DGAP-News: ADC launches mandatory offer for all outstanding BancABC shares ++ Increased representation through pooling agreements will firm-up control ++ Financed by ADC's largest shareholder and partner, Trafigura
ID: 995653
ADC launches mandatory offer for all outstanding BancABC shares ++
Increased representation through pooling agreements will firm-up
control ++ Financed by ADC's largest shareholder and partner,
Trafigura
13.12.2013 / 08:37
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ADC African Development Corporation AG ('ADC'), ISIN DE000A1E8NW9,
announces its firm intention to make a mandatory offer to all minority
shareholders of its major banking asset ABC Holdings Limited, Botswana
('BancABC').
ADC intends to acquire all issued ordinary shares of BancABC not already
owned by ADC. The mandatory offer is required by the Botswana Stock
Exchange (BSE) for any shareholder owning more than 35% of a listed company
in Botswana and will be issued at a price of USD 0.60 per share to BancABC
shareholders listed on the Company's Zimbabwe register and at the exchange
rate equivalent of BWP 5.05 per share for BancABC shareholders listed on
the Botswana register; the price at which ADC acquired a majority
shareholding while acting as an underwriter of the bank's rights issue in
July 2012.
A group of minority shareholders of BancABC support the opinion of an
independent valuation expert appointed by the BancABC Board to not accept
the mandatory offer. As such, the reduced potential size of the offer to
23% of the shareholders in BancABC is approximately EUR 26 million.
The financing for the uptake of the mandatory offer has been secured from
ADC's largest (23%) shareholder and partner, Trafigura. Upon the closing of
the mandatory offer, Trafigura will have a direct shareholding in BancABC
and has engaged in a voting pool agreement with ADC.
The mandatory offer will be made in accordance with the terms specified in
the offer circular, which will be made available at the ADC website via the
link as specified below on 18 December 2013.
Dirk Harbecke, CEO of ADC commented: 'The mandatory offer is an important
milestone for ADC that will significantly increase ADC's representation in
BancABC, ADC's most important asset. By engaging in pooling agreements and
executing the mandatory offer, we aim to firm-up our control in BancABC and
to realize our vision together with the strong BancABC Management team.'
The full joint announcement of ADC and BancABC is available for download
via the following link on the ADC website:
www.african-development.com/en/investor-relations/investor-information/man
datory-offer-bancabc/
About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;
Bloomberg: AZC.GR, www.african-development.com), is a German listed,
emerging pan-African banking group. ADC has a strong footprint in Southern
Africa via BancABC, a regional commercial banking platform operating in
Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as exposure to
West Africa via Union Bank of Nigeria. In addition to its banking
operations, ADC has a private equity portfolio active in growth markets
across sub-Saharan Africa. ADC follows an active management approach with a
team of experts that comprise operational banking management, investment
banking and merchant banking expertise. ADC optimizes its risk-returnprofile through a political risk insurance solution offered by the MIGA
(World Bank Group).
Kontakt:
Investor Relations
investor-relations@african-development.com
T +49 69 719 12 80 119
Ende der Corporate News
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13.12.2013 Veröffentlichung einer Corporate News/Finanznachricht,übermittelt durch die DGAP - ein Unternehmen der EQS Group AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
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Sprache: Deutsch
Unternehmen: ADC African Development Corporation AG
Grüneburgweg 18
60322 Frankfurt/Main
Deutschland
Telefon: +49 69 719 12 80 119
Fax: +49 69 719 12 80 999
E-Mail: info@african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Börsen: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open
Market (Entry Standard)
Ende der Mitteilung DGAP News-Service
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244615 13.12.2013
Themen in dieser Pressemitteilung:
adc-launches-mandatory-offer-for-all-outstanding-bancabc-shares-increased-representation-through-pooling-agreements-will-firm
up-control-financed-by-adc-s-largest-shareholder-and-partner
trafigura
Unternehmensinformation / Kurzprofil:
Datum: 13.12.2013 - 08:37 Uhr
Sprache: Deutsch
News-ID 995653
Anzahl Zeichen: 5739
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
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"DGAP-News: ADC launches mandatory offer for all outstanding BancABC shares ++ Increased representation through pooling agreements will firm-up control ++ Financed by ADC's largest shareholder and partner, Trafigura"
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