Take-over offer for Bidvest Namibia
Bidvest Namibia’s revenue in its latest half-year increased by about 3% compared to the same six months in 2017.
Bidvest Namibia has received binding offer from Bidvest Group Ltd to acquire all of the outstanding ordinary shares of Bidvest Namibia not currently held by the Bidvest Group.
According to an announcement Friday on the Namibian Stock Exchange (NSX), the offer price is N$10.50 per share in cash. The offer is subject to a de-listing resolution being passed.
Bidvest Namibia on Friday also released its results for the six months ended 31 December 2018, showing an increase of about 50.5% in trading profit from continuing operations compared to the same half-year in 2017. Trading profit rose by some N$9.9 million to more than N$29.5 million.
Revenue was up 3% to around N$1.5 billion, about N$44.8 million compared to the same period in 2017. Profit before taxation jumped by 106% to N$20.3 million, while the profit after tax from discontinued operations was about N$3.9 million compared to nearly N$44.8 million in the comparable half-year in 2017.
Bidvest Namibia reported a profit of nearly N$16.5 million for its past half-year, down from about N$45 million in same six months in 2017.
De-listing
Reacting on the announcement, PSG Namibia pointed out that, for the de-listing resolution to be passed, Bidvest Namibia´s minority shareholders must pass such ordinary resolution by the requisite majority. This means more than 50% of all shareholders must be present or represented by proxy at the general meeting, excluding Bidvest Group as controlling shareholder.
PSG says the current shareholders of Bidvest Namibia are as follows: Bidvest Group (52%); Ovanhu Investments (13%), the Government Institutions Pension Fund or GIPF (11), other retirement funds (14%), companies (8%) and individuals (1%).
The Intended Conditional Offer will be open for acceptance for 4 months from the date of issue of the Intended Conditional Offer provided that the De-Listing Resolution is passed successfully, and the Intended Conditional Offer is declared unconditional by Bidvest Group.
If the de-listing resolution fails, the intended conditional offer will not be made to shareholders, PSG said.
“The intended conditional offer states that an advisory opinion will be obtained in respect of competition commission approval, and that the final intended conditional offer to be submitted to the independent board and ultimately the shareholders, shall be amended to ensure compliance with such opinion,” the PSG report states.
According to an announcement Friday on the Namibian Stock Exchange (NSX), the offer price is N$10.50 per share in cash. The offer is subject to a de-listing resolution being passed.
Bidvest Namibia on Friday also released its results for the six months ended 31 December 2018, showing an increase of about 50.5% in trading profit from continuing operations compared to the same half-year in 2017. Trading profit rose by some N$9.9 million to more than N$29.5 million.
Revenue was up 3% to around N$1.5 billion, about N$44.8 million compared to the same period in 2017. Profit before taxation jumped by 106% to N$20.3 million, while the profit after tax from discontinued operations was about N$3.9 million compared to nearly N$44.8 million in the comparable half-year in 2017.
Bidvest Namibia reported a profit of nearly N$16.5 million for its past half-year, down from about N$45 million in same six months in 2017.
De-listing
Reacting on the announcement, PSG Namibia pointed out that, for the de-listing resolution to be passed, Bidvest Namibia´s minority shareholders must pass such ordinary resolution by the requisite majority. This means more than 50% of all shareholders must be present or represented by proxy at the general meeting, excluding Bidvest Group as controlling shareholder.
PSG says the current shareholders of Bidvest Namibia are as follows: Bidvest Group (52%); Ovanhu Investments (13%), the Government Institutions Pension Fund or GIPF (11), other retirement funds (14%), companies (8%) and individuals (1%).
The Intended Conditional Offer will be open for acceptance for 4 months from the date of issue of the Intended Conditional Offer provided that the De-Listing Resolution is passed successfully, and the Intended Conditional Offer is declared unconditional by Bidvest Group.
If the de-listing resolution fails, the intended conditional offer will not be made to shareholders, PSG said.
“The intended conditional offer states that an advisory opinion will be obtained in respect of competition commission approval, and that the final intended conditional offer to be submitted to the independent board and ultimately the shareholders, shall be amended to ensure compliance with such opinion,” the PSG report states.
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