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Lanka Century Investments offers deal to minority shareholders of footwear subsidiary

12 July 2017 10:48 am - 0     - {{hitsCtrl.values.hits}}

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Lanka Century Investments PLC (LIC) will be offering minority shareholders of its subsidiary Ceylon Leather Products PLC (CLP) a share swap arrangement as a part of LIC’s efforts to streamline the operational and ownership structures of its leather and footwear 
manufacturing subsidiary
Both LIC and CLP said their respective boards of directors have approved 
this arrangement.


LIC, which owns 95.53 percent of the shares in CLP, will offer to buy the remaining 1.53 million shares in CLP. In return, LIC will offer 5.0077 new shares in LIC for each share minority shareholders in CLP sold to LIC under this arrangement, for a total of 7.67 million new LIC shares.


LCI has determined the cash value of LCI shares to be Rs. 19.65 per share. The current trading price is Rs. 13.60 per share.


LCI said that any CLP minority shareholder who dissents to the agreement will be offered Rs. 68.42 per share, based on the volume weighted average price of CLP trades for the past 3 months. CLP shares were trading yesterday at Rs. 70.


LCI will apply for CLP to be delisted from the Colombo Stock Exchange (CSE) after the completion of the arrangement, since it will be unable to meet the minimum public shareholding regulation for continuous listing at CSE, and since past attempts to adhere to the regulation were unsuccessful.
Meanwhile, LCI’s public shareholding, which is currently at 16.12 percent, will improve to 17.92 percent following the arrangement.


This exercise is subject to the necessary shareholder, regulatory and 
statutory approvals.


The top 3 minority shareholders in CLP are Richard Pieris Group Chairman Dr. Sena Yaddehige with 0.32 percent of shares, Cricketer Kumar Sangakkara with 0.17 percent of shares, and Lalan Group Chairman Lalith Hapangama with 0.16 percent of shares.

Ajith Devasurendra’s Taprobane Group owns 83.11 percent of shares in LIC, while Ceylinco General Insurance Limited owns 2.70 percent of shares, and Carlines Holdings (Pvt) Ltd owns 1.67 percent of shares in LIC. (CW)

 

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