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Masawara Plc (MASA)

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Wednesday 17 September, 2014

Masawara Plc

Proposed Acquisition of TA Holdings Limited

RNS Number : 9510R
Masawara Plc
17 September 2014
 



Masawara PLC

(the "Company")

 

Proposed Acquisition of TA Holdings Limited ("TAH")

 

Further to previous announcements, Masawara PLC (AIM:MASA), through its wholly-owned subsidiary Masawara Holdings Mauritius Limited ("Masawara"), made an offer to the shareholders of TAH to acquire the entire issued share capital of TAH not currently owned by Masawara by way of a scheme of arrangement under Section 191 of the Zimbabwean Companies Act ("the Companies Act") ("the Scheme"), with the alternative of a general offer under Section 194 of the Companies Act ("the Substitute Offer"). The Scheme was considered at a scheme meeting of TAH shareholders held yesterday, 16 September 2014 ("the Scheme Meeting").

 

Whilst the Chairman of the Scheme Meeting has not yet released the detailed results of the Scheme Meeting, we can confirm that the Scheme was not approved by the requisite majority. As a result, the Scheme cannot be implemented and the transaction will now proceed in terms of the Substitute Offer, which will be open for acceptance by TAH shareholders until 31 October 2014. In accordance with the detailed terms of the Substitute Offer contained in the Circular to TAH shareholders dated 28 August 2014, those TAH shareholders that voted in favour of the Scheme are deemed to have accepted the Substitute Offer.

 

The detailed results of the Scheme Meeting are expected to be published by TAH in Zimbabwe on 19 September 2014. Further announcements in respect of the Substitute Offer will be made in due course.

 

About Masawara

 

Masawara is a proactive investment company focused on identifying growth opportunities that deliver cash returns both in Zimbabwe and the southern African region. The Company continues to appraise high quality new investment opportunities in Zimbabwe to add to the investment portfolio and unlocking intrinsic value from the existing investment portfolio.

 

Contact details

 

Masawara plc

Oliver Lutz/Pride Masamba +263 4 751805

 

Cenkos Securities plc (Nominated adviser and broker)

Nicholas Wells/Ian Soanes +44 20 7397 8900

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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