Afrimat extends mandatory offer to Infrasors shareholders
JSE-listed construction materials company Afrimat on Monday announced that it was now the controlling shareholder in Infrasors, as from March 1.
At the beginning of February, Afrimat made an offer to acquire a 50.4% stake in Infrasors from Hanchurch Asset Management and certain retiring management of Infrasors, which had been accepted by the sellers.
As a result of Afrimat’s holding of Infrasors surpassing 35% of the issued ordinary share capital, it was required, in terms of Section 123 of the Companies Act, to extend a mandatory offer to the remaining Infrasors ordinary shareholders.
Afrimat earlier stated that the acquisition would “complement and augment” its industrial minerals and aggregates product offerings and further expand its geographical footprint across South Africa.
Under the terms of the offer, Infrasors’ minority shareholders were entitled to receive 35c per Infrasors share held.
Infrasors further indicated that it was in the process of attending to the challenge of putting in place an independent board, which had been hampered by a lack of directors. The company was also appointing an independent expert, for the purpose of providing a fairness opinion on the terms of the offer.
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