Expolanka formally despatches Rs. 185 per share exit offer

• Offer opens on 15 May and ends 3 June; payments begin from 10 June

Expolanka Holdings PLC has formally announced the exit offer to minority shareholders at Rs. 185 per share.

The offer opens on 15 May will be on for 12 market days ending 3 June.

On 27 March, at the Extraordinary General Meeting the shareholders of Expolanka Holdings approved the requisite resolution pertaining to the proposed delisting of the shares of Expolanka Holdings from the Official List of the CSE.

Following the EGM, the company forwarded the delisting application to the Securities and Exchange Commission on 3 April 2024 and the SEC, by their letter dated 7 May 2024 granted approval for the delisting application.

Payments will be dispatched on or before 10 June in respect of valid forms of acceptance and transfer which are received at or before 4.30 p.m. on 21 May 2024 subject to the terms and conditions of this offer document.

Additionally payments will also be dispatched on or before 20 June 2024 in respect of valid forms of acceptance and transfer which are received during the period from 22 May 2024 to 3 June 2024 on the closing date subject to the terms and conditions of this offer document.

The offer is open to 343.38 million issued and fully paid ordinary shares of Expolanka excluding the shares held by SG Holdings Global Ltd.

The exit offer price reflects an Rs. 51.30 (38.4%) premium to the volume weighted average price over the last 3 months period ending 31 December 2023, an Rs. 45.20 (32.3%) premium to volume weighted average price over the last 6 months period ending 31 December 2023 and an Rs. 32.40 (21.2%) premium to volume weighted average price over the last 12 months period ending 31 December 2023.

The offer also reflects a Rs. 118.96 (180.1%) premium to the net asset value of the company as of 31 December 2023. It also reflects a Rs. 58.80 (46.6%) premium to the lower of the fair price range and a Rs. 34.60 (23.0%) premium to the higher of the fair price range determined by the DCF methodology determined by the independent valuation carried out by KPMG. The independent valuation that has been carried out indicates the valuation range for the business and that the exit offer price is in excess of the highest price in this range.