Following months of cautionary announcements to shareholders, Cavmont Capital Holdings Zambia is set for delisting on Lusaka Securities and Exchange at the end of 2020.
Following a General Meeting that considered the proposal from Capricorn Group Limited, “shareholders were advised that the requisite majority of Cavmont shareholders eligible to vote at the General Meeting held on 30 November 2020, approved all the ordinary resolutions as set out below in the manner required by the Companies Act and the Listings Requirements.
- the Delisting Resolution;
- the Deregistration Resolution; and
- the Disposal of Cavmont Bank Limited to Access Bank Zambia PLC
This sets in motion the first company to delist since the local exchange was established. According to the SENS announcement that was issued by order of the Board, Rita Mapara- Ndhlovu the Company Secretary advised shareholders that the directors determined that the last day for Shareholders to trade before the Delisting of CCHZ is Thursday, 31 December 2020 (previously 4 December 2020 as set out in the Circular).
Capricorn, who are in private wealth, capital, and asset management, made an offer for all outstanding shares in Cavmont. “Shareholders are also advised that the board of directors of Cavmont has received a statement from Capricorn declaring the offer, as fully set out in the Circular, unconditional and that the offer has become effective, irrevocable and open for acceptance from the Opening Date, being 09:00 on 1 December 2020, until the Closing Date, being 12:00 on 31 December 2020”.
The amount offered in terms of the Intended Conditional Offer is cash only consideration of ZMW2 per Offer Share (“Offer Price”), subject to the successful passing of the Delisting Resolution.