JOHANNESBURG (miningweekly.com) – JSE-listed Petmin on Tuesday announced that it was on track for a June delisting from the Johannesburg bourse as newly incorporated public company Bidco’s acquisition of all or a portion of its issued ordinary shares becomes unconditional.
Petmin expected to terminate its listing of shares on the main board of the JSE on June 7, with the suspension of trading scheduled for May 31, as all the conditions of the scheme of arrangement were fulfilled and the standby offer had lapsed.
The firm intention tabled by Bidco in December comprised two separate but concurrent offers – a scheme and a standby offer – to acquire Petmin’s shares, excluding those held by Petmin’s subsidiaries.
An implementation agreement was entered into with midmarket private equity business Capitalworks Private Equity, acting in its capacity as Bidco's general partner of the special purpose acquisition partnership.
The offer will be settled at a price of R1.55 for each Petmin share.