Merban Stockbrokers Limited, the manager’s of the CFAO de-listing has released the results of the cash offer.
In line with the GSE de-listing rules, the company made an exit arrangement to purchase all outstanding shares from minority shareholders who wished to sell their shares at a price of GH¢0.04 per share.
The key timelines for the transaction were:
Commencement of the Purchases – January 24, 2011
Closure of the Purchases – March 18, 2011
RESULTS OF THE PURCHASES
At the end of the purchases, 12,172,849 ordinary shares valued at GHS 486,913.96 were purchased from 412 shareholders. CFAO France S.A. the majority shareholder therefore now holds 227,504,944 ordinary shares in CFAO Ghana Ltd. This represents 94.11% of the issued shares of CFAO.
Payments have been made to all CFAO shareholders who sold their shares in accordance with their preferred mode of settlement. The purchaser, CFAO S.A. France’s GSE Securities Depository account has also been credited with purchases from shareholders with dematerialized shares whereas the Registrar for CFAO Ghana shares has issued an instrument to cover purchases from certificated shareholders.
DE-LISTING OF CFAO FROM THE GHANA STOCK EXCHANGE
The Ghana Stock Exchange (GSE) has agreed that CFAO Ghana will be delisted as from 1st April 2011.
CFAO France S.A. will, until further notice, continue to purchase CFAO Ghana shares over-the-counter through Merban Stockbrokers Limited.
Issued in Accra, this 28th
day of March, 2011