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Masawara Plc (MASA)

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Monday 10 November, 2014

Masawara Plc

Results of Offer

RNS Number : 5685W
Masawara Plc
10 November 2014
 



Masawara PLC

(the "Company")

 

Results of Offer to the Shareholders of TA Holdings Limited ("TA")

 

Masawara PLC (AIM:MASA) announces an update concerning the offer made by its wholly-owned subsidiary, Masawara Holdings Mauritius Limited ("Masawara") to the shareholders of TA ("TA Minorities") to acquire the entire issued share capital of TA not currently owned by Masawara or its affiliates ("the Offer") at a price of US$0.206 in cash ("the Consideration").

 

The Offer opened on 22 September 2014 and closed on 31 October 2014. At the close of the Offer, 58.84% of the TA Minorities holding 57,191,693 shares representing 34.69% of the entire issued share capital of TA had accepted the Offer. Accordingly, on completion of the Offer, which will occur on or around 14 November 2014, when Masawara settles the Offer Consideration,, Masawara will own a total of 124,840,933 shares representing 75.73% of the issued share capital of TA.

 

The Offer Consideration is expected to be paid to those TA Minorities that have accepted the Offer as from 14 November 2014.

 

Masawara intends to continue its efforts to acquire the balance of the shares held by the remaining TA Minorities through market purchases and other appropriate means.  Meanwhile, completion of the Offer, with a shareholding in TA in excess of 75%, will enable Masawara to implement its strategic plans for TA.

 

David Suratgar, the Chairman of Masawara commented as follows on the acquisition:

 

"Masawara is pleased to have successfully undertaken this important acquisition. TA is a key asset in the Group's portfolio and will play an even greater role in Masawara's future plans. The resultant shareholding in TA that will be held by Masawara will enable Masawara to pursue various short-term and long-term strategic initiatives that are expected to positively impact on TA and, consequently, on the Masawara Group, over time."

 

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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