SBM Capital Markets has been selected by Airport Holdings Ltd to act as intermediary in the execution of the Mandatory Offer for the shares of Air Mauritius Ltd.
In a statement issued on October 29, Airport Holdings Ltd said the offer will run from November 3 to 22, 2021, and that approval has been received from the commission to keep the offer open for 20 business days instead of the minimum 35 days as stipulated by Rule 20 of the Securities (Takeover) Rules 2010.
Airport Holdings Ltd has confirmed that it has sufficient financial resources to satisfy the acceptance of the offer.
Indeed, on October 29, 2021, Airport Holdings Ltd made an offer to the shareholders of Air Mauritius Limited at a purchase price of Rs5.80 per share. This follows the acquisition of 9429896 shares of Air Mauritius Holdings Ltd from the two companies, State Investment Corporation Limited and Rogers and Company Limited, on October 13, 2021, by Airport Holdings Ltd.
As a result of this transaction, the Government of Mauritius, Airport Holdings Ltd, Air Mauritius Holding Ltd, Airports of Mauritius Co Ltd and The State Investment Corporation Limited acting in concert have exceeded the 50% shareholding in Air Mauritius Ltd. Under Rule 33(1)(c) of the Securities (Takeover) Rules 2010, which states “that as a result of a transaction in the securities of a company, if any person, either individually or jointly with another person acting in concert, acquires the right to exercise or control the exercise of more than 50 per cent of the rights attached to the voting shares of the company, that person must make an offer under Rule 33(2)”.
In a statement issued by SBM Capital Markets Ltd, it said that in order to be eligible for this mandatory offer made by Airport Holdings Ltd, shareholders must be registered with Air Mauritius Ltd on April 22, 2020. The exercise of the transfer of shares will take place on or about November 24, 2021, and the payment of the purchase price will be made until November 29, 2021. The offer document will be available at the Air Mauritius Centre from 3 to 22 November 2021.
Air Mauritius shareholders holding share certificates will have to open a CDS account to be able to trade. Shareholders who already have a CDS account should contact their investment dealers for further information. A list of documents to be submitted to effect the mandatory offer transaction is available in a press release from SBM Capital Markets.
