AFRICAN Sun Limited (ASL) is pursuing 100 percent control in Dawn Properties in which it acquired a 94,78 percent stake via a hostile takeover last year through a drag along and squeeze out of the remaining minority shareholders.
“African Sun Limited made an offer to the shareholders of Dawn Properties Limited (DPL) to acquire all the issued ordinary shares in DPL, based on 1 issued ASL ordinary share for every 3,988075946 DPL issued ordinary shares (“the Original Offer”). 1.2. Pursuant to the original offer, DPL shareholders representing 94.78% of the DPL issued ordinary shares accepted the original offer and surrendered their shares to ASL. DPL shareholders holding 5.22% of DPL issued ordinary shares (‘remaining shares’) did not accept the original 0ffer,” reads a cautionary statement by the company
ASL, which now controls 94.78 percent in DPL, is eyeing the remaining 5.22 percent in the firm after it issued a notice of compulsory acquisition, drag-along and squeeze out of remaining shareholders in Dawn Properties Limited in terms of the provisions of section 238 of the Companies and Other Business Entities Act [chapter 24:31].