Mechanical Lloyd Plc (MLC) has announced a tender offer to purchase all its outstanding shares from shareholders as part of a process to delist the company from the Ghana Stock Exchange. MLC has offered to purchase the outstanding shares at GHS0.10 per share, representing a premium of 11.1% compared to the prevailing market price of GHS0.09 per share.
The company noted that the delisting from the Ghana Stock Exchange was approved by shareholders in October last year. “At the 28th Annual General Meeting of Mechanical Lloyd Plc (“MLC”), held on 15 October 2020, shareholders approved a special resolution to delist the Company from the Ghana Stock Exchange”.
And in line with the regulations of the Ghana Stock Exchange, “MLC is undertaking a tender offer, on behalf of the Promoters, to Qualifying Shareholders to purchase all their outstanding 16,900,487 ordinary shares at an offer price of GHS0.10 per share”.
The offer prospectus has been mailed to qualifying shareholders who can also download the prospectus from the company’s website from the offer commencement date.
The company has further advised shareholders to “read the circular and consult your stockbroker, investment advisor or other professionals for appropriate advice on deciding what action to take regarding this Offer”.
Important dates to note are as follows: