Emagewise makes mandatory offer on Citrus Leisure

Emagewise Pvt Ltd. (EPL) yesterday announced a mandatory offer on Citrus Leisure Plc (CLP) at Rs. 86 per share.

The development follows EPL buying two million shares on Tuesday, thereby increasing its stake to 31.42%, which is over the SEC Takeovers and Mergers Code limit of 30%.

The current stake of EPL and connected parties is 14.826 million whilst outside shareholding amounts to 32.3659 million. The public holding of CPL is around 60%, held by a wide cross section of high networth individual investors, retailers and a few institutions figuring in the top 20.

Among these were fund manager and investor Nimal Perera with 10 million shares, Tharana Thoradeniya, A. L. Devasurendra, Wathawana Jagath Pushpa Kumara and Wasantha Karannagoda.

CPL shares yesterday closed at Rs. 87.40, down by 10 cents, whilst its highest was Rs. 91.