SEC lifts mandatory offer suspension on Adam Investments

Friday, 28 November 2014 00:21 - - {{hitsCtrl.values.hits}}

The Securities and Exchange Commission has granted approval to lift the suspension imposed on Adam Investments Ltd. on the mandatory offer made to remaining shareholders of PCH Holdings Plc. With this move, AIN’s mandatory offer on PCHH at a revised offer price of Rs. 2.50 per share (as opposed to the original price of Rs. 2) will be continued and kept open for 21 days from 27 November to 18 December. SEC in August suspended the mandatory offer until the final determination of a case in Commercial High Court. This was settled in November. The code was triggered when AINV on 2 July acquired 83 million shares at Rs. 2 per share, thereby increasing its stake PCHH to 43%.

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