AMALGAMATED Regional Trading Holdings Limited (ART) has extended time for the consultation on the offer to minority shareholders up to the end of this month.
BUSINESS REPORTER
The offer was supposed to have closed on April 24. The mandatory offer to minorities will now close on April 30 while the share register will reopen with the shares trading ex-offer on May 4.
“This extension is being made to give shareholders more time to consult and decide as a result of delays in the distribution of the circular.
“Payment for those taking up the offer will happen on May 11 2015 with the release of results following thereafter,” ART said. Three of ART shareholders made a mandatory offer to buy out minorities for the company to comply with the Zimbabwe Stock Exchange (ZSE) regulations.
ZSE rules stipulate that a person or company which acquires a minimum of 35% has to make an offer to other shareholders.
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The beneficial owners of the three companies — Zadmab (Private) Limited, Cranbal and Silvermine — have a combined shareholding of 45,7%, thereby exceeding the 35% threshold.
Cranbal, Silvermine and Zadmab are thus making a joint mandatory offer to all ART Holdings Limited shareholders at an offer of $0,006 per share held.
ART operations include batteries, stationery, personal hygiene and forestry management segments in southern Africa. Its brands include Exide (batteries), Eversharp (pens) and Softex tissues brand.
Three of ART ’s shareholders made a mandatory offer to buy out minorities for the company to comply with the Zimbabwe Stock Exchange regulations.
ZSE rules stipulate that a person or company which acquires a minimum of 35% has to make an offer to other shareholders.