zimbabwe and the offer was closed in November 2014.
“519 ABCH shareholders holding 7 040 997 shares representing 66,75% of the shares held by the minorities opted to receive the cash consideration or to receive Atlas Mara shares,” the company said.
Atlas Mara bought shares in ABCH last year and it completed the acquisition of shares from the company’s former executives in February this year.
The three executives — group CEO Douglas Munatsi, group chief operating officer Francis Dzanya and group chief finance officer Beki Moyo — stepped down following the acquisition of BancABC by Atlas Mara.