ADC African Development Corporation AG
ADC increases control in BancABC through mandatory offer ++ Low uptake in-line with expectations ++ Minority shareholders consider banking group undervalued
ADC African Development Corporation AG / Schlagwort(e): Übernahmeangebot
ADC African Development Corporation AG (‘ADC’), ISIN DE000A1E8NW9, announces the results of the mandatory offer, to minority shareholders of its major banking asset ABC Holdings Limited, Botswana (‘BancABC’), which closed on 17 January 2014.
The mandatory offer was initiated as required by the Botswana Stock Exchange (BSE) for any shareholder owning 35% or more of a listed company in Botswana. The offer was issued at a price of USD 0.60 per share for BancABC shareholders listed on the Zimbabwe register and the exchange rate equivalent of BWP 5.05 for BancABC shareholders listed on the Botswana register; the price at which ADC previously acquired a majority shareholding. Main co-shareholders owning 23% of the share capital of BancABC indicated upfront that they would not accept the mandatory offer, seeing higher potential in BancABC’s future business and share price. In-line with ADC’s expectations, the uptake of the mandatory offer was limited to 10,196,469 shares, equaling 4% of the shares outstanding in BancABC. The financing for the uptake of the mandatory offer was secured from ADC’s largest shareholder and partner, Trafigura, who will now have a direct shareholding in BancABC. Trafigura and ADC have engaged in a voting pool agreement. As a result of the mandatory offer, ADC increased its controlling position including voting pool agreements from 50.1% to 54.1%. Dirk Harbecke, CEO of ADC commented: ‘The result of the mandatory offer proves that a significant proportion of BancABC’s shareholders consider the current share price to be undervalued. We have nevertheless made progress by increasing our controlling position in the banking group thereby removing any market uncertainty that existed prior to the offer. This outcome should facilitate a share price discovery that reflects the value of BancABC’s growing presence and performance as a banking group in Southern and Eastern Africa. We, together with the BancABC Management team and co-shareholders, continue to work on developing our aligned strategic vision for delivery of future growth at the bank.’ About ADC Kontakt: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 Ende der Corporate News 27.01.2014 Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch die DGAP – ein Unternehmen der EQS Group AG. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. Medienarchiv unter http://www.dgap-medientreff.de und http://www.dgap.de |
Sprache: | Deutsch | |
Unternehmen: | ADC African Development Corporation AG | |
Grüneburgweg 18 | ||
60322 Frankfurt/Main | ||
Deutschland | ||
Telefon: | +49 69 719 12 80 119 | |
Fax: | +49 69 719 12 80 115 | |
E-Mail: | info@african-development.com | |
Internet: | www.african-development.com | |
ISIN: | DE000A1E8NW9 | |
WKN: | A1E8NW | |
Börsen: | Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open Market (Entry Standard) | |
Ende der Mitteilung | DGAP News-Service |
249518 27.01.2014 |