Friday Dec 13, 2024
Friday Dec 13, 2024
Tuesday, 8 February 2022 01:20 - - {{hitsCtrl.values.hits}}
Lankem Ceylon PLC yesterday said 27% stake owning shareholder (Clovis) was not paid yet over the mandatory offer on ACME for non-compliance and the rest of the valid acceptances have been settled.
In response to yesterday’s Daily FT article which alleged Lankem had not paid several ACME shareholders despite closure of mandatory offer two months ago, Lankem said: “Wherever valid acceptances have been received by the Company, due payments have been made.”
Lankem said: “All payments in respect of the local shareholding component of 10,894,377 shares representing a shareholding stake of 26.47 % in ACME, where valid acceptances were received, have been made by the Company as of 31 December 2021.
“Application has already been made by the Registrars to the Mandatory Offer to the Securities and Exchange Commission for the required approvals for registration of the aforesaid shareholding of 10,894,377 mentioned above in favour of the company.”
It also said an application/acceptance exists for 1,908 shares where the issue of a duplicate certificate is pending and the Company is awaiting a confirmation from the Registrars to the Mandatory Offer to release payment on the same.
“In respect of the acceptance submitted by a foreign shareholder of ACME pertaining to 11,054,831 shares (representing an Equity stake of 26.86 % of ACME) is the only outstanding application, due to incomplete documentation and non-compliance with Section 4.4 of the Mandatory Offer document dated 28 October 2021,” added Lankem yesterday in a filing to the Colombo Stock Exchange.
In September, Lankem Group triggered the SEC Takeovers and Mergers Code when it acquired 19.43% stake or 8 million shares in ACME Printing and Packaging PLC (ACME) at Rs. 12 each via EB Creasy.
Lankem Group originally held 53.5% stake and during the mandatory offer acquired a 33.43% and a further 1.34% on the trading floor bringing the total control to 88.27%.
The Mandatory Offer closed on 24 November.
As of 30 September 2021, ACME’s public float was 20.2% held by 1,607 shareholders
