ATLAS Mara has bought the bulk of the 1 743 888 shares held by three former BancABC executives who left last month saying the remainder was expected to be purchased soon.
The three former 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. Atlas Mara has 98,7% shareholding in the pan African banking group with operations in Zimbabwe, Zambia, Botswana, Mozambique and Tanzania.
In a notice to shareholders, Atlas Mara said it had so far bought 1 329 433 shares held by the trio.
“Following the share buyback update on 19 December 2014, Atlas Mara Co-Nvest Ltd (“Atlas Mara” or the “Company”) announces that on 22 January 2015, it completed the purchase of 1 329 433 Atlas Mara shares from certain of the previous managers of ABC Holdings Limited (BancABC). The purchased shares will be held as treasury shares,” it said.
“The remaining 414 455 Atlas Mara shares are expected to be purchased shortly.”
The purchase of the shares was supposed to have been completed last month with Atlas Mara announcing that it had experienced administrative delays in completing the purchase of the shares from the departing executives.
The 1 743 888 shares have a price tag of $10 per share.
The three former executives were granted options over a total of 1 521 838 ordinary shares. The options have a strike price of $12 per share and are also subject to certain repurchase obligations. These options were previously agreed with the management team at the time of the initial acquisition of BancABC. In connection with the management team’s departure, BancABC expects to incur a one-time net charge to income of approximately $5,8 million in the fourth quarter of 2014.
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Atlas Mara — co-founded by former Barclays Plc chief executive officer Bob Diamond and billionaire entrepreneur Ashish Thakkar — wants to establish a premier financial institution in sub Saharan Africa. To date, the company has bought into banks in Rwanda and Nigeria.
