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Hayleys promise "best endeavour" to sort problem
Hayleys mandatory offer for Alufab PLC now pending has surfaced a problem of non-allotment of some shares due to some foreign shareholders from a previous rights issue of June, 2011, due to non-finalization of Exchange Control authority.
These shareholders of Alubfab, now controlled by Hayleys, had subscribed for nearly two million shares of the company valued at Rs.74.6 million at Rs.38 per share on the rights issue approved by the CSE in June 2011. However, they have not yet had their allotments completed, the offer document sent out by Hayleys reveals.
Two of these foreign shareholders, P. J. Claeeson and Metro Incentives Inc., had paid Rs.31.65 and Rs.7.65 million respectively as advance against share capital. Also, Fastighets AB Bremia had paid Rs.20.46 million and P.J. Claeeson Rs. 14.82 million as loans to be converted to equity.
The offer document states that the allotments have to be completed immediately upon approval of the receipt from the Exchange Control for which application has been made.
The company’s audited financial statement for the year ended march 31, 2014 refers to the pending allotment.
The offer document says that once these shares are allotted, the existing shareholders ownership stake in Alufab will dilute by 14%.
"The offeror (Hayleys) has agreed with the foreign shareholders to use their best endeavours to cause Alufab to speedily clear the outstanding allotments," the document said.
www.island.lk
Hayleys mandatory offer for Alufab PLC now pending has surfaced a problem of non-allotment of some shares due to some foreign shareholders from a previous rights issue of June, 2011, due to non-finalization of Exchange Control authority.
These shareholders of Alubfab, now controlled by Hayleys, had subscribed for nearly two million shares of the company valued at Rs.74.6 million at Rs.38 per share on the rights issue approved by the CSE in June 2011. However, they have not yet had their allotments completed, the offer document sent out by Hayleys reveals.
Two of these foreign shareholders, P. J. Claeeson and Metro Incentives Inc., had paid Rs.31.65 and Rs.7.65 million respectively as advance against share capital. Also, Fastighets AB Bremia had paid Rs.20.46 million and P.J. Claeeson Rs. 14.82 million as loans to be converted to equity.
The offer document states that the allotments have to be completed immediately upon approval of the receipt from the Exchange Control for which application has been made.
The company’s audited financial statement for the year ended march 31, 2014 refers to the pending allotment.
The offer document says that once these shares are allotted, the existing shareholders ownership stake in Alufab will dilute by 14%.
"The offeror (Hayleys) has agreed with the foreign shareholders to use their best endeavours to cause Alufab to speedily clear the outstanding allotments," the document said.
www.island.lk
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