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Seaboard gets 10 more days to close Unga buyout

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Trading at the Nairobi Securities Exchange.
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Minority shareholders of Unga Group Plc now have an additional 10 working days to take up Seaboard Corporation’s buyout offer, following the regulatory approval from the Capital Markets Authority (CMA) for an extension of the offer period. Unga Plc’s minority shareholders will now have the opportunity to take up Seaboard’s offer and realize the value of their shares before the offer closes on Thursday, 28th June by 5.00pm.

Seaboard Corporation on June 14th received regulatory approval from the Capital Markets Authority (CMA) to extend its offer to buy the minority shares in Unga Plc by another 10 days to 5.00pm, Thursday 28th June and gives minority shareholders more time to respond to the offer.

“During the offer period, Seaboard received numerous queries from Unga Plc shareholders with requests for resubmission of the offer documents that were originally dispatched to them via post by the Registrars,” said Hennie Combrink, Seaboard’s Vice President International Business Development and Finance.  “This is primarily attributed to the change in postal addresses and/or relocation of shareholders whose new details are not updated with the Central Depository and Settlement Corporation.”

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Seaboard has proposed an offer price of Ksh40 – which represents a premium of 31.75% to Ksh30.36 being the 250-day volume weighted average price of a share in Unga Plc as of the value date. “We are upbeat that our offer to buy the minority shares in Unga Plc with the objective of eventual delisting of Unga Plc from the Nairobi Securities Exchange (NSE) will result in it achieving a sufficient level of support to meet this objective,” said Mr Combrink.

Before the offer closes on Thursday 28th June, 2018, minority shareholders who desire to take up Seaboard’s offer and realize the value of their shares must submit their original Form of Acceptance to their respective stock broker or to CBA Capital Limited, the Lead Transaction Advisor and Sponsoring Broker.

During the extension period, trading of Unga Group shares will not be suspended from the Nairobi Securities Exchange.

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Written by
BT Correspondent -

editor [at] businesstoday.co.ke

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