Mandatory offer for Guardian Capital by SWH, KZOO
Shaw Wallace and Hedges Ltd. (SWH), an associate company of Shaw Wallace Investments PLC (KZOO), by a corporate disclosure dated 1 November has made a mandatory offer to acquire the remaining ordinary voting shares held by the shareholders of Guardian Capital Partners PLC (GCP).
SWH has in accordance with its obligations under rule 31 (1) (a) of the Company Takeovers and Mergers Code 1995 as amended in 2003 made a mandatory offer to the remaining shareholders of GCP to acquire the balance ordinary voting shares at a price of Rs. 32.3 per share.
On 28 October, SWH performed in concert with KZOO; S.V. Rajiyah and J.J.B.A. Rajiyah; and S.R. Rajiyah and I.R.Rajiyah, acquired 21,682,800 ordinary shares of GCP which accounted for 84% of the total shareholding, by way of a crossing transaction on the Colombo Stock Exchange (CSE) at the price of Rs. 32.3 per share.
Accordingly, SWH acquired 8,700,000 ordinary shares of GCP (33.7% of the total shareholding), while KZOO acquired 7,742,800 (30.0%). S.V. Rajiyah and J.J.B.A. Rajiyah acquired 12.1% and S.R. Rajiyah and I.R.Rajiyah 8.2%.
KZOO which is the investment arm of Renuka Group is an investment trust listed in the CSE and manages a portfolio of listed equity, debt investments, private equity, and investments in alternate asset classes. SWH, which is an associate company of KZOO, functions as a holding company of property development sector companies.