African Sun intends to completely take over Dawn Properties

Hotelier, African Sun Limited (ASL) intends to acquire the remaining 8.94% shares in Dawn Properties Limited (DPL) after acquiring the majority of the shares last year.

In its recent notice, ASL notifies the holders of the Remaining Shares of its intention to acquire the remaining shares, on the same terms that applied to the shares whose holders accepted the original offer.

Last year, ASL made an offer to the shareholders of DPL to acquire all the issued ordinary shares in DPL, based on 1 issued ASL ordinary share for every 3,988 DPL issued ordinary shares. Shareholders holding ordinary shares in DPL representing 91.06% of the DPL issued ordinary shares accepted the offer while those with shares representing 8.94% of the DPL issued ordinary shares did not accept the offer.

“ASL is putting forward an irrevocable Offer to acquire 100% of the Remaining Shares. Holders of the Remaining Shares who elect to accept the Offer will receive 1 ASL ordinary share for every 3.988075946 DPL ordinary shares held. Should the Offer be accepted and become binding, it could result in ASL acquiring up to 100% ownership of Dawn,” said ASL company secretary Venon Musimbe.

The offer is in relation to terms of section 238 (1) of the Companies and Other Business Entities Act [Chapter 24:31] (“the COBE”) and is valid for a period of thirty (30) days.

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