Afrimat to buy-out remaining Infrasors shares

11th June 2015

By: Sashnee Moodley

Senior Deputy Editor Polity and Multimedia

  

Font size: - +

JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.

Afrimat held 91.28% of the total issued ordinary share capital of Infrasors.

The transaction would be implemented by a scheme of arrangement or a general offer should the scheme of arrangement not proceed.

Afrimat was offering R1.35 in cash per scheme share. The offer price represented a 19.47% premium to the 30-day volume weighted average traded price on June 9.

The implementation of the transaction was subject to the fulfilment or waiver of certain conditions precedent by no later than December 31. These included the receipt of approvals, consents or waivers from all regulatory bodies, governmental or quasi-governmental entities necessary to implement the transaction including, but not limited to the JSE; the Takeover Regulation Panel and the South African Reserve Bank.

The scheme also had to be approved by the requisite majority of the remaining shareholders.

Afrimat believed the transaction would benefit it.

“The incorporation of Infrasors’ operations into Afrimat, without the limitation of maintaining separate corporate governance structures owing to Infrasors having minority shareholders, could potentially bring new business and rationalisation opportunities,” the company said in a statement.

Infrasors said the transaction would be beneficial as the incorporation of its operations into Afrimat could result in developing new revenue opportunities and cost reductions, which would deliver increased profitability.

A joint circular containing details relating to the transaction, additional terms and notice of the scheme meeting would be posted to Infrasors shareholders by July 10.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION