Brikor said yesterday a mandatory offer to be made to its minorities by Nikkel Trading for 17 cents per share would be extended again, to around November 29.
The building material manufacturer, notably bricks, and coal company said in a statement yesterday the Takeover Regulation Panel (TRP) had, on application, granted a further extension of 15 business days to the posting date of the circular required for the mandatory offer, “such that the circular must be issued on or around 29 November 2023”.
Additional time to finalise the circular was required as provision had to be made for, among other things, the potential acquisition of additional Brikor shares under the mandatory offer, on the basis of the expiry of an irrevocable undertaking not to participate in the offer.
The TRP had originally granted an extension on the mandatory offer until November 8.
Garnett Parkin, Brikor’s CEO, who holds 107 167 923 Brikor shares, had originally undertook not to participate in the mandatory offer, but that offer expires on November 30 and Parkin advised he would not extend the undertaking.
The aggregate consideration for the mandatory offer would make provision for the acquisition of the Brikor shares owned by Parkin.
At September 11, 2023, Nikkel Trading held 64.11% of Brikor’s share capital. The share price was untraded at 15 cents yesterday afternoon.
BUSINESS REPORT