Further to previous announcements (in particular that of 11 November 2014), Masawara PLC (AIM: MASA) announces that on 23 March 2015, the remaining minority shareholders of TA unanimously voted to accept a new offer of US$0.2509 per share made by Masawara Holdings Mauritius Limited (“MHML”), a wholly owned subsidiary of Masawara PLC.
The acquisition is being implemented through a scheme of arrangement (“the Scheme”) under Section 191 of the Companies Act, Zimbabwe (“the Companies Act”). Following the approval of the Scheme by TA minority shareholders, the Scheme is expected to be sanctioned by the High Court of Zimbabwe on Wednesday, 1 April 2015, in terms of the Companies Act. The Scheme is expected to become effective and binding on all TA minority shareholders on 7 April 2015, on registration with the Registrar of Companies, Zimbabwe.
David Suratgar, the Chairman of the Masawara Board, commented as follows:
“We are very pleased with this outcome. This is a goal we have been pursuing for the last two years. TA is an important asset to our Group. The acquisition reaffirms our strong belief in the long-term prospects of the Zimbabwean economy. We believe that assuming full control of TA will enable us to undertake various initiatives that are expected to deliver value in the medium to long term. ”
Masawara is a proactive investment company focused on identifying growth opportunities that deliver cash returns both in Zimbabwe and the southern African region. The Company continues to appraise high quality new investment opportunities in Zimbabwe to add to the investment portfolio and unlocking intrinsic value from the existing investment portfolio.