The restructuring plan of Air Mauritius Ltd continues with the announcement made on the stock exchange, on Friday October 15, 2021, that Airport Holdings Ltd has the firm intention to make a mandatory offer to the shareholders of Air Mauritius Ltd to acquire all the voting shares not already held by Air Mauritius Holdings at a price of Rs 5.80 per share.
This Mandatory offer was triggered following the acquisition by Airport Holdings Ltd of 9,429,896 shares of Air Mauritius Holding Ltd from State Investment Corporation Limited and Rogers and Company Limited on October 13, 2021.
Under the rules of the Stock Exchange, in particular Rule 33(1)(b) and (c) of the Securities (Takeover) Rules 2010, if a person, either individually or acting in concert with another person, acquires effective control of a listed company, that person must make an offer in accordance with the Rules, for all the voting shares in the company whose shares are the subject of the offer, which are not already held by the offeror.
The board of directors of Airport Holdings Ltd. states in the release that it has sufficient funds to satisfy the acceptance of this mandatory offer. Moreover, there is no agreement between Airport Holdings Ltd on the one hand and Air Mauritius Ltd on the other hand regarding the shares concerned. The mandatory offer to the shareholders of Air Mauritius Ltd will be executed as soon as possible and is not subject to any conditions, according to the release.
In accordance with the Rules of the Stock Exchange, the offeror must submit an offer document to the shareholders of Air Mauritius Ltd, following which the Board of Directors of Air Mauritius Ltd will provide its shareholders with a reply document to enable them to make an informed decision on the Mandatory Offer.
