PZ Cussons Ghana Limited will today, Tuesday, September 22, 2020, commence the settlement of successful tenders as part of the delisting process from the Ghana Stock Exchange (GSE).
This follows the close of Tender Offer and the successful reconciliation of all the tenders received.
A statement issued by the Company indicates that all shareholders who participated in the Tender Offer should contact their respective broker(s) or IC Securities (Ghana) Limited from Wednesday, September 23, 2020 to receive their funds from the Tender Offer.
“PZ Cussons is grateful to all shareholders who participated in the Tender Offer and continues to count on your cooperation as the Company completes the Delisting process,” it stated.
Background
In July this year, the Ghana Stock Exchange (GSE) approved the delisting of PZ Cussons from the stock market, following the review of offer documents to initiate the process.
The completion of this process will add to the total number of companies delisted from the bourse at six over the past three years – some voluntary, some enforced. This will reduce the number of companies listed on the bourse to 31.
The Company announced a tender offer priced at GHc 0.45 per PZ Cussons Share representing a 15.4 percent premium above the market price of GHc 0.39, which was the higher of the average 12-week market price and the market price on the annual general meeting date.
Currently, PZ Cussons has a total of 168 million shares issued on the bourse, with a total market capitalization of GHc 63.84 million.
In October 2019, PZ Cussons announced the intention to delist from the stock market following the unanimously approval of a resolution seeking to undertake the Offer and to De-List the Company from the Ghana Stock Exchange. Subsequently, shareholders of PZ Cussons also approved a resolution to undertake the Offer at the Company’s Annual General Meeting (“AGM”) held on 11 November 2019.
IC Securities (Ghana) Limited, is acting as sole financial adviser and sole sponsoring broker to PZ Cussons in respect of this Offer.
According to PZ Cussons Ghana, the proposed de-Listing is in line with the company’s plans to achieve operational efficiency, by providing management of the company more time and resources to focus on running and expanding the business, its distribution network and reach, thereby ensuring consumer satisfaction.
Discussion about this post