By Kofi Ahovi
Merban Stockbrokers Limited, the manager’s of the CFAO de-listing has released the results of the cash offer.
In line with the Ghana Stock Exchange (GSE) de-listing rules, the company made an exit arrangement to purchase all outstanding shares from minority shareholders who wished to sell their shares at a price of GH¢0.04 per share.
At the end of the purchases, 12,172,849 ordinary shares valued at GHc 486,913.96 were purchased from 412 shareholders. CFAO France S.A. the majority shareholder therefore now holds 227,504,944 ordinary shares in CFAO Ghana Ltd. This represents 94.11% of the issued shares of CFAO.
Payments have been made to all CFAO shareholders who sold their shares in accordance with their preferred mode of settlement. The purchaser, CFAO S.A. France’s GSE Securities Depository account has also been credited with purchases from shareholders with dematerialized shares whereas the Registrar for CFAO Ghana shares has issued an instrument to cover purchases from certificated shareholders.
CFAO Ghana is expected to delist from the GSE on April 1 2011. CFAO France S.A. will, until further notice, continue to purchase CFAO Ghana shares over-the-counter through Merban Stockbrokers Limited.
Merban Stockbrokers Limited, the manager’s of the CFAO de-listing has released the results of the cash offer.
In line with the Ghana Stock Exchange (GSE) de-listing rules, the company made an exit arrangement to purchase all outstanding shares from minority shareholders who wished to sell their shares at a price of GH¢0.04 per share.
At the end of the purchases, 12,172,849 ordinary shares valued at GHc 486,913.96 were purchased from 412 shareholders. CFAO France S.A. the majority shareholder therefore now holds 227,504,944 ordinary shares in CFAO Ghana Ltd. This represents 94.11% of the issued shares of CFAO.
Payments have been made to all CFAO shareholders who sold their shares in accordance with their preferred mode of settlement. The purchaser, CFAO S.A. France’s GSE Securities Depository account has also been credited with purchases from shareholders with dematerialized shares whereas the Registrar for CFAO Ghana shares has issued an instrument to cover purchases from certificated shareholders.
CFAO Ghana is expected to delist from the GSE on April 1 2011. CFAO France S.A. will, until further notice, continue to purchase CFAO Ghana shares over-the-counter through Merban Stockbrokers Limited.
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